Pension Lab Scales Up for LoA Surge
Pension Lab underlines its status as the UK’s leading, collaborative force in automated Letter of Authority (LoA) processing by announcing senior appointments after another year of exponential growth.
Established in 2019, the firm has automated more than a quarter of a million LoAs, doubled its headcount, and seen LoA volumes rise six-fold over the last nine months; secured enterprise contracts with several top 100 advice groups; and extended its member pension dashboard and transfer-automation technology expertise to pensions providers.
On joining Pension Lab, John Parker, head of business development, says, “I’m incredibly excited to help Pension Lab in its next stage of growth. From my experience as co-owner of an advice firm, which also happens to use Pension Lab’s technology, I know that advisers want true efficiencies, not workarounds. And Pension Lab’s LoA platform is the only scale solution proven to reduce typical LoA timescales by 50% - 80%. So, I’m looking forward to helping more advisers spend less time chasing paperwork, while enabling providers to reduce costs and time to serve.”
John Parker, a specialist in pensions software and an IFA, joins from Moneyhub, where he was Sales Director, leading their efforts on the government pensions dashboard project. Previously, he was Sales Director at Iress and held various sales roles at CTC Software and iPipeline.
Amanda Hall, head of operational strategy at Pension Lab, adds, “I’ve seen first-hand how quickly demand for Pension Lab’s technology has increased. As a result, we have already doubled the team and embedded secure AI-processing with models trained and quality-checked by Level 4-qualified planners, as we’re also FCA-authorised, to ensure our operations run as efficiently and effectively as possible.
“It’s a privilege to lead our growing and talented team. And with even bigger ambitions on the horizon, my focus is on ensuring our strive for operational excellence grows with client demand.”
Amanda Hall joins from Lloyds Banking Group, where she was Head of Advice and Guidance. Previously, she was also a financial adviser and held senior roles with Wealth Wizards and Smart Pension.
Scott Phillips, founder & CEO of Pension Lab, comments, “Our senior hires mark the next phase in our growth and strengthen Pension Lab’s position as the LoA partner of choice for firms serious about genuine efficiency gains. We lead by setting the benchmark for LoA and transfer automation, and are increasingly partnering with larger providers, master trusts and advice networks. The fact that I, Parker and Hall are or were financial advisers means we understand first-hand the frustrations of our sector, and this underlines our commitment to solving the industry’s biggest pain-points.”
Demand for Pension Lab’s specialist automation technology comes as research published last week by the lang cat found that half of advice firm respondents have already off-boarded clients because of Consumer Duty. Additionally, research from Pension Lab indicates that the imminent arrival of pensions dashboards will increase LoA volumes eightfold, with a significant knock-on impact on transfer volumes. All these factors, including potential targeted support services, underscore the urgency for automation in consolidation, including related processes like LoAs.