We are often asked how long it will take to produce a report. Our standard recommendation is that clients allow between six to nine weeks from agreed instructions to report delivery.
Data gathering is generally the longest part of the process and we are reliant on the pension schemes replying to our enquiries in a timely manner. Turnaround times are typically measured in weeks, with some public sector schemes taking as long as three months to provide a full response.
The EPS Solution
We have developed our Advanced Data Gathering Service to speed up the report process. Even if the finer details of the report scope (such as the sharing objectives and accrual periods) have not yet been agreed, we can go ahead and contact the pension schemes to obtain the information needed.
We will ask you to confirm the parties’ details and what pensions are involved; we will provide the necessary pension scheme authority forms for your client(s) to complete. We shall require both parties to agree to use our Advanced Data Gathering Service, even if one party has no pensions to investigate. As a Single Joint Expert, you can be confident in our impartiality. We will be transparent with both parties right from the beginning of the process and ensure all correspondence is copied to both sides.
Once we have received the completed forms, we will commence the data gathering and review process. Some providers ask their clients to obtain all the necessary pensions data themselves. However, we will contact the pension schemes directly on your behalf. We use our knowledge and expertise of the schemes to ask precisely what we need to know first time, thus avoiding any additional or unnecessary correspondence. Should there be any unusual features of the scheme, or if our actuaries find they need further data, we can contact the scheme by phone or email (having already logged an authority form) to obtain this information quickly. We also have a robust follow-up process and will chase any delayed or outstanding responses.
We will share copies of the pension schemes’ replies with both parties.
The report scope and our exact instructions can be agreed by the parties whilst the data gathering process is underway. Once all the data has been received, we will pass the file to our actuaries to prepare their report.
Our fees for this service are dependent on the number and type of pensions involved. The cost is usually shared equally between the parties, as per an SJE report, regardless of who has what pensions. After all, both parties will be benefiting from the acceleration of the timescales. Our admin team will be happy to provide a quote. We ask for payment to be made prior to starting the work and this will then be deducted from the final fee (which is invoiced on delivery of the report).
Should you choose to appoint a different expert to produce the report, the data we obtain can still be used by them.