We have signed The Superannuation Arrangements of the University of London (SAUL) as the first client for our new cost transparency service.
28 Jun 2017
We recently launched the UK’s first cost transparency dashboard for DB pension schemes. Available online and via an app, the dashboard offers pension scheme trustees and their governance representatives a comprehensive overview of their scheme’s administration and investment costs, the first step towards establishing a true value for money assessment. SAUL took part in our proof of concept exercise and has now appointed us to be its provider of cost transparency services for the next three years.
SAUL was set up in 1976 to provide pensions for non-academic staff of the University of London. SAUL currently has a total of 3.2 billion AUM. The Scheme provides pensions to over 50 organisations with links to Higher Education and has 50, 000 scheme members.
Kevin Wade, Chief Investment Officer for SAUL commented, “SAUL is very pleased to be working with KAS BANK on this cost transparency project. Its detailed and diligent approach, along with its analysis of SAUL’s investment managers’ responses on the costs, will prove invaluable.”
Demystifying costs, demonstrating effective governance
Pat Sharman, Managing Director for the UK branch of KAS BANK, said “We worked closely with SAUL during the pilot period to enhance governance frameworks and provide better outcomes for their members, so it’s a testament to the success of that exercise that the Scheme was keen to sign up quickly to our service. Regulatory scrutiny of costs is growing. As authorities, regulators and scheme representatives all demand increased disclosure of costs, KAS BANK can provide a solution to the reporting challenges faced by pension schemes.”
Stewart Bevan, Product Manager, KAS BANK, said “KAS BANK is demystifying costs by providing an innovative cost transparency tool which identifies and explains the costs incurred. Schemes can recognise what they are paying and appreciate the value of the services they receive.”
“Our governance tool aims to support informed decision-making across the entire value chain and allow the demonstration of effective governance.”
As the specialist provider of securities services to the UK Pension industry, we are trusted by clients to secure, protect and develop their assets and provides high quality services to pension schemes of all sizes, with a particular focus on small to medium-sized pension schemes in the UK.