Across the pensions and wider investment universe, we are increasingly hearing the topic of costs and charges being discussed. Asset owners are seeking greater insights into the costs they are incurring and at the same time, regulators and industry bodies are devoting more time and effort to providing a framework which will capture and disclose these costs.
Regulatory scrutiny on pension costs and charges dictates that the responsibility lies with scheme representatives to provide greater transparency. However, with limited access to quality data, schemes are constrained in their ability to address these requirements to assess costs and charges, and ensure value for money.
Initiatives by the DWP, LGPS and FCA have brought cost transparency to the forefront of the agenda. The IDWG and its recent recommendation to the FCA presents an opportunity to improve transparency in the pension industry, with an all-inclusive standardised template for collecting costs and charges. We believe that this initiative is a step in the right direction and will promote good governance in UK pension schemes.
The Cost Transparency & Benchmarking Solution
Cost Transparency & Benchmarking (CT&B) is an innovative dashboard that is optimally designed to support Trustees with their governance duties. Its intuitive and accessible platform offers a comprehensive and transparent overview of a pension schemes cost information and also provides the relevant detail to support deeper understanding. Undertaking cost transparency can empower schemes with cost data, revealing their Total Cost of Ownership (TCO), which can enable them to make better, informed decisions.
- Identifies and captures an advanced spectrum of pension and investment cost data.
- Helps you to recognise what you are paying and appreciate the value of the services you receive.
- Enables comparison with a universe of data, that truly puts your costs into perspective.
- Brings your pension cost data to life.
- Available online or via an App.
KAS BANK has been successfully supporting over 65 pension schemes in the Netherlands with their cost transparency requirements to report on costs to the Dutch regulator. This experience is being practised in the UK, where we assist schemes like SAUL (The Superannuation Arrangements of the University of London) in capturing, analysing and visualising their costs on a holistic dashboard. As an independent organisation, free from any conflicts of interest, KAS BANK is uniquely positioned to champion cost transparency for UK pension schemes.