Accurate reporting of pension management costs for defined benefit schemes has long been a challenge - now there is a solution.
01 Jan 2017
The drive for greater cost transparency in the UK pension industry continues to gather pace. The Financial Conduct Authority in the UK is planning on publishing a standard code in the near future meaning pension schemes will soon have a regulatory requirement to deal with.
In a data-driven world, how can technology assist schemes in handling the volume and complexity of data and lift the lid on costs?
We have launched a transparency dashboard for UK schemes based on the experience of the Netherlands, where cost disclosure is nearly 10 years ahead of the UK industry.
Our app, the first of its kind in the UK, collates a wide range of data on a pension scheme’s costs, including hundreds of different transactional and investment-linked charges from various asset managers and fund managers.
By simplifying and standardising charge reporting, the technology is the first to give schemes a comprehensive view of their outgoings, presented in an intuitive format with benchmarking capabilities to give schemes a wider market view.
All of the underlying data is provided and the user can literally decide what they wish to see and how they wish to see it.
As a governance tool, the app will support informed decision-making across the entire value chain, identify potential for greater cost efficiencies and allow the demonstration of effective governance.