As part of its mission to empower pensions trustees, KAS BANK, the specialist provider of securities services to the UK pension industry, is to develop a range of tailored seminars and collateral as the Pensions and Lifetime Savings Association’s (PLSA) new education partner for cost transparency.
30 Jan 2019
KAS BANK, which launched the UK’s first pensions Transparency dashboard back in 2017, was inspired to enter the partnership with the PLSA when findings from its recent trustee survey revealed 80% of pension professionals thought more work was needed to effectively educate trustees on cost transparency. This was a significant figure considering a further 32% admitted transaction costs were not a consideration when reviewing asset managers.
As part of the partnership, KAS BANK will be providing a programme of seminars, webinars, blogs and training materials specially designed to inform trustees on the benefits of cost transparency, inform them on the emerging regulatory framework and provide practical guidance on how to implement transparency standards in their day-to-day life.
Commencing with a keynote article in the current issue of the PLSA’s Viewpoint magazine, KAS BANK will hold the first Teach-In session on 20th March, followed by a Webinar on 30th April. Both educational sessions will introduce cost transparency, provide a discussion on the current regulatory developments and assist trustees and pension professionals in better understanding the Total Cost of Ownership of a pension scheme.
More activities will follow throughout the year, including tailored educational sessions for advisers, pension schemes and their boards.
"As an industry, we need to ensure trustees and pension professionals can easily access costs and charges, and that they are supported in their fiduciary duties. Our focus is to both lead on the education of trustees and support them in the collection and reporting of these costs and charges. Mandatory reporting is already in place for DC pension schemes. This is, however, a cross-industry issue and we anticipate a regulatory obligation for DB schemes will follow suit in the coming months.” “Our initial education activity has provided a foundation for insights into the issues facing trustees’ scheme management day-to-day. We are confident the 2019 initiatives, with support from the PLSA, will result in high education conversion rates, ultimately making the lives of trustees easier.”Pat Sharman, UK Managing Director, KAS BANK
“The PLSA is delighted to be working with KAS BANK as an educational partner to deliver a programme of free activities for our members. Cost transparency is an increasingly important part of good governance and there is a growing need for UK schemes to report on costs so it’s vital that individuals understand their cost transparency requirements. I am confident that KAS BANK will deliver a great programme that will be of real value to our members.”Julian Mund, Chief Executive, PLSA