Cost Transparency Standard (CTS)
The IAPF is supporting and facilitating the introduction of the Cost Transparency Standard (CTS) in Ireland. This will allow schemes to understand the total investment management costs they are paying and how this compares with other schemes. Pension funds can participate in the programme and require their asset managers to complete CTS Templates for every mandate placed with them. The Pensions Authority has welcomed the launch of the CTS and has said that the data provided will be useful for trustees in knowing the costs they are incurring and establishing whether they are providing value for money for members. The Authority has also said that the data will provide a useful input to its dialogue with trustees and the Authority will expect those schemes which are not participating in the CTS process to have equivalent data, from whatever source.
The IAPF is working with ClearGlass to facilitate the introduction and implementation of the CTS. ClearGlass has produced the prescribed CTS Templates and will also process the data and present the results to the schemes. Schemes are free to use other means or providers to analyse their costs.
Next Step: Pension Funds should register for the CTS HERE and ClearGlass will follow up with the schemes directly.