KAS Bank launches transparency product for chair's statements
KAS Bank has launched an end-to-end cost transparency solution for defined contribution (DC) schemes to assist in the delivery of chair's statements.
The solution, which KAS Bank said was an industry first, comes amid increased regulatory pressure for schemes to publish chair's statement that report on costs and charges while determining value for money for members.
With The Pensions Regulator (TPR) now imposing fines on those schemes which fail to provide an accurate chair's statement, the solution will aid trustees in making their value-for-money assessments in concise statements that will be acceptable to TPR and their members.
The solution aims to simplify the process of collating costs and charges for one statement and will collect a range of member cost data on behalf of the scheme to provide a full view of costs, contribution growth, salary increases, and expected investment returns that will be displayed on KAS Bank's cost transparency dashboard.
UK managing director Pat Sharman noted that collecting, analysing, and reporting on cost data as well as making a value-for-money assessment on the associated services is often challenging for trustees.
She commented: "With the regulator due to tighten reviews of chair's statements later this year, our end-to-end solution for DC schemes can significantly improve the fluidity of the reporting process, reduce the amount of time spent collecting data, and deliver greater insight for the consideration of trustee boards.
"This is part of our commitment to promoting good governance and cost transparency across the pensions industry."
More on Defined Contribution
Spring Budget 2021: Government to consult again on DC investments and charge cap barriers
The government will press ahead with plans to use the “largely untapped pool of capital” in defined contribution (DC) schemes to invest in venture capital and growth equity assets.
Industry Voice: Three lessons learned in 2020
Newton’s Catherine Doyle considers key lessons for DC investors from the pandemic
Time to 'go back to the drawing board' as three-quarters want decumulation guidance
Three-quarters of pension scheme members want guidance before drawing down on their pension pot, according to a survey from The People’s Pension.
LCP calls for 'fundamental rethink' on DC chair's statements
Defined contribution (DC) chair’s statements need a major re-think as part of the Department for Work and Pensions’ five-yearly statutory review on the rules around scheme governance in 2021, LCP says.
Consolidating DC schemes urged to act before 'capacity crunch'
Trustees must undertake a five-step process urgently if they are seeking to move their single-employer defined contribution (DC) scheme into a master trust, says Premier.
Most read
