The National Employment Savings Trust (NEST) is working with KAS BANK to receive assistance with cost transparency reporting for its target date and specialist funds.
NEST is the UK government’s Workplace Pension Scheme and will leverage the KAS BANK Cost Transparency solution to improve the visualisation of its transaction costs across managers and funds.
KAS BANK, which offers an assortment of securities services for the UK pension industry, initially released the cost transparency and benchmarking dashboard in 2017, with 20 major UK pension fund schemes now using it. This service gives a granular level of reporting so that pension scheme trustees can access a complete overview of the scheme charges, a crucial part of accurate cost reporting.
In addition to this, KAS BANK uses its Pension Monitor tool to streamline data collection and then puts this together on a dashboard which depicts the key reporting details.
Nest director of fund administration Henk Michels said, “Pensions schemes like Nest have been asked by government to find ways to help outline transaction costs to our members, something we fully support.
“We’re therefore looking forward to working with KAS BANK, providing transaction data from our fund managers into their cost transparency tool and see what solutions it can offer the wider industry. We’re firm believers in strong governance and happy to support innovation which promotes transparency.”
KAS BANK is a European provider of custodian and fund administration services for financial institutions and investors. It designs a range of tools which can help clients meet compliance requirements such as MiFID II, Institutions for Occupational Retirement Provision (IORP II), and EMIR.
The company is looking to release a DC cost transparency solution in the second quarter of the year.
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