KAS BANK has launched an end-to-end cost transparency solution for defined contribution (DC) pension schemes, aiding the delivery of the cost report on the chair statement.
The solution will create and publish a chair statement that reports on costs and charges and determines the value for money for members.
The solution collects and interprets the range of member-borne cost data on behalf of the scheme, providing trustees with a full view of costs in pounds, basis points and percentages.
Displayed on KAS BANK’s cost transparency dashboard, the data factors in real contribution growth, salary increases and expected investment returns.
These projected pots and costs can be segmented into various cost categories, serving as an aid for trustees to make their value for money assessments in a concise and informative chair statement.
According to KAS BANK, the solution will benefit trustees by improving DC schemes’ transparency and promote intuitive cost reporting that is made available to members.
Pat Sharman, UK managing director for KAS BANK, commented: “With the regulator due to tightening reviews of chair 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 Board.”
She added: “This is part of our commitment to promoting good governance and cost transparency across the pensions industry.”
