KAS BANK, will provide cost transparency services to the Superannuation Arrangements of the University of London (SAUL) scheme for the next three years
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Over a year into their working partnership, KAS BANK continues its work with The Superannuation Arrangements of the University of London (SAUL).
The partnership looks to enhance SAUL’s internal governance by conducting a comprehensive cost transparency exercise, which closely analyses investment management transaction costs.
KAS BANK launched the UK’s first pension cost transparency and benchmarking dashboard in 2017.
Available online and via an app, the dashboard offers pension scheme trustees and their governance representatives a comprehensive overview of their scheme’s administration and investment costs, the first step towards facilitating a true value for money assessment.
SAUL took part in KAS BANK’s proof of concept exercise and appointed KAS BANK to be its provider of cost transparency services for the next three years.
SAUL was set up in 1976 to provide pensions for non-academic staff of the University of London. SAUL currently has a total of £3.3 billion AUM. The scheme provides pensions to more than 50 organisations with links to Higher Education and has over 50,000 scheme members.
Kevin Wade, Chief Investment Officer for SAUL commented: ”SAUL is very pleased to be working with KAS BANK on this cost transparency project. Its detailed and diligent approach, along with its analysis of SAUL’s investment managers’ responses on the costs, will prove invaluable.”
Pat Sharman, Managing Director for the UK branch of KAS BANK, said: “We worked closely with SAUL during the pilot period to enhance governance frameworks and provide better outcomes for their members, so it’s a testament to the success of that exercise that the scheme was keen to sign up quickly to our service.
”Regulatory scrutiny of costs is growing. As authorities, regulators and scheme representatives all demand increased disclosure of costs, KAS BANK can provide a solution to the reporting challenges faced by pension schemes.”
As the specialist provider of securities services to the UK pension industry, KAS BANK is trusted by clients to secure, protect and develop their assets. KAS BANK provides high quality services to pension schemes of all sizes, with a particular focus on small to medium-sized funds that have increasingly been under-serviced by other global custodians.