Who we are
The CTI is partnership initiative between the Pensions and Lifetime Savings Association (PLSA), the Investment Association (IA), and the Local Government Pension Scheme (LGPS) Advisory Board.
At the launch of the initiative Mel Duffield, Chair of the Cost Transparency Initiative, said:
“I’m delighted to have been appointed as the inaugural Chair of the Cost Transparency Initiative. It hasn’t always been possible for trustees to compare costs between different services because of a lack of clarity and consistency. By introducing a robust way to define and measure the full cost of investing, we have a golden opportunity to make a real difference across the institutional investment market.
“I’d like to thank all the members of the IDWG for their hard work getting us to this point and I look forward to taking the baton forward with the other Cost Transparency Initiative members. We are looking to have an excellent mix of experience and skills in the new group which will ensure we are well placed to deliver this important piece of work.”
Julian Mund, Chief Executive of the PLSA said:
“The PLSA is committed to taking forward the work of the IDWG and is pleased to be playing a key role in support of its successor body. This is a step forward for cost transparency where both schemes and providers benefit from one common, standardised way of assessing and providing costs.”
Chris Cummings, Chief Executive of the Investment Association, said:
“We welcome the launch of the Cost Transparency Initiative. Our industry is fully committed to transparency of costs and charges for all investors. We look forward to working closely with the PLSA and Local Government Pension Scheme Advisory Board to build on the progress of the IDWG, to deliver a template which will enable costs and charges to be reported in a clear and comparable manner for institutional investors."
Cllr Roger Philips, Chair of the Local Government Pension Scheme Advisory Board, said:
“The Scheme Advisory Board continues to be fully supportive of investment cost transparency initiatives as demonstrated by the introduction of its own Code of Transparency which now covers some £180bn of scheme assets. The Board is delighted to be part of taking the work forward to the wider institutional space which will enable trustees to make fully informed, value led investment decisions and further trust in the sector by embedding clarity and openness in a previously opaque market.”
The CTI is chaired by Mel Duffield. Mel has a long and dedicated history within the sector and is currently the Pensions Strategy Executive at the Universities Superannuation Scheme, the hybrid pension scheme for academics and related roles in the UK higher education sector.
Before joining USS, Mel was Deputy Director at the Pensions Policy Institute, and the Head of Research and Strategic Policy at PLSA.
Steering group board and working group
The members of the Board are:
Jenny Condron: Association of Consulting Actuaries
Joe Dabrowski: Pensions & Lifetime Savings Association
Jason Fletcher: LGPS Central Limited
Adam Henley: JP Morgan AM
Jeff Houston: Secretary to the LGPS Advisory Board
Jane Ivinson: Insight Investment
Jonathan Lipkin: Investment Association
Gurpreet Manku: British Private Equity & Venture Capital Association
Angela Roberts: Financial Services Consumer Panel
Robert Waugh: RBS Pension Fund
We will set up a technical working group soon - further information will follow.