The move toward investment fee transparency and consistency is seen by the Board as an important factor in the LGPS being perceived as a value led and innovative scheme. Transparency is also a target for the revised CIPFA accounting standard issued for inclusion in the statutory annual report and accounts and included in the government’s criteria for pooling investments.

To assist LGPS funds in obtaining the data they require in order to report costs on a transparent basis the Board has developed a voluntary Code of Transparency for LGPS asset managers.

The Code

The detail of the Code can be read here and investment managers who wish to sign up to the Code should download and return the letter found on the Code page.

The Templates

Compliance with the Code will require managers to complete and submit the appropriate template (for their mandate and asset type) without request to their LGPS clients whether that be individual funds or pooled entities. As of 21st May 2019 a new framework of templates and guidance was released by the Cost Transparency Initiative (CTI) which the SAB is both a member and founder of. The Board had previously agreed to adopt the outcome of the CTI's work for the purposes of this Code

Details of this framework can be found on the CTI website

Although existing signatories to the Code may continue to submit the existing LGPS template for a period of up to 12 months they are encouraged to move to the new framework as soon as they are able. New signatories, in particular alternative asset managers who up to now felt unable to sign up to the Code, will be expected to use the CTI framework immediately. In order to comply with the Code only the mandatory fields within the CTI templates are required however signatories will be expected to make best efforts to produce non mandatory detail on request.

Code Compliance and Reporting system

Following a procurement process conducted under the provisions of the Public Contract Regulations 2015 the Board has appointment Byhiras to develop and host the Compliance and Reporting system. Once live in Qtr 1 2020 the system will;

  • 1. Enable managers to evidence compliance with the Code via a single online portal

  • 2. Enable the uploading of template data in LGPS, CTI, CTI machine readable and ILPA formats

  • 3. Provide LGPS clients with a range of reporting and comparison tools

  • 4. Link to new CIPFA reporting formats

  • 5. Provide facilities for LGPS pool companies as both receiver and provider of templates

A press release covering the announcement of Byhiras can be downloaded here:

Press release September 2019 (pdf, 2 pages, 473kb)

A SAB Code of Transparency System - Investment Manager Q&A document can be downloaded here:

SAB Code of Transparency System - Investment Manager Q&A (pdf, 2 pages, 308kb)

An introductory note on Byhiras can be downloaded here:

Introduction to Byhiras (pdf, 2 pages, 137kb)

The Board has produced a briefing note covering the Code and the compliance system which can be downloaded here:

LGPS Code of Transparency Briefing Note (pdf, 8 pages, 390kb)

The Specification for the Compliance System can be downloaded here:

LGPS Code of Transparency Compliance System Specification (pdf, 35 pages, 645kb)

The LGPS Advisory Board Code of Transparency Logo

Signatories to the Code may use the Transparency "tick" logo on promotional material subject to the Code and Code Logo Use and Guidance.

LGPS Advisory Board Logo Use and Guidlines (pdf, 3 pages, 462kb)

For copies of image files, including printable file formats and further information on the Logo's use and guidance, please contact us