Signatories to the Code are expected to complete the appropriate template. These are either the CTI templates which are accepted in a number of currencies or the ILPA template accepted only in US Dollars.

As these templates are set and published by third-party organisations, they should not be changed by those completing them – other than to include the required information. The on-line system is not able to accept templates which have been changed (e.g. adding new cells, changing names of columns, etc.).

The CTI (Cost Transparency Initiative) is a combined group of the Investment Association, LGPS Scheme Advisory Board (SAB) and the Pensions and Lifetime Savings Association (PLSA). It has published a few templates to date and those that are relevant for LGPS cost reporting and Code of Transparency signatories are the Main Account Template or the Private Markets Sub-Template. These templates can be found at https://www.plsa.co.uk/cti/mod/article_inline

The templates list a series of broad headings for reporting costs and expenses and focuses on those areas which should already be available but may not have been supplied previously by asset managers either proactively or in a format easily useable by LGPS funds. Templates may be submitted in either MS Excel or machine-readable format (for the CTI Main Account template).

The system will accept correctly completed CTI templates in six currencies – GBP, EUR, USD, JPY, CHF and AUD. When uploading to the system in non-Sterling currencies, managers can choose the FX rate for conversion based on:

  • Period end: selects the rate on the end date of the period as specified by the template
  • Specified date: selects the specific day the FX rate will apply
  • Average rate: selects an average between two dates within the reporting period. By default, the start and end of the period as specified in the template will be selected.

 

The template from ILPA (Institute of Limited Partners Association) can be found at https://ilpa.org/reporting-template/get-template/ and is designed to be completed in USD and accepted into the SAB system on that basis.