Code of Transparency
Background
The Board is keen that the LGPS is seen as a value led and innovative scheme and investment fee transparency between asset managers and their clients forms part of this goal.
Cost transparency is also incorporated into CIPFA’s accounting standards that apply to LGPS administering authorities and cost date much be included in their statutory annual report and accounts, as well as being included in the government’s criteria for pooling investments.
Investment costs are a complex area which pension committees and fund officers need to understand to ensure they are getting value for money from fund investments. The LGPS Code of Transparency (CoT, the Code) helps LGPS clients i.e funds and pools gather cost information in a consistent format. Cost information must always be viewed in the context of risk and return, and should form part of any overall value for money assessment
The LGPS Code of Transparency covering investment management fees and costs was first developed and approved by the Board in May 2017. The current Code, which was updated in 2025, can be found using the menu at the bottom of this page.
From its outset, the Code of Transparency was an LGPS Advisory Board (England and Wales) initiative. However, since its launch, the Scottish Scheme Advisory Board and Scottish LGPS and LGPS (Northern Ireland) clients have been included at their request.
Fund managers to the LGPS are encouraged to sign up to this Code and as at December 2025, there were over 170 signatory firms.
Code signatories are able to use the CoT logo to confirm their signatory status and can use it in marketing to other possible clients. Most LGPS funds and pools now require bidding managers to be signed up to the Code. Code signatories can request the logo details and colour palette from the SAB Secretariat.
A set of frequently asked questions that have been raised by investment managers and LGPS clients is available here on the FAQs page.
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