This paper has been issued by CIPFA as good practice which is to be incorporated into 2018/19 Annual Report guidance for local government pension funds. It would be helpful, however, if funds could also apply the guidance when preparing their 2017/18 annual reports and feed back any practical issues encountered. Proposals can then be refined as necessary before the Annual Report guidance is finalised.
This paper sets out proposals for revised reporting for LGPS pension funds to meet a number of objectives.
The purpose is to provide guidance on how costs currently reported by a number of separate entities can be identified and presented in a way that more transparently explains both the method of management and the full cost of investment transactions over time.