ClearGlass Analytics has been appointed as an approved provider on the new National LGPS Procurement Framework for cost transparency and benchmarking services.
The framework has been established jointly by the National LGPS Frameworks team and the Local Government Pension Scheme Advisory Board for England and Wales, and gives LGPS funds, pools, and administering authorities a simplified route to procure cost transparency and benchmarking services from screened providers.
Early last year, the Scheme Advisory Board announced plans to decentralise its cost transparency monitoring work. This is currently overseen by technology company Byhiras, but its contract is due to expire in August 2026.
ClearGlass has been appointed to both specialised lots of the framework: investment cost data collation and reporting services, and investment cost data analysis and benchmarking services.
The framework covers LGPS clients across England, Wales, Scotland and Northern Ireland, and builds on the LGPS Code of Transparency, which was established by the Scheme Advisory Board in 2017 to improve clarity around investment costs across the scheme. ClearGlass founder Chris Sier helped develop the code.
ClearGlass said it would work with LGPS funds and pools to support the transition from the centralised offering to the National LGPS Frameworks model, providing collation, validation, reporting, analysis and benchmarking of investment cost data templates, including Cost Transparency Initiative templates.
Setting the standard for cost transparency
Councillor Roger Phillips, chair of the LGPS Scheme Advisory Board, said: “This new framework will enable LGPS clients to procure the services they need to collate, validate and/or analyse and benchmark their cost data via a simplified procurement process.
“Users will also have the assurance that their preferred provider(s) have been appropriately screened to meet the necessary requirements.”
Data from ClearGlass has previously indicated that defined benefit schemes can face wide variations in prices for the same investment mandates. Chris Sier told Pensions Expert last year that for one UK passive equity fund, some investors were paying 10 times less than others.
ClearGlass was founded by Sier, who led the development of the Cost Transparency Initiative for the Financial Conduct Authority. The company provides cost transparency reporting and value-for-money analytics for institutional asset owners, investment consultants and asset managers.
Tim Brown, chief executive of ClearGlass, said: “ClearGlass is proud to be appointed for… this important new framework. The LGPS has long set the standard for cost transparency in UK pensions, and we look forward to supporting funds and pools across the UK with high-quality data, analytics and benchmarking to drive value for money for members and stakeholders.”
