Schroders receives Defined Contribution value for money endorsement
Schroders is today announcing that its commitment to delivering value for money for Defined Contribution (DC) pensions has been endorsed by an independent UK trustee firm.
The Clear Funds service, launched by PTL earlier this year, has been designed to help trustees and independent governance committees (IGCs) assess and understand transaction costs in the UK DC market.
Schroders became the first fund manager to sign up to Clear Funds and its flagship DC funds have now been officially accredited by the initiative for ensuring value for money in terms of their transaction costs, providing assurance for DC trustees and IGCs.
Tim Horne, Head of UK Institutional DC, Schroders, commented:
“This endorsement recognises Schroders’ commitment to transparency and value for money for DC savers.
“It also gives our DC clients confidence that we are taking our responsibilities in this area seriously – the more oversight DC schemes have of transaction costs, the better. And, crucially, value for money will result in better retirement outcomes for DC savers.”
Richard Butcher, Managing Director, PTL, commented:
“Throughout the process, Schroders has worked really hard to provide us with what we needed to carry out our rigorous Clear Funds assessment. Schroders has shown real diligence in providing the full range of costs and the detail we needed on its cost control procedures.
“It has been evident throughout that Schroders has been keen to go beyond the regulatory requirements asked of the business. As a result, we are pleased to have been able to conclude that its transaction costs in the funds we have assessed represent value for money.”
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