What can I do with the report?
The board can determine whether there are justified reasons for differences in cost levels at pension funds, for example from policy decisions or for other reasons. This can be a larger than average share of sleepers or one-off project costs.
With the focus areas indicated by IBI, the board can assess and optimize the implementation costs and monitor the effects of the measures taken. In recent years, customers of our report have been able to save millions of euros by re-engaged with the service providers.
The report makes a substantial and relevant contribution to the transparency and communication of the costs of pension funds in relation to the chosen strategy. We see these spin charts appearing more and more often in the annual report of the participating pension fund.
We note that supervisory bodies such as the Supervisory Board are increasingly requesting the reports and thus gaining insight into the performance of the pension fund.
With the help of the IBI Benchmarking report, the costs can be accounted for to the participants in line with the report of the AFM "More attention is needed for the accounting of costs by pension funds" of 1 April 2021.
In the same report, it is proposed to also discuss costs with the Accountability Body and the Stakeholder Body. The report is an excellent starting point for this.
Actuaries and accountants also use the report.
Read more about the possibilities of the report in the KPMG Vision Document here .