Devonport Royal Dockyard Pension Scheme has appointed HSBC Global Investor Services to benchmark the scheme’s costs using its transaction cost measurement service (TCMS).
TCMS, which was developed and launched last year in conjunction with GSCS Limited, measures individual fund managers’ execution costs for equity transactions and benchmarks these against similar transactions. Clients receive reports and achieve cost-effective compliance with the voluntary principles issued by the UK Treasury following the review of institutional investment in the UK in 2001 by a committee chaired by Paul Myners.
“This is an area where the trustee believes that they must apply their fiduciary duty, and the TCMS system uses the information already held by the scheme custodian to provide a cost and time effective method of applying that duty,” says Neil Skinner, pensions manager at Devonport Royal Dockyard. Dave Green, industry head, pensions at HSBC GIS, added: “Devonport Royal Dockyard Pension Trustees Limited’s decision confirms that demand for these cost measurement services is growing. TCMS is a very effective and innovative monitoring tool which should appeal to many pension fund trustees.”