On 3 September 2018, the Local Government Pension Scheme for England and Wales (LGPS) Advisory Board issued a call for tenders from third-party providers to create a “Code of Transparency compliance system” for processing and validating templates received from fund managers for each of the relevant LGPS funds or Pools.

The LGPS Code of Transparency will be voluntary and will cover the provision of transparent and consistent investment cost and fee information between Investment Managers and Administering Authorities. Asset managers are being encouraged to sign up to it to demonstrate their commitment to transparent reporting of costs.

A number of private equity funds have stated an intention to follow the Code of Transparency as closely as possible until a dedicated private equity template becomes available.