A working conference on how trustees meet the value-for-money requirements of the IORP Critical Review — using cost transparency and wider-market comparison through the Cost Transparency Standard.
Places are complimentary and limited. Register your details and we'll confirm the date, venue and full agenda by email.
A draft shape for the day. Sessions and timings are placeholders.
09:00
Arrival and networking
09:30
What the value-for-money requirement now means
10:15
How CTS reporting works in practice
11:30
Wider-market comparison and worked examples
12:30
Open floor with the hosts
Under the IORP II framework, funds are required to evidence value for money as part of their Critical Reviews. This conference sets out how trustees meet that requirement in practice — using cost transparency and value-for-money reporting through the Cost Transparency Standard (CTS).
/ Who should attend
Scheme trustees, their advisers and in-house pensions teams responsible for evidencing value for money in the fund's IORP Critical Review.
/ What you'll leave with
A working understanding of what the Critical Review now requires — including wider-market comparisons — and how CTS reporting provides the evidence.
/ Why now
The Pensions Authority now expects valid comparisons against the wider market. At the first Critical Reviews in 2024, reporting of this kind was not yet available.
Under IORP II, wider-market comparisons are now a required component of the Critical Review. CTS reporting is designed to provide exactly that evidence. The process is clear and asks little of trustees or managers.
The Cost Transparency Standard (CTS) was announced in 2024 by the Irish Association of Pension Funds (IAPF) and the Irish Association of Investment Managers (IAIM), with the Pensions Authority. Further information and materials are available at vfm.ie
Pension fund trustees, or their advisers, simply provide details of the mandates held by the asset managers they employ. No other work is involved.
ClearGlass asks the managers involved to complete a Cost Transparency Standard template for each mandate.
Asset managers provide the data on the standardised templates, with clear guidelines and support from ClearGlass, which then processes and verifies it.
ClearGlass generates CTS Cost Transparency Reports and CTS Value for Money Reports for all mandates in each investment strategy.
Report one
A comprehensive summary of all costs incurred in investment management, at both portfolio and mandate level, captured on the CTS templates for public and private markets. It gives trustees a single, consistent record of investment costs — a common standard for the value-for-money evidence required under IORP II.
Report two
Compares the cost and performance of each mandate against the wider market, so trustees can understand the value delivered and evidence value for money to relevant parties, including regulators. Wider-market comparisons of this kind are now expected by the Pensions Authority.
The conference is convened by ClearGlass alongside two industry partners, bringing together data, advice and governance expertise.
ClearGlass
Convenor · Cost & VFM reporting
An independent data analytics company that provides cost transparency and value-for-money reporting through the CTS, helping trustees evidence value for money in their IORP Critical Review.
[ Logo — Consultant 1 ]
Co-host · Placeholder
Placeholder for the first partner organisation. Add their name, a one-line role, and a short description of what they bring to the conference.
[ Logo — Consultant 2 ]
Co-host · Placeholder
Placeholder for the second partner organisation. Add their name, a one-line role, and a short description of what they bring to the conference.