The Board has been engaged in a project over the last year to determine the long-term future of the data system supporting the LGPS Code of Transparency. The system is being run by Byhiras until August 2026. The research to inform the Board’s decision included establishing a working group of practitioners to explore options and conducting an Early Market Engagement exercise over the summer. A survey was also issued to funds in September 2024 to gather views from the fund perspective. The Board remains strongly committed to the Code and reporting investment cost data has now been successfully embedded in the LGPS.

At the Board meeting on 25 November 2024, it was agreed to explore replacing the centrally procured system with a framework approach, together with the National LGPS Frameworks team, which would continue to offer basic collecting and reporting of cost templates to all funds but allow them to procure data validation and benchmarking services alongside this in a seamless fashion. The Board also agreed to explore additional avenues to promote compliance with the Code and the effective reporting of cost data, including via Board guidance, CIPFA guidance and potential amendments to the LGPS Investment Regulations 2016. The Board thanks all the participants that have contributed to this project so far.