UK pension scheme makes six figure saving after using Thomas Murray IDS’s fee benchmarking service

A UK pension scheme recently hired Thomas Murray IDS to benchmark the fees it pays to its global custodian bank.  The benchmarking results (involving minimal effort on the part of the scheme) suggested that fees were approximately 20% higher than Thomas Murray IDS would expect it to be paying based on a comparison with a peer group.

The scheme's custodian bank agreed to submit a revised fee proposal  which offered a 35% reduction in core custody fees and an overall  saving of 25% in total annual fees without any diminution in services offered.  The fee paid by the scheme to Thomas Murray IDS was a fraction of the overall savings.

If custody and related fees have not been independently benchmarked in recent times, this may be an opportunity to realise savings.

Thomas Murray IDS provides clients with a number of services including Service Provider Benchmarking and Monitoring, Service Provider Selection and RFP Process and Customised Advisory Services.

If you would like to find out more about Benchmarking and Monitoring modules, please contact:

Brian Ward, Director at bward@ids.thomasmurray.com or telephone him on +44 (0) 20 3011 1720