Global pension transparency benchmark

The Global Pension Transparency Benchmark is a benchmark series initiated in 2021 that assesses how clearly major pension funds disclose information on value-generation for stakeholders. It evaluates public disclosures across four equally weighted factors — governance and organisation, performance, costs and responsible investing — using a structured scoring methodology. The purpose is to promote better transparency and accountability in pension reporting. Finance professionals can use the benchmark to compare disclosure practices, inform improvements in fund reporting and align with evolving global standards.

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OVERVIEW

The Global Pension Transparency Benchmark (GPTB) is a benchmark series initiated in 2021 that establishes a global standard for assessing pension fund disclosure. It was developed through a collaboration between Top1000Funds.com and CEM Benchmarking, aiming to elevate transparency in pension reporting and support better outcomes for members by making information more accessible, comparable and quality-oriented.

The purpose of this benchmark series is to evaluate and promote the transparency of public disclosures made by large pension funds across multiple jurisdictions. Transparency in this context refers to the completeness, clarity, information value and comparability of the disclosures made by funds. By focusing on high-value elements of pension reporting, the GPTB encourages funds to improve how they communicate governance, performance, costs and responsible investing to stakeholders.

The series ranks pension funds at both the country and organisational levels. It reviews the five largest pension fund organisations in each of the 15 countries covered and aggregates results to produce comparative insights on transparency practices. Four core factors form the basis of the evaluation: governance and organisation, performance, costs and responsible investing. For each factor, scores are derived from an assessment of hundreds of underlying components that reflect the depth and quality of publicly available information.

Methodologically, the benchmark applies a structured approach to scoring. It assesses publicly available documents — including annual reports, financial statements, fund websites and other disclosures — against predefined criteria. These criteria are designed to capture not just the presence of information, but the clarity and comparative usefulness of that information. Funds are scored on each factor, and these results are aggregated to produce overall transparency scores at both the fund and country levels. Regular refinements to the process ensure the benchmark remains aligned to best practice standards in disclosure and reporting.

The GPTB serves as a tool for finance professionals in several practical ways. It provides a comparative framework to benchmark disclosure practices across pension funds globally, enabling trustees, asset owners and consultants to identify strengths and weaknesses in reporting. This comparative insight supports improvements in disclosure practices and helps stakeholders interpret pension information more consistently. The benchmark also informs industry dialogue on transparency and accountability, contributing to evolving expectations for fund reporting and governance.

Across its editions, the series has helped raise awareness of transparency issues, encouraging funds to enhance the quality of public disclosures and aligning reporting practice with stakeholder needs. It remains a reference point for pension professionals seeking to understand how disclosure quality varies internationally and where improvements might be made within their own organisations.