Expert Dialogue
Cost Steering in
Pension Funds:

Pension funds face increasing pressure to demonstrate control over administration costs, fiduciary expenses and asset management fees. Boards expect transparent cost drivers, defensible allocation logic and clear insight into cost per participant or mandate, not only for reporting purposes but as a basis for steering and decision making.

Yet administration and investment domains are often modelled separately. Allocation discussions return each year, while cost information remains largely retrospective and difficult to use for strategic trade-offs, outsourcing decisions or scale discussions.

In this interview style session, Sander den Hartog and Aswin Ruijter discuss how pension funds can move from cost allocation to integrated cost steering. The focus is on building one coherent cost and performance model that connects administration, fiduciary oversight and asset management, and that actively supports board level decisions.

Drawing on PGGM’s practical experience, they will reflect on design choices, stakeholder alignment and how integrated cost insight strengthens governance and improves the quality of financial decision making.