Global Pension Transparency Benchmark

CPP most transparent fund: GPTB

CPP Investments has topped the list of the most transparent funds according to the Global Pension Transparency Benchmark, which has revealed the scores of the 75 underlying funds from 15 countries for the first time.

The GPTB, a collaboration between and CEM Benchmarking, measures the transparency of disclosures of 15 pension systems across the value generating measures of cost, governance, performance and responsible investments.

The scores for the countries are amassed by looking at the largest five asset owners in each country. The scores of these asset owners have been revealed for the first time.

CPP Investments emerged with the best score overall and also the best score for governance disclosures.

Three Canadian funds featured in the top five of the best overall funds. Canada also topped the country list in 2022 for the second year in a row.

The Dutch fund, Stichting Pensioenfonds Zorg en Welzijn (PFZW), topped the list for cost; CalPERS for performance; and Sweden’s AP4 was the best fund for transparency of disclosures related to responsible investment.

The GPTB provides an insight into the disclosure practices of asset owners around the world with a focus on transparency.

The Global Pension Transparency Benchmark is a world first global standard for pension disclosure, bringing a focus to transparency in a bid to improve pension outcomes for members.

Revealing the underlying fund scores aims to focus on best practice and encourage improvement on transparency of disclosures.

Head of business development at CEM Benchmarking, Mike Heale, says transparency is the right thing to do and the smart thing to do.

“Congratulations to the top-ranking funds on the GPTB for leading the way on transparency and communication quality,” he says.

The top five funds overall and by factor are listed below and the full list with search functionality can be found here.

Click here for analysis of all the country results.






The GPTB measures whether pension organisations are disclosing what they do and how they are generating value for stakeholders clearly, completely, and concisely. Disclosures continue to be scored across four equally weighted factors: cost, governance, performance, and responsible investing, with more than 10,000 data points analysed across the 15 countries and 75 funds.

Click here for the full methodology.


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