Trustees of UK defined contribution (DC) schemes are unlikely to receive complete transaction cost information from their managers and providers in time for March 2018 year-end statements, according to a survey.Consultancy LCP surveyed 20 DC asset managers and five of the largest DC pension providers, and found that 56% of respondents were unlikely to be able to provide a full year of transaction costs in time for the information to be included in the next round of scheme statements.The situation would improve with time, LCP said, with over half of those surveyed indicating that they would be in a position to provide members with transaction costs for the whole year by the time required chair statements for the June year-end were due.In January regulation came into effect that, for the first time, required all asset managers to provide transaction costs in a standardised format to UK DC scheme trustees on request. The legislation was introduced by the Financial Conduct Authority (FCA) at short notice, and LCP noted that fund managers were experiencing initial problems in reporting as some data elements that were now required had not previously been monitored. In some cases managers had been forced to rebuild internal systems inside a year, LCP said.The consultancy said investment managers’ first priority was to provide transaction costs covering the first quarter of this year, and that prorating the costs would allow schemes to provide members with a proxy annual cost figure.“Longer term, the news is more positive,” said Laura Myers, LCP partner and head of DC, “with managers and providers seemingly confident that transaction cost information will be available and in a format that can be understood by all involved in running and saving into DC pensions”.“In light of the intentions of the FCA’s regulation in the first place, that appears to be a productive step forward,” she added.Illiquid assets, DGFs proving problematicHowever, the consultancy noted there could be a “major stumbling block” in providing DC scheme members with a comprehensive comparison of fund transaction costs.Almost half of survey respondents indicated envisaging problems in reporting transaction costs for some asset classes in a timely fashion, with illiquid asset classes such as property – and consequently some diversified growth funds (DGFs) – being the most problematic.Although the majority of DC savers are in default investment strategies, the requirement of managers to disclose transaction cost data also applies to asset classes traditionally offered as self-select options.The consultancy also noted that DGFs were a “fundamentally important asset class” for DC, and that it would be key for many schemes to have complete cost data for them.Any problems in providing transaction cost data for the broad range of illiquid assets, meanwhile, could affect their further adoption by DC schemes, LCP said.The consultancy’s survey found that four-fifths of providers have, or would shortly have, internal checks for reasonableness of transaction costs in place.“This is encouraging for trustees who rely on their providers as an aggregator and checker of this information,” said LCP.
___More AP sports: https://apnews.com/apf-sports and https://twitter.com/AP_Sports The Big Ten university based in New Jersey said the positive results were for student-athletes in men’s lacrosse, gymnastics, and wrestling. Rutgers said the athletes and the staff member have been quarantined. The university and public health officials are conducting contact tracing to identify any individuals with whom the student-athletes have had contact.___LSU has decided to allow fans to occupy up to 25% of 102,000-seat Tiger Stadium for its home football opener against Mississippi State on Sept. 26.LSU also said in its announcement on Wednesday that it would ban tailgate parties on its Baton Rouge campus and that all available tickets would go to either season ticket holders or students. September 9, 2020 The Latest: Middle Tennessee to allow fans for home opener Willian José made the announcement on his Instagram account. He has been quarantined at home.Real Sociedad says results came back negative for the rest of the players after the squad underwent tests on Tuesday. The club says other players who had tested positive have already rejoined the squad.Real Sociedad plays at Real Valladolid on Sunday.___The Champions League draw on Oct. 1 has been moved from Athens to Nyon, Switzerland, because of the coronavirus pandemic. Miami Marlins second baseman Isan Díaz has been optioned to the team’s alternate training site in Jupiter, Florida.Díaz opted out due to concerns about the coronavirus early in the pandemic-shortened season before changing his mind. He petitioned Major League Baseball and was granted the right to return this season.Díaz had been working out at Jupiter before being officially optioned to the training site on Wednesday. He opened the season as Miami’s starter at second base. ___Rutgers has had four student-athletes and a member of its athletic staff test positive for COVID-19. Athletic director Chris Massaro announced the update Wednesday.Tailgating will not be allowed. Massaro says the plan was drawn up after consulting with university, local and state health officials. Of the seats, 1,000 will be held for students. Massaro says the seating capacity could expand or contract depending on how people follow the guidelines at the opener and if COVID-19 cases continue dropping locally. All seats will be re-assigned for social distancing, and fans will be required to wear a mask inside the stadium and in the parking lots.The NFL’s Tennessee Titans host Jacksonville on Sept. 20 in Nashville with no fans allowed at Nissan Stadium. The difference there is Nashville has its own local health department overseeing capacity issues during the pandemic.___ Tailgate parties across campus are a central part of the game-day experience at LSU. Now such gatherings will be forbidden unless they occur within the footprint of a limited number of permitted motor homes and are restricted to members of the traveling party in each recreational vehicle.Other changes include expanding the perimeter around Tiger Stadium to allow for social distancing among fans entering the venue and a requirement that fans wear masks. Motorist access to campus on game day also will be restricted to those with parking passes.___The coronavirus pandemic has caused the Oklahoma State athletic department to lay off 10 employees and put 66 in a furlough program as apart of a plan that will remove about $13 million from its budget.The school made the announcement in a news release on Wednesday. Associated Press Share This StoryFacebookTwitteremailPrintLinkedinRedditThe Latest on the effects of the coronavirus outbreak on sports around the world:___Middle Tennessee is allowing 20% fan capacity, or about 7,000 fans, inside Floyd Stadium on Sept. 19 for the Blue Raiders’ home opener against Troy. UEFA will make the 32-team group draw at its headquarters with no club officials or spectators.UEFA intended to stage the draw and the ceremony for its 2019-20 season awards at the new national library complex in Athens.UEFA says after talks with Greek public authorities that such an event “would violate public health restrictions and constraints regarding indoor events.”Players who win UEFA’s end-of-season awards could still attend the no-frills replacement event.UEFA will make the 48-team Europa League draw on Oct. 2 in Nyon. Athletic director Mike Holder said he and every head coach agreed to pay cuts.The salary cuts range from 2.5% to 25%, with the department’s highest paid employees taking the biggest cuts. Holder said there may be further measures ahead, with the budget deficit estimated to be around $30 million.___Real Sociedad striker Willian José says he has tested positive for the coronavirus and is out of the team’s opening game in the Spanish league.