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.
RaphoeRAPHOE NOTESRaphoe Family Resource Centre:Raphoe 5k/Community Fun Run The race takes place at 7.30pm on Tuesday 5th July. Raphoe 5k is one of the racesin Donegal Athletics Board Grand Prix Programme. As the Family Resource Centre is celebrating 15th years in the Family and Community Resource Centre Programme we are inviting walkers to take part with families most welcome. Entry fees: Adults-€8 (chip timing); Families (2 adults +2 or more children)-€20. There will also be a Kid’s 1k race commencing at 7.00pm and the entry fee is €3. Prizes and refreshments will be available. Go on….get on those running/walking shoes! The Family Resource Centre is delighted to announce that Coyle’s Centra Raphoe will again sponsor the race This is the third year in succession that Coyle’s Centra has sponsored the race and we really appreciate their generous support once again.Decoupage ClassesThe Family Resource will be running Decoupage Classes in September starting on Tuesday 6th September from 10am-12 noon. The Classes will run for six weeks. There will be €10 registration fee to be paid on the first morning with €3 to be paid at the five remaining sessions-total cost €25. Decoupage includes up-cycling old furniture, bric-a-brac etc. working with chalk paint. To book a place please call Marie on 074-9145796/087-3641503. This course is part funded by the Donegal Education and Training Board’s Community Education Programme.50-50 Bonus Ball There was no winner of our weekly 50 / 50 Bonus Ball which means there will be a rollover with an increased jackpot.To enter the next Bonus Ball Draw please call into the Family Resource Centre in The Volt House before Saturday of each week. Good luck!Seniors Alert SchemeThe objective of the Seniors Alert Scheme is to encourage community support for vulnerable older people in our communities through the provision of personal monitored alarms to enable older persons of limited means to continue to live securely in their homes with confidence, independence and peace of mind.Funding is available under the scheme towards the purchase of equipment by a registered organisation i.e. personal alarm and/or pendant. The associated monitoring and service charges must be paid by the participant.A person will be eligible if he or she is:• Aged 65 years or older; and• Of limited means or resources; and• Living alone, living with another person who meets the eligibility criteria; and• Resides within geographical area of the relevant registered organisation; and• Able to benefit from the equipment supplied; and• Are prepared to maintain contact with the registered organisation.Raphoe Family Resource Centre has now taken over the administration of the Scheme. Therefore, if you or anyone you know are eligible for the scheme please do not hesitate to contact Laura at Raphoe Family Resource Centre on (074)9145796 or 0873641503 or alternatively call into our office located on the second floor of The Volt House, Raphoe. Raphoe Friday ClubThe Friday Club meets every Friday morning in the Volt House Hall from 10.30am-12.30. We would like more in our community to come along and be a part of the Group. There will be events organised over the summer so come along and join in the craic! Refreshments are also provided. Transport is available on Friday mornings and if you require this please phone 0749145465 and arrange.Raphoe Tidy TownsThe National Tidy Towns is now underway. A sincere thank you to everyone in our community for all your great help in keeping your respective areas and properties tidy. Thanks also to the local Tidy Towns Committee and all their staff on the C.E Project & Trevor on the DLDC Rural Scheme for all your great work around the town. This is a great help to the town. Judging will continue around the country until mid -August.Did you know that Newspapers & magazines may be left inside the main door of the Volt House for recycling. Old school books may be left also. The recycling bins for cans and glass are located at Raphoe Hardware. Both these services are free. Please keep the areas tidy. Thank You.Dog Fouling is still a problem on footpaths in various areas of the town. It is the responsibility of all dog owners to clean up any dog dirt from pathways and public areas and dispose of it in the proper manner. Thank you to all those who do clean up after their dogs. Well done to all our students who have now completed their exams. May you get a good rest now during the summer break & may God guide you in further studies or work in the future.Parish Mission in September:St Eunan’s RC Parish Raphoe will have a parish mission in September. The Franciscan Fathers will preach and minister at the mission. This will be an ideal time in this special year of mercy for prayer, confession and reflection on our relationship with God and others.Welcome to all visitors and anyone here at home on holiday at the present time. Hopefully the sun will shine and the weather will stay good during your time here in Raphoe.DD LOCAL: RAPHOE TO HOST ITS ANNUAL 5K ON JULY 5TH was last modified: June 24th, 2016 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)Tags:donegalRaphoe