UK looks to Netherlands with defined ambition pension proposals

first_imgOf the four models proposed as a way of increasing certainty for DC members, the DWP said it would consult on a money-back guarantee system, the possibility of investment guarantees, a retirement income insurance model and a retirement income builder, based around systems in place in Continental Europe.“This model is similar in structure to the Dutch General Practitioners’ pension fund (SPH) and the mandatory ATP scheme in Denmark,” the paper notes.Under the model, contributions would be split between a return-seeking pool and one buying deferred annuities.The paper adds: “As a result, the individual has a degree of pre-retirement certainty over their retirement income and can always see some benefit for each additional year of contributions, as the guaranteed element increases.”The department notes that, for both the ATP-inspired approach and a CDC model, scale and “sufficient” inflow of new members will be key.“Given that we believe CDC schemes offer an alternative approach to risk sharing and have the potential to offer more certain outcomes than individual DC, we propose to explore further the changes to the legal framework that would be required to enable them to operate in the UK,” the paper says.It also concedes that, while some types of CDC could already be possible in the current regulatory environment, others may require the creation of a new regulatory vehicle.“Besides setting out the regulatory vehicle for these schemes, we will need to consider whether the framework should include other requirements to enable them to provide the high levels of governance that would be needed to protect member interests,” it continues.“For example,” the paper adds, “there may be a case for a more formal approval arrangement on set-up, possibly by requiring schemes to obtain a licence from a regulator, as well as being subject to regulatory oversight of their funding levels.”The proposals received a mixed response from industry, with Hymans Robertson noting that existing models already allowed for risk-sharing, which employers had failed to pursue.John Walbaum, partner at the consultany, added: “Employers have invested heavily in DC in recent years and are unlikely to return to defined benefit unless they are compelled to do so.”The National Association of Pension Funds was more positive in its assessment, with chief executive Joanne Segars saying the DA proposals heralded a major step towards the creation of sustainable DB and innovative DC.“They will help create a framework to enable the development of a genuine mixed economy of pension provision, where employers are free to provide pensions that are right for them and their employees,” she said.However, Segars also said that the timing of any DA legislation would be “critical” to allow employers sufficient time before the end of opting out in 2016, and warned that DA would not be of interest to all quarters.Barnett Waddingham partner Danny Wilding seconded Segars’s concerns about the looming end of contracting out.He added: ”If firms are to be able to offer one of the structures discussed in the consultation, then real priority needs to be placed on making sure the legal framework is in place.”Cardano’s head of innovation Stefan Lundbergh said it was important any collective model treat individuals fairly.“There is no single perfect solution, but the consultation shows there are models that work,” he said.He said the firm preferred the retirement income builder model, on which it provided the DWP with modeling.The consultation closes 19 December.,WebsitesWe are not responsible for the content of external sitesLink to DWP consultation ‘Reshaping workplace pensions for future generations’ The UK could look to develop collective risk-sharing models inspired by the Dutch collective defined contribution (CDC) or the Danish ATP model, according to the Department for Work & Pensions (DWP).Launching a six-week consultation on the shape of defined ambition (DA) in the UK, pensions minister Steve Webb said the time was “ripe for innovation” and called on the industry to “reshape pensions for the future”.The consultation paper also laid out a number of potential approaches to allow for greater risk-sharing and proposed several new defined benefit (DB) models, including a core DB with a flexible additional payout in the form of either conditional indexation or an additional payment.In allowing for greater risk-sharing among defined contribution (DC) funds, the department seemed inspired by both the Dutch and the Danish systems, noting their dominance of the Melbourne Mercer Global Pensions Index.last_img read more

European pension tracking service ‘to start within two years’

first_imgClaudia Wegner-Wahnschaffe, ETS’s project leader, said that the European tracking system would ultimately comprise three layers of information.  The European pension tracking service (ETS) for cross-border pensions could become operational in its most basic form within two years, according to officials involved in the project.At a conference on pensions communication in Belgium this week, Steven Janssen, director of Belgian social security data bank Sigedis – a partner in the ETS project – told IPE he expected that the Belgian and Dutch tracking systems could be connected within 18-24 months.A link with data banks in Denmark, Sweden and Norway could follow soon, according to Janssen.He said that the ETS would initially focus on first and second pillar pensions, providing information about whether cross-border workers – estimated at 3% of the employee population – have pension rights elsewhere, the providers involved, and the value of the entitlement. Source: Deutsche Institut für AltersvorsorgeHowever, it could take up to 12 years before the complete system was up and running in all EU member states, she added.Wegner-Wahnschaffe said the structure of the project organisation had to established and the issue of data security still had to be addressed.She said that the project would be presented to stakeholders in September, when “open working groups” would start, focusing on subjects such as IT and exchange with national tracking services.According to Sigedis’ Janssen, the main challenges faced by the ETS project were obtaining and standardising the information and exchanging data with pension registers in individual countries.He added that it was unlikely that the UK would feed data into the ETS as it was due to exit the EU, but data in the European system would remain available to UK users.The ETS project started last month, and is supported by the European Social Insurance Platform and the European Association for the Public Sector Pension Institutions.The system is likely to be based on Find Your Pension (FYP), the German cross-border tracking service for academics, which was launched in 2011 with the support of the German government.Wegner-Wahnschaffe, who is also project manager of FYP, said the German initiative had “facilitated and fostered professional mobility”.During a panel discussion at the conference, a majority of experts highlighted that the ETS should – at least initially – be kept simple, follow a step-by-step approach, and leave the provision of more detailed information to the local tracking services.The ETS should also take local system characteristics into account.Most panel members also rejected the introduction of a legal obligation for countries to participate in the European tracking system, and emphasised the importance of testing developed solutions.last_img read more

Equinor Reports New Oil Discovery in Johan Castberg Licence

first_imgEquinor and partners Eni and Petoro have completed the Skruis exploration well in the Johan Castberg licence, and confirmed a volume of 12-25 million recoverable barrels of oil in the well.“This is an important discovery. It helps to determine the size of the Johan Castberg resource base which is currently being developed. Securing resources near existing infrastructure is an important part of Equinor’s ambition and strategy on the Norwegian continental shelf,” said Nick Ashton, Equinor’s senior vice president, Exploration, Norway & UK.Skruis is the first operated exploration well drilled by Equinor this year in the Barents Sea.“The Skruis discovery confirms the potential in this part of the Barents Sea. Over the past couple of years, we have learned that exploration in the Barents Sea is challenging and takes patience. We still have three Equinor-operated wells and one partner-operated well left to drill in the Barents Sea. We also have a good portfolio for the next couple of years. Together with the wells we drilled in 2017, this will help clarify the potential in the remaining part of the Barents Sea,” said Ashton.The partners will now further consider tie-in of the discovery to Johan Castberg. The Johan Castberg field is planned for start-up in 2022 and currently has full capacity up to 2026-2027. The timing of a potential development of the Skruis discovery will be adjusted to this.“Through the Johan Castberg field development we open a new oil province in the Barents Sea, enabling us to tie in this type of small discoveries that will be highly attractive when the infrastructure is in place,” added Knut Gjertsen, project director for the Johan Castberg development.Recoverable reserves in Johan Castberg are estimated at between 450-650 million barrels. The volumes from Skruis and the Kayak discovery from 2017 are not included in this estimate.The exploration drilling in the Skruis (7220/5-3) well was started in September by the Songa Enabler drilling rig. Production license PL532 Johan Castberg is located some 100 kilometers north of the Snøhvit field, with first oil scheduled for 2022. Equinor has ongoing operations on the prospect Intrepid Eagle in PL615 in the Hoop area of the Barents Sea.last_img read more

Late arrival Cleveland is first to IMCA West Coast Nationals finish at Merced

first_imgMERCED, Calif. (Jan. 3) – Duane Cleveland opened his trailer Saturday morning for the first time since racing in Las Vegas two months ago and unloaded the car that won the IMCA Xtreme Motor Sports Modified feature on night two of the West Coast Nationals at Merced Speedway. “At seven this morning, I decided to race today and took the car out of its trailer and scaled it,” Cleveland said from victory lane. “I got to Merced just in time for the show.” The win paid $2,500 and put Cleveland on the ballot for September’s Fast Shafts All-Star Invitational. Cleveland took the lead early in the 30-lap feature after battling Oregon traveler Tom Berry Jr. Cleveland was never to be challenged for the rest of the distance. Berry, who had never before raced at Merced, held off Kellen Chadwick until the waning moments of the race. Chadwick took up the chase of Cleveland but time ran out before he could catch him. “It was a good time out there. The track was great,” Cleveland said. “The last time I won here I beat Chris Shannon. This time I won the trophy he donated.” Cleveland shared the spotlight with Fred Ryland, who brought home the Shannon Pump Company trophy and a $1,750 check for the Karl Chevrolet Northern SportMods. Ryland proved untouchable in the 30-lapper. After a first circuit pileup eliminated several cars, Ryland worked his way to the lead on the 10th lap. Nick Spainhoward, who had been in the middle of the pileup, managed to come back to gain second place despite having a damaged car. Right after the pileup, racing resumed with Wayne Dotson and Rick Diaz of taking turns at running down Ryland. Dotson and Diaz tangled in the fourth turn, leaving the path to victory lane clear for Ryland’s next 20 laps. Feature Results Modifieds – 1. Duane Cleveland; 2. Kellen Chadwick; 3. Tom Berry Jr.; 4. Ryan McDaniel; 5. Troy Foulger; 6. Nick DeCarlo; 7. Alex Wilson; 8. Ethan Dotson; 9. Paul Stone; 10. Bill Egleston; 11. Jeremy Richey; 12. Bricen James; 13. John MacDougall; 14. Bryan Clark; 15. Jerry Movrich; 16. Cody Laney; 17. Chris Clark; 18. Collen Winebarger. Northern SportMods – 1. Fred Ryland; 2. Nick Spainhoward; 3. Neil Barcellos; 4. Megan Ponciano; 5. Josh Hensley; 6. Matt Mayo; 7. Al Johnson; 8. Wayne Dotson; 9. Rick Diaz; 10. Ryan Larimer; 11. Richard Mueller; 12. Alan Pace; 13. Jeremy Hoff; 14. Tim Elias; 15. Chris Ray; 16. Anthony Gulianni; 17. Keith Brown; 18. Bruce Nelson; 19. Chris Falkenberg.last_img read more

Area Football Friday Scores (10-4)

first_imgArea Football Friday ScoresWeek #7  (10-4)Greensburg  24     Batesville  18    East Central  69     Connersville  7Milan  48     Oldenburg  0Franklin County  33     South Dearborn  13     North Decatur  34     Eastern Greene  0South Decatur  18     Switz. County  6     Lawrenceburg  48     Rushville  18Traders Point Christian  48     Edinburgh  0Centerville  27     Union County  14     Floyd Central  55     Jennings County  24Jeffersonville  35     Madison  7last_img read more

Wenger in the dark over buy-out talk

first_img The Frenchman added: “You are only vulnerable if you want to sell and you need money. (However), that doesn’t concern me at all, that is down to the owners.” Kroenke pushed through his £430million-plus takeover in April 2011, and now holds 66.83% overall control. The Kroenke Sports Enterprise Group has a history of sustained involvement in all of his sports interests in the United States, which include NBA side Denver Nuggets and NHL outfit Colorado Avalanche as well as the Major League Soccer club Colorado Rapids. Uzbek oil magnate Alisher Usmanov remains Arsenal’s second largest shareholder with 29.96%, but does not currently hold a seat on the board. Reports suggest if successful in a potential takeover, the consortium – said to be backed by funds from Qatar and the United Arab Emirates – would be ready to work with Usmanov’s Red & White Holdings to help drive the Gunners back to the top of European football, vowing to slash ticket prices, and stop the sale of star players such as former captains Robin van Persie and Cesc Fabregas. Arsenal have not won a trophy since the 2005 FA Cup, during which period Wenger has long championed the club’s self-sustaining policy and the need for UEFA’s new Financial Fair Play regulations. Press Association Reports have emerged claiming a Middle East consortium are preparing a £1.5billion bid to buy out the Barclays Premier League club at around £20,000 a share. However, sources close to the Arsenal board on Sunday morning maintained there had been no approach, informal or otherwise, to the American owner, who remains “in it for the long term”. When asked about the rumours following Sunday afternoon’s 2-1 defeat at Tottenham, which leaves Arsenal in real danger of missing out on Champions League qualification next season, Wenger said: “I don’t know anything about it, I heard it like you [in the newspapers].” center_img Manager Arsene Wenger has no knowledge of a potential takeover at Arsenal – but insists that is a concern only for owner Stan Kroenke and whether he wants to sell up.last_img read more

Mourinho confirms Fabregas interest

first_img Arsenal have an option to buy back the Spaniard as part of the deal that took him to the Nou Camp in 2011 but currently appear unlikely to do so, leaving the door open for their London rivals to move for the 27-year-old. And while Blues boss Mourinho did not confirm that a bid was imminent, he did admit that he was monitoring the situation closely. Press Association “We have some interest,” Mourinho told several national newspapers. “We have some interest. I have interest in analysing the situation. “I think it looks like he’s really interested in leaving Barcelona, and is very, very interested in coming back to England. This I think is clear. “After that it’s not something for us, or another team, for now. It’s not for now, or tomorrow, or for before the World Cup. “There is a process where he wants to leave, he wants to come to England because it’s the country where he wants to be, where he prefers to play. “We are interested in monitoring the situation.” If Fabregas were to arrive at Stamford Bridge, it would likely be as a replacement for Frank Lampard who announced last week he would not be returning this summer after 13 years and 211 goals in west London. The 35-year-old was a lynchpin during Mourinho’s first spell in charge at the club and the Portuguese insists the door is always open for the England international to return in some capacity. “It’s not the end of Frank’s career at Chelsea – it’s just a little break,” he said. Jose Mourinho has confirmed he is interested in bringing Cesc Fabregas to Chelsea with the midfielder seemingly on the brink of leaving Barcelona. “It’s the end of his career as a Chelsea player, but he will be back for many, many years because he’s one of the most important players in the club’s history. “You can’t imagine how difficult it was for him to leave. “I think only he knows because we spoke – not by phone, in person – but at the same time I can feel some happiness about the process because for sure he comes back to Chelsea one day. For sure. “Everybody wants it, (owner) Mr Abramovich – the number one, the most important person – wants very much Frank to be back, I want him to be back, the staff want him back, so he comes back for sure. “And the other thing is that he can come back the way he wants. “Mr Abramovich has left the door completely open for him on the understanding Frank can do anything he wants at this club. He can try things, feel where he is better suited, we can feel as a club where he can give us more, but he can come back when he wants and, to repeat Mr Abramovich’s words, the way he wants. “He can be a coach, he can start at the academy, he can start being my assistant at the same time because he is doing his coaching badges, or he can start in a different role. “He can decide in this moment whether he wants to start immediately in a coaching role, or if he wants to be an ambassador, representing the club in important places of our life – he can do what he wants.” last_img read more

Aston Villa’s Jordan Amavi having scans on knee injury

first_img The left-back suffered a knee injury in France Under-21s’ 1-0 win over Northern Ireland on Thursday. Press Association Sport understands France’s medical team is optimistic the injury is not as bad as first feared after he went down making a challenge in the second half. He went to hospital and Under-21 c oach Pierre Mankowski insisted it is too early to tell if Amavi’s season is over. He told a press conference after the game: “The first information that we have available is that it is a knee sprain. We don’t know yet if the ligaments are ruptured. It’s too soon to say that.” Should the injury be serious it would be a major blow to new boss Remi Garde. The 21-year-old defender joined Villa from Nice in the summer as part of Tim Sherwood’s summer rebuilding but Garde replaced Sherwood earlier this month with Villa bottom of the Barclays Premier League. Amavi has made 12 appearances and was recalled by Garde for his first game in charge as Villa drew 0-0 with Manchester City to end a run of seven straight defeats last Sunday. Press Associationcenter_img Jordan Amavi will undergo scans in France on Friday as Aston Villa wait for further news on his fitness. last_img read more

Atalanta thrash Valencia at Champions League campaign

first_imgSAN SIRO: Atalanta continued their dream debut Champions League campaign on Wednesday with a 4-1 win over Valencia in an entertaining last-16 first leg meeting at San Siro.Gian Piero Gasperini’s Serie A side raced into a two-goal lead by halftime with goals from Hans Hateboer and Josip Ilicic, while Valencia were denied by the post.Remo Freuler’s curling strike and a second goal for Hateboer looked to have ended the tie as a contest, but substitute Denis Cheryshev gave the Spanish visitors a faint glimmer of hope with an away goal.Two-time runners-up Valencia will host the Serie A side at the Mestalla Stadium in the return leg on March 10.Atalanta qualified for Europe’s top club competition for the first time with a surprise third-place finish in Serie A last season, which was achieved despite having the 14th-highest wage budget in the division.Playing their home games at Milan’s San Siro after their own Stadio Atleti Azzurri d’Italia failed to meet UEFA standards, they got off to a nightmare start by losing their opening three group games, conceding 11 goals in the process.But a home draw with Manchester City followed by wins over Dinamo Zagreb and Shakhtar Donetsk was enough to send them to the knockout stages.More than 45,000 fans travelled to Milan for Wednesday’s game, 51 kilometres away from Atalanta’s hometown of Bergamo, which has a population of just 120,000 people. Agencies Also Read: Atalanta Go Third, Calhanoglu Keeps AC Milan In Champions League ChaseAlso Watch: AJYCP members form human chain across Assam to protest against CAA 2019last_img read more

More Tributes Pour in for Departed Hero Keshi

first_imgAfter the messages from Sports Minister Solomon Dalung, football’s world governing body FIFA and former Sports Minister Bolaji Abdullahi on Wednesday, former FA and Arsenal FC of England vice chairman David Dein commiserated personally with NFF President Amaju Pinnick.In his tribute, the FIFA President Gianni Infantino said “on behalf of the international football community, please allow me to extend my deepest condolences to the football community of Nigeria and, most importantly, to Stephen’s family, friends and loved ones. We hope that, in some way, our words of support may help bring a little bit of peace and solace in this time of sadness.”Kogi State Governor Yahaya Bello said the departed hero has played his own worthy part In shaping and moulding a future for youths of this country. “His leadership prowess and capacity to bring out the best out of those around him, earned him the name ‘Big Boss’. He was a patriotic Nigerian, many times working for the success of the Super Eagles without payment. His patriotism remained unmatched among all the coaches that have etched their names in the annals of coaching in Nigeria,” he stated.While former Sports Minister Bala Bawa Ka’oje noted that Nigeria has lost a gem, a committed football lover and coach just as former NFF President Kojo Williams noted that “its unfortunate and a sad day for Nigeria football. I can’t comprehend. Too bad. Keshi did his best for Nigeria footballFormer NFF President Dominic Oneya said he is still in state of shock to comprehend the reality that the legend is no more. “He was a great player and coach. I was head of the football body when he assisted Amodu to qualify for the 2002 FIFA World Cup, when all hope appeared lost, and they also won bronze at the Africa Cup of Nations in Mali. He remains a Nigerian legend,” he stated.Former NFF President Ibrahim Galadima remarked that “Nigeria and indeed African football has lost somebody who had given so much to the game of football. His death is sad news and I think it was as a result of the shock of his wife’s death.To former NFF President Sani Lulu Abdullahi “Keshi was one of the best things that happened to Nigeria football. It may interest us to know that the revolution that Nigeria football witnessed in the earlier 1980’s started with Stephen Keshi, when he moved to Ivory Coast and then to Belguim, which later led to other Nigerian players taking their trade to the European country.While former NFF President Aminu Maigari insisted that “his death is a rude shock to me, a great loss to the football family and indeed to Nigerians at large. He was a very good coach and it was during my time as the NFF president that I approached him to take over the coaching of the Super Eagles.The West African Football Union (WAFU) wrote in the message to NFF stated that “what an enormous loss for African football. African football has just lost a monument. WAFU conveys its saddest condolences to Nigeria Football Federation and to the people of Nigeria.The Ghana FA stated that ” Keshi was a great man and a noble spirit, whose shining example of dedication to football and to footballers was not only to Nigeria but to several countries including Ghana. (The Ghana FA Exco observed a minute silence in honour of Keshi at its meeting of Thursday in Accra).While South Africa FA wrote in the letter to NFF that “at 54, Keshi was one of the bright young coaches coming out of this continent and having been a captain and solid player during his playing days, you can’t find a better individual whose life was wholly dedicated to the game of fooball.The Sierra Leone FA wrote that “there is a great emptiness left by Coach Keshi’s passing, but we are certain that the strength of the love that you and the entire Nigerian people share for each other and for Coach Keshi will get you through this difficult period.Mali FA wrote that”Keshi made tremendous achievements while he was the National Coach of Mali. His devotion, commitment and professionalism were matchless.Former Zambia Football Association and his contemporary Kalusha Bwalya noted that “Big Boss’ as he was affectionately known, was a much-loved figure not only in Nigeria, but across the African continent.Speaking in an exclusive interview with South African radio station PowerFM, Bwalya revealed that he was shocked by the sudden passing of his ‘good brother’.“I’m very saddened and shocked at my good brother Stephen Keshi’s passing,” Bwalya told PowerSport on Wednesday morning.While Football AmbassadorJohn Fashanu, in his reaction called on government to immortalize the late Super Eagles coach, Stephen Keshi, by naming a national asset in Abuja, the nation’s capital after him.But Fashanu, the former Wimbledon striker, raised posers about the circumstances of the former Super Eagles coach’s death.While the President/Sole Sponsor of Go-Round Football Club of Omoku, Bro. Felix Obuah has described the death of former Super Eagles Coach, Stephen Okechukwu Keshi as a rude shock and utterly devastating.Bro Obuah, in a statement said by Keshi’s death, Nigeria and the global football community has lost a sporting personage who principally put Nigeria on the top spot in world football.The Go-Round FC financier whose club won the 2016 Rivers State Federations Cup called on the Keshi family as well as the Nigeria Football Federation (NFF) to take heart, adding that though the iconic coach may have died, his name would remain indelible.Meanwhile NFF President Amaju Pinnick yesterday led a delegation of some eminent persons in the country’s football to commiserate with the family of Nigeria legend.With Pinnick were Chairman of the Delta State Sports Commission, Mr. Tony Okowa, chairmen of the Football Associations of Edo and Bayelsa States, Frank Ilaboya and Porbeni Ogun respectively, and renowned marketing consultant Mike Itemuagbor.There were also the General Manager of NPFL club Warri Wolves, Moses Etu, former Super Eagles captain Austin Eguavoen and a number of ex –international players.The delegation was received by late Keshi’s brother-in-law, Ricky Aburimen and cousin, Ebuka Ofonye.Pinnick delivered a condolence letter to the family, and reiterated that the NFF Board will soon meet to consider the most befitting way to immortalize the former Nigeria captain and coach.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram Sports Minister, Mallam Bolaji Abdullahi signing the condolence register at the NFF Secretariat on Tuesday.Pinnick, Okowa, Ilaboya, others meet familyThe tap of tributes for Nigerian legend Stephen Keshi, who passed on in the early hours of Wednesday at the age of 54 is still running strongly, with the West African Football Union, the Football Associations of Ghana, Sierra Leone, Liberia, Gambia and Mali, former NFF presidents Anthony Kojo Williams, Ibrahim Galadima, Sani Lulu Abdullahi and Aminu Maigari, and Coaches Samson Siasia, Austin Eguavoen, Emmanuel Amuneke and Manu Garba, renowned journalist Dele Momodu and Nollywood ace Richard Mofe-Damijo have also added their voices.last_img read more