Transition to new pensions system poses ‘enormous challenge’, says APG

first_imgThe advisor pointed out the asset managers would have to switch from a uniform investment policy to a lifecycle-based system, which also needed to be designed.In addition, both shape and duration of the interest hedge would need to be changed, “as young participants wouldn’t need an extensive cover in the new pensions contract,” De Haan explained.“Providers also need to adjust their administration from the current rights-based system to individual pensions accrual.”He added that a different kind of pensions contract would also require new asset-liability management studies.In his opinion, however, the most important challenge would be to explain to pension fund participants what the transition to a new system, as well as the principle of individual pensions accrual, means to them.“Also, in a system of individual pensions accrual, we need to continue communicating in terms of benefits in order to keep things comprehensible,” he stressed.The challenges for the providers would come on top of the legal hurdles that need to be addressed in order for the SER variant to work.“Merging existing pension rights into the new system must be legally underpinned, and the same goes for the abolition of the average pensions accrual and contributions,” said the adviser.During a discussion at the seminar, the attention was also drawn to the importance of independent advice for participants, who would be offered options for pensions accrual.Currently, the SER, the Pensions Federation and the Labour Foundation (StAR) are assessing the social and economic aspects of a transition of the current pensions plans to a new system.Last week, Jetta Klijnsma, state secretary for social affairs, announced that she would present a memorandum to the Dutch parliament with an assessment of the various alternatives, including the SER variant, before August.A new pensions system is expected to be implemented within the four-year term of the next government, following next March’s general election. Dutch pensions providers and asset managers are facing an enormous challenge if the country’s pensions system is to be based on individual pensions accrual with extensive risk-sharing, a strategic policy adviser of the €417bn asset manager APG has suggested.Speaking during a conference in Amsterdam organised by IRR, Jurre de Haan, said this alternative was nevertheless “very interesting” as an option to replace the defined benefit system in the Netherlands.De Haan, who also advised the Social and Economic Council (SER), which examined the individual account variant as the basis for a future system, emphasised however that the feasibility would depend on political decisions and support from the employers and workers.Among unions there is still significant resistance against a transition to a defined contribution-based system.last_img read more

Average CDI allocations double over 18 months, says report

first_imgAverage allocations to assets eligible for cashflow-driven investing (CDI) have more than doubled over the past 18 months, according to a study by financial technology company RiskFirst. The trend has been driven by increasing allocations to infrastructure investments and a reduction in traditional return-seeking investments, according to the report. The authors also said the findings could indicate that asset owners were expecting a recession in the next two years.The analysis was based on data drawn from RiskFirst’s risk management platform PFaroe servicing 3,000 pension plans and covering over £1trn of assets. A spokesman said the analysis was global but driven by data from UK asset owners and managers. According to the report, while asset owners’ and asset managers’ overall allocation to CDI-eligible assets had more than doubled since the beginning of 2018, return-seeking equity-like investments were also decreasing at a similar rate. It said: “This is more subtle than the previous decade’s move from equities into bonds, and the data shows that one of the biggest drivers has been increasing allocations to infrastructure investments.”It continued: “The investment trend to disinvest from equities during periods of recession and invest instead into fixed income types of instruments has been well tested over time. Many consultants and managers may well be anticipating a recession in the next 12 to 24 months, which would make the case for steady cashflow and fixed income assets even stronger for a well-funded defined benefit pension plan.”Matthew Seymour, CEO, RiskFirst, said: “While no one knows when the next recession will kick in, one thing is certain: CDI is a strategy whose time has come.”CDI matches the timing of the underlying cash inflows on the asset side with cash outflows on the liability side, in an attempt to provide better returns, on a risk-adjusted basis, than the traditional portfolio asset combinations of equities and bonds.This is usually achieved by re-allocating some of the return-seeking part of the portfolio into more alternative types of assets – such as private credit, infrastructure and insurance-linked securities – that rely on steady cashflow streams, usually with a lower probability of default over the duration of the respective asset.last_img read more

Amazing reno: Meet the home turning heads in Teneriffe

first_imgThe living room in the house at 320 Harcourt St, Teneriffe, after the renovation.Mr Walsh bought the original property off a friend five years ago when he was moving out of his apartment and looking for a project. It was a three-bedroom house on a 445 sqm block of land in the heart of Teneriffe, with two street frontages. “We were going to buy it, live in it for three or four years and develop two houses,” Mr Walsh said. They ended up subdividing the block, renovating the current house fronting Harcourt Street and building a new one fronting Small Street, which recently sold for $1.925 million — a huge price for a home on a tiny 215 sqm block. The front veranda on the house at 320 Harcourt St, Teneriffe, before it was renovated. The lighting in the kitchen after the renovation. The kitchen in the house at 320 Harcourt St, Teneriffe, before it was renovated. The back of the house at 320 Harcourt St, Teneriffe, after the renovation.Mr Walsh recruited the best in the business to take on the challenge of redeveloping his house at 320 Harcourt Street.It was designed by architect Joe Adsett and built by Graya Construction with Frank Developments.“What Graya and Frank did really well is achieve that fusion of old meets new,” Mr Walsh said.More from newsParks and wildlife the new lust-haves post coronavirus14 hours agoNoosa’s best beachfront penthouse is about to hit the market14 hours ago“My brief was simple in theory in that I wanted a contemporary, executive-style home but one that struck that balance between maintaining original character and delivering something that almost felt brand new, which was extremely challenging.” The back deck on the house at 320 Harcourt St, Teneriffe, before it was renovated. The kitchen and dining area after the renovation. Frank Licastro and Mike Walsh in the property they have just renovated at 320 Harcourt St, Teneriffe. Image: AAP/Richard Walker.THERE’S nothing shy about Mike Walsh, so it’s no surprise his house is an absolute showstopper.When it came to renovating his first property, the young Brisbane executive went all out — hiring the big guns to transform a basic three-bedder into an inner-city architectural masterpiece that literally turns heads.“I’m a bit out there,” Mr Walsh said.“I wouldn’t say I’m an introvert!“I regularly get people driving past and stopping to take photos or come in to take a look.“From a visual perspective, the entrance from the exterior and the combination of materials used — timber, concrete, the white picket fence — it definitely stands out in the street.” Mr Walsh said the architect, Joe Adsett, came up with a clever design for the house that made it feel bigger than it actually was.“Any small lot development presents pretty great challenges,” he said.“When you’re inside, you do lose context of the fact you’re only on a 230 sqm block. “The house itself has about 450 sqm of living space.”The two-level house is built to the boundary of the property to make the most of the space.Outdoor and indoor living areas are integrated and design features such as high ceilings create the illusion of more space. The lounge room in the house at 320 Harcourt St, Teneriffe, before it was renovated. The front of the house after the renovation.Mr Walsh, who works in commercial real estate, spent more than $1 million to get the result he wanted — a contemporary, four-bedroom house with all the luxuries and conveniences of modern living with the charm of yesteryear.“The first level is probably my favourite area,” he said.“It’s where the dining, kitchen, living and outdoor areas all meet, with bi-fold doors opening it up and creating a sense of indoor/outdoor living.”But the project was not without its challenges.“Even for someone in property, this is the first house I’ve built and it was challenging,” Mr Walsh said.“The excavation of the rock turned out to be a lot more costly than I expected and there were noise issues outside of hours.“There were elements where I spent more money, but we were cost efficient in other areas.”Must-haves for Mr Walsh included installing a plunge pool, LED lighting in certain areas like the walk-in wardrobe, keyless entry and high quality finishes in the kitchen and living areas.“I know from an on sale point of view, (buyers are) going to be focused on those areas where most time is spent,” he said.“And never having to carry house keys everywhere is great!”The young executive said he planned to live in the property for “the next five to 10 years”.“It’s my for now house — for where I’m at in my life now,” he said.RENO FACT CHECKTime taken: 9 monthsTotal spend: $1mlast_img read more

Suspect in deadly terror attack in Mali killed during arrest attempt

first_imgA man suspected of being involved in a restaurant attack in Mali’s capital last week, was killed when a grenade he was carrying went off during a shoot-out with security agents trying to arrest him.Special forces had tracked down the suspect, identified as Mohamed Tamirou Cisse from the Gao region of northern Mali, in Bamako’s Magnambougou neighbourhood late on Thursday. Sahara-based Islamist group Al-Mourabitoun claimed responsibility for last week’s attack that killed a French citizen, a Belgian security officer and three Malians in a restaurant popular with expatriates. Cisse was thought to have thrown a grenade at a police vehicle as the attackers fled La Terrasse restaurantlast_img

Chavez back in Caracas after chemotherapy in Cuba

first_img Tweet Share Share NewsRegional Chavez back in Caracas after chemotherapy in Cuba by: – August 15, 2011 8 Views   no discussionscenter_img Share Sharing is caring! Cuban President Raul Castro (L) bids farewell to Venezuelan President Hugo ChavezHAVANA, Cuba (SJ) — Venezuela´s President Hugo Chavez returned to Caracas Saturday evening after having concluded his second session of chemotherapy treatment in Cuba. Chavez was seen off at the Jose Marti International Airport by Cuban President Raul Castro, Juventud Rebelde newspaper reported on Sunday.Before departing Cuba, the Venezuelan president shared with Raul and Fidel Castro and he wrote on his Twitter account that he celebrated Fidel´s 85th birthday with him: “I´m here, with Fidel, celebrating his 85th anniversary! Long live Fidel!” said Chavez in a tweet @chavezcandanga,Chavez has been undergoing chemotherapy following the removal of a cancerous tumor in Havana last June 20.Caribbean News Nowlast_img read more

New York Times reporter questions Pence’s business experience

first_imgColumbus, In. — As Primary Election Day closes in the New York Times has published a piece that raises questions about the Greg Pence campaign for Congress.The article says Pence has declined debates and interviews, has no public schedule and releases after-the-fact campaign pictures via social media.The publication also takes a shot at Greg Pence’s business acumen. Pence was asked to join Kiel Brothers Oil Company after the death of his father in 1988. Over the next ten years, he rose to the position of president and began to make strategic decisions for the organization.By 2004 the company filed for Chapter 11 bankruptcy protection and faced $100 million in claims from creditors and more than $8 million in fines for leaking fuel tanks to the Indiana Department of Environmental Management.Additionally, Pence served on the board of directors of the primary lender to the company, Home Federal Bank. On two occasions, Pence signed agreements making him personally responsible for the loans taken out for expansion, neither agreement was satisfied.Ultimately, Pence resigned from the bank board of directors and as president of Kiel Brother’s Oil Company in 2004.A link to the full article is here.last_img read more

Man who shot at police, then shot himself dies

first_imgJordan De Sayles, 35, who shot at Fort Pierce police officers during a traffic stop before shooting himself has died, police said.The incident took place on Sunday morning around 3 am in the 500 block of Orange Avenue. Police pulled over De Sayles and once he got out of the car, he fired shots at the officers.Police shot back, and De Sayles attempted to take cover inside a nearby building.Officers tried to get De Sayles to surrender but instead he shot himself. He was taken to local hospital and was in critical condition.Fort Pierce police spokeswoman April Lee announced that he has died of a self-inflicted wound on Thursday, and all officers involved were placed on administrative leave.last_img

MBB : Boeheim downplays record win; Syracuse struggles on boards

first_img Published on February 8, 2012 at 12:00 pm After a game like this, Jim Boeheim wasn’t going to cherish his accomplishments.‘I’m upset over this game right now,’ the SU head coach said, ‘and we’ll address all that stuff when I retire. I’m happy to get this win, and I just don’t think about those goals.’Sure, the Syracuse head coach now has more wins — 880 — at one Division-I school than any head coach in history. Syracuse was outrebounded by 17, though, and won an overtime game by a hair. The Orange’s 64-61 win over Georgetown on Wednesday was hardly its best performance. But with the win, Boeheim passed legendary North Carolina head coach Dean Smith for third all-time among Division-I head coaches in wins, and he set the record for wins at one program.As he has when any personal records occur, though, Boeheim didn’t talk about it. He said all that matters to him is how his team does this season.Guard Brandon Triche grew up in Jamesville and his uncle, Howard Triche, played for Boeheim. The junior talked after the game about Boeheim’s legacy.AdvertisementThis is placeholder text‘Just watching him coach, play after play, he calls the play and about 90, 95 percent of the time, that play works,’ Triche said.Georgetown dominates rebounding battleDespite being the No. 2 team in the country and having national championship aspirations, there has been one area that has haunted Syracuse all season.And against Georgetown on Wednesday, Boeheim came to the realization that if his team can’t figure out how to rebound better, it will fall well short of those lofty goals.‘There’s just no excuse for us to rebound the ball the way we rebounded tonight,’ Boeheim said. ‘It’s just not championship level. We just won’t win if we can’t rebound better than that. Period.’The Orange managed to overcome a 52-35 rebounding deficit to knock off the Hoyas 64-61 in overtime, but those numbers on the glass left Boeheim and SU with a disappointing feeling in the locker room after the win. Georgetown dominated the boards the whole game. Otto Porter reeled in 13 rebounds, Hollis Thompson hauled in 10 and Henry Sims gobbled up eight for the Hoyas.At one point in the first half, with Georgetown already owning eight rebounds to just five for Syracuse, the Hoyas grabbed nine consecutive missed shots to extend that margin to 17-5. A Kris Joseph miss in the middle of the stretch was followed by back-to-back offensive boards before Jason Clark finally knocked down a jumper.Greg Whittington then grabbed a Dion Waiters miss to regain possession for the Hoyas, and Georgetown grabbed two more offensive rebounds that led to a Hollis Thompson put-back.And the rebounding struggles have left SU searching for answers.‘We work on it every day in practice, but they’re still beating us on the boards,’ sophomore center Fab Melo said. ‘I don’t know. We know we have to do a better job.’But the Hoyas only managed to convert 23 offensive rebounds into 13 second-chance points, and SU held on for the win.‘There’s just really no excuse for the way we’re rebounding right now,’ Boeheim said. ‘It’s a team effort. It’s everybody. It’s not one guy. We’ve got to find a way.’A rivalry examinedThere is still uncertainty about when Syracuse and Georgetown will play each other again.Wednesday’s overtime game between the rivals is the only meeting between them this season. They could play in the postseason, but after that — to be determined.‘It’s always been a good game. It always will be as long as we keep playing it,’ Boeheim said. ‘It will be a great game and it always is.’If anything happens to quicken Syracuse’s move from the Big East to the Atlantic Coast Conference, this could be the last time the Orange and Hoyas meet as conference opponents. With Wednesday’s win, Syracuse leads the all-time series 48-39 and has won five of the last seven meetings.Joseph said he was pleased to reach a career-high 29 points against the Hoyas.‘It’s the last game I’ll ever play against Georgetown assuming that we don’t play them in the Big East tournament, so it was good,’ Joseph said. ‘I feel like I came out on top during this rivalry.’ Commentscenter_img Facebook Twitter Google+last_img read more

Tipp Minors in Munster action tonight

first_imgThe Premier County’s Minor football team take on rivals Clare on Wednesday evening in this year’s Munster Championship semi-final.After back to back Munster titles at this grade in 2011 and 2012, the Premier County will be looking to get back to winning ways at provincial level.Tipp will welcome the Banner to Semple Stadium with a place in this year’s final on offer…against the winners of Kerry and Cork.  McGeever says tonight’s game is even bigger because it’s knock-out.The match throws in at 7.30pm in Semple Stadium.last_img

Divisional senior hurling championships continue

first_imgThe sole South Tipperary Senior Hurling Championship tie pits Carrick Swans against Ballingarry – the match is being played in Monroe and begins at 7.45pm. In the Centenary Agri sponsored Mid competition there’s a double header of quarter-finals in The Ragg.Clonakenny and Holycross-Ballycahill clash at 6 o’clock.Then at 7.30 it’s the meeting of Loughmore-Castleiney and Upperchurch-Drombane.last_img