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Government review spells doom for planning gain

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Swiss first pillar fund gains 7% in 2017 but tough times ahead

first_imgSwitzerland’s first-pillar pension buffer fund will have to gradually adjust its investment strategy if its assets shrink as expected, its management has said.It warned it would have to favour short-term, liquid assets, which would have negative impact on returns. The AHV fund is one of three buffer funds for federal social security schemes in Switzerland. Since 2014 they have been grouped under the umbrella heading of Compenswiss.The outlook for the AHV fund’s financial situation was worrying, its management said in a statement. Due to demographic trends, in particular an ageing population, the gap between expenditure and income was growing bigger with every year. The AHV Fund will run out of assets by the end of 2030 at the latest, according to calculations run by Switzerland’s federal social security office after last year’s rejection of a comprehensive pension reform proposal (Altersvorsorge 2020) and the proposed increase in value-added tax as additional AHV financing.The Compenswiss management also noted that IV, the disability insurance buffer fund, would find it more difficult to pay down CHF11.4bn (€9.9bn) of debt owed to AHV. This was because time-limited additional financing for IV lapsed at the end of 2017, so the federal government would no longer pay the interest on the AHV debt.The Compenswiss buffer funds gained 7.11% after hedging in 2017, one of the best performances since 2010. Last year they returned 3.93%.The funds’ total assets grew from CHF34.8bn to CHF36.8bn, of which CHF2.2bn was in a liquidity portfolio. The return on this was 0.25%.Equities were the best performing asset class in the funds’ aggregate portfolio, gaining 21%, according to performance figures on the Compenswiss website.Real estate returned 9.15%, multi-asset portfolios 6.65% and commodities 6.13%. Investments in foreign currency bonds produced a gain of 5.22%.The return for the buffer fund for pensions was 6.82%, compared with 3.75% in 2016.Total operational and investment management costs amounted to 0.2% of investment assets, up on 0.02% the year before.Compenswiss the institutionAs of January next year Compenswiss will be a formally established public institution. A law providing the basis for this was passed by the federal parliament in June, and part entered into force last month.“This will create a clear legal position, increase transparency and clarify the supervision of the buffer funds,” the management said in a statement.last_img read more

Master trust consolidation continues with Salvus-Complete deal

first_imgSalvus Master Trust has boosted its assets to more than £100m (€113m) following its consolidation with the £7m Complete Master Trust.The move, which will take effect from 1 May, will bring Complete’s 20 employers and more than 1,200 members under the auspices of Salvus. The parent master trust will have more than 46,000 members.Earlier this year, new requirements were introduced by the UK’s Pensions Regulator for defined contribution (DC) master trust schemes to seek authorisation from 1 October 2018.Master trusts have grown in importance in the UK pension system following the introduction of auto-enrolment for all employees. In effect, each master trust acts as an umbrella structure for many different occupational DC schemes, with each employer gaining its own division within the overall plan. As there is only one overall trustee board, responsibilities such as governance are ceded to the master arrangement. Steve Goddard, founder of Salvus, which was launched by Goddard Perry Group in 2009 to provide occupational DC services to the Pension Protection Fund, said he expected further consolidation over the next 12 months. “The plan [for Salvus] is to get up to £3bn-£5bn through offering an innovative charging structure,” he said. “But the drivers for consolidation are dictated more by the fact that the UK has announced that every master trust has to get authorisation status.”Earlier in April The People’s Pension, the UK’s largest private sector master trust, announced the transfer of almost £20m – attached to 9,000 members and 70 employers – under its wider structure.Launched in September 2014, the Complete Master Trust had been backed by Charles Stanley Financial Solutions.Chris Halewood, chair of the trustees for the scheme, said: “Merging the scheme into the Salvus Master Trust gave us the opportunity to provide scheme members with a significant reduction in charges with little or no disruption to the ongoing administration of the scheme for participating employers.“We are confident that the Salvus Master Trust has the size and scale needed within this market to provide a sustainable long-term solution for all concerned.”last_img read more

Laborer ‘mauled’ by drunken man

first_imgThe 40-year-oldresident Erwin Parrenos was tagged suspect. Jornel Labor – aresident of the village – sustained bruises on the body. He already receivedtreatment, police said Police have yetto arrest Parrenos, who fled after the incident./PN ILOILO City – Alaborer was hurt after he got mauled by a drunken man in Barangay Sto. Niño SurArevalo district, a police report showed. Police said Parrenosattacked Labor around 9:30 p.m. on Oct. 16 for no apparent reason. last_img

Franklin County Health Department flu shot hours

first_imgBrookville, IN—The Franklin County Health Department will be giving flu shots at the Franklin County Government Center.Hours for flu shots:Monday – Friday, 8:30 a.m. to 10:00 a.m. and 2:00 p.m. to 4:00 p.m.The cost for a regular flu shot will be $25. Several types of insurance are accepted for adults and children.  Please bring your insurance card at the time of your shot. Call the Health Dept. at 765-647-4322 to see if your insurance is accepted. There is a limited amount of flu vaccine for uninsured children age 6 mos. through 18 or that are on Medicaid.last_img

Koeman committed to Southampton

first_img Former Ajax, Barcelona and Rangers defender De Boer backed Koeman to take over, saying, “With all due respect for Hiddink, he’s 67 years old. He’s done, in my eyes. “Koeman showed with Feyenoord he can really shape a team.” Koeman threw out any notion of leaving St Mary’s however, claiming Holland’s issues are “not my problem”. Saying he believes Holland missed their chance to install him as manager, Koeman said: “In my opinion yes. “That was last season, but because I stopped as coach in Feyenoord and they had the opportunity to speak to me. “That’s the past though, this is a new situation and I’m very happy to be the manager of Southampton, and I don’t chase this situation. “That’s always nice, it’s much better than them talking bad about you, but we know that the people in Holland are a little bit afraid and disappointed about results and how they play. “That’s true, but that’s not my problem. “I was always interested to manage in England one day, and now I’ve got the opportunity with Southampton my feeling is great about the football, the competition and the team I’m working very hard to be successful with.” Meanwhile Koeman confirmed England striker Jay Rodriguez remains two months away from a return to training, as he continues to recover from knee ligament surgery in March. “He’s doing well. He’s in his last part of rehabilitation, to recover 100 per cent,” said Koeman. “But I think it will be seven or eight more weeks for him to be fit for training with the group. “So we will wait for that, but he’s working hard and doing everything to be back in good shape.” But Koeman vowed to see out his three-year contract at Southampton, especially after guiding Saints to third in the Premier League table to make September’s manager of the month shortlist. “I hope to stay here for my whole contract, but it’s football,” said Koeman, preparing for Saturday’s Premier League clash with Sunderland at St Mary’s. “There’s certainly no chance to move now out of Southampton. “I was interested in that job, because when I left Feyenoord I was nominated to be the national coach but the federation chose for Hiddink in that moment. “But not now, I’m the coach and manager of Southampton and they have to wait if they want me as their coach. “Ronald de Boer said the same thing one year ago, because a lot of people in Holland were surprised about the final decision from the federation. “People are now talking about the national team again because we had a poor start to the Europeans.” Hiddink has come under fire after Holland lost two of their three opening Euro 2016 qualifying matches. Southampton boss Koeman claimed Holland missed their chance to install him as national manager when opting for Hiddink instead in March. Former Holland great Ronald de Boer has led the clamour for Koeman to replace Hiddink as Holland boss, claiming the ex-Barcelona full-back was the right choice in March. Press Association Ronald Koeman has pledged not to desert Southampton for the Holland job, despite former Netherlands team-mates tipping him to succeed under-fire Guus Hiddink.last_img read more

Mercedes to race in black cars for 2020 F1 season

first_img…World champion Lewis Hamilton called it an `important statement’MERCEDES will run a new black livery in Formula 1 in 2020 as a signal of their commitment to greater diversity and inclusion in motorsport.Silver had been the company’s colour scheme in racing since the 1930s.Mercedes said the Black Lives Matter movement had “shone a searching light on how much we need new measures and actions in the fight against racism”.World champion Lewis Hamilton called it an “important statement we are willing to change and improve as a business”.Mercedes F1 team said in a statement that “just 3% of our workforce identify as belonging to minority ethnic groups and only 12% of our employees are women.“This lack of diversity shows that we need to find new approaches to attract talent from many areas of society we do not currently reach.”The team will also launch a diversity and inclusion programme that will include raising awareness, analysis of their recruitment programme, collaboration with F1 stakeholders on accessibility and education initiatives.Mercedes F1 team principal Toto Wolff said: “Racism and discrimination have no place in our society, our sport or our team: this is a core belief at Mercedes.“But having the right beliefs and the right mindset isn’t enough if we remain silent.“We wish to use our voice and our global platform to speak up for respect and equality, and the Silver Arrow will race in black for the entire 2020 season to show our commitment to greater diversity within our team and our sport.“We will not shy away from our weaknesses in this area, nor from the progress we must still make; our livery is our public pledge to take positive action.”Six-time world champion Hamilton has announced he is setting up a commission in partnership with the Royal Academy of Engineering to promote black participation in motorsport.He added: “It’s so important that we seize this moment and use it to educate ourselves, whether you are an individual, brand or company to make real meaningful changes when it comes to ensuring equality and inclusivity.“I have personally experienced racism in my life and seen my family and friends experience racism, and I am speaking from the heart when I appeal for change.“When I spoke to Toto about my hopes for what we could achieve as a team, I said it was so important that we stand united.“I would like to say a huge thank you to Toto and the Mercedes board for taking the time to listen, to talk, and to really understand my experiences and passion, and for making this important statement that we are willing to change and improve as a business.“We want to build a legacy that goes beyond sport, and if we can be the leaders and can start building more diversity within our own business, it will send such a strong message and give others the confidence to begin a dialogue about how they can implement change.”(BBC Sport).last_img

Tiger Woods Receives Presidential Medal of Freedom from Trump

first_img“These qualities embody the American spirit of pushing boundaries and defying limits,” Trump said.Woods thanked his mother and two children during the ceremony.“You have seen the good and the bad, the highs and the lows,” said Woods.“I would not be in this position without all of your help.”Woods’ win at Augusta last month was his fifth Masters title and ended an 11-year wait to claim his 15th major.His first Masters win came at the age of 21, when he celebrated with his father, Earl, who died in 2006.“In 1997, yes, I won the Masters and I ended up hugging my dad and my mom,” Woods said.“My dad is no longer here but my mom is here, I love you mom.“The amazing Masters experience I just had a few weeks ago certainly is part of the highlight of what I’ve accomplished in my life on the golf course.”The prize recognises “individuals who have made exceptional contributions to the security or national interests of America, to world peace, or to cultural or other significant public or private endeavours”.Woods is the fourth golfer to receive the accolade, after Jack Nicklaus, Arnold Palmer and the PGA Tour’s first black player, Charlie Sifford.Woods overcame persistent injury problems – including four back operations culminating in fusion surgery in April 2017 – to win his first major title for over a decade with a one-shot victory at Augusta.Muhammad Ali, Billie Jean King and Michael Jordan are among other athletes to win the award.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram Fifteen-time major winner, Tiger Woods, has been presented with America’s highest civilian honour by President Donald Trump in Washington.The 43-year-old, who won the Masters at Augusta in April, received the Presidential Medal of Freedom at a White House ceremony.Trump praised Woods’ “relentless will to win, win, win”.last_img read more

Flint resident drowns in the Au Sable River

first_imgAddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisALPENA, Mich — 24–year old Jahleel Paul Garza–Harper of Flint drowned in the Ausable River in Oscoda Township this past Saturday evening.According to a press release received today, Harper jumped off the trestle not knowing how to swim.Sgt.  Kevin Kubik of Oscoda Township Police Department said it is suspected that alcohol may have contributed to Harper’s drowning.According to Kubik, the victim’s parents were devastated to learn of their son’s death.It is still unknown why Harper jumped into the river.AddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisContinue ReadingPrevious Infestations posing a threat to Michigan’s agriculture and environmentNext Wolverine resident arrested for home invasionlast_img read more

Herbert Addo: We can win the treble!

first_imgHearts of Oak head coach Herbert Addo has set his sights on a treble for his team following their Caf Confederations Cup exit. Hearts are currently competing on three fronts; the Premier League, the F.A Cup and the Elites Cup and stand every chance of annexing all three.“My target was four cups,” he said.“So now minus one, it is left with three and therefore that is where our focus will be. Everything in front of us, we have to go for it.”“I hope we get better luck with the other three remaining cups.”Hearts are currently 12th in the Premier League standings nine points adrift of Ashantigold whom they face in an outstanding fixture on Wednesday in Accra. The Phobians are also in the last four of the MTN FA Cup where they will face either Medeama or WAFA.–last_img