Would you like to read more?Register for free to finish this article.Sign up now for the following benefits:Four FREE articles of your choice per monthBreaking news, comment and analysis from industry experts as it happensChoose from our portfolio of email newsletters To access this article REGISTER NOWWould you like print copies, app and digital replica access too? SUBSCRIBE for as little as £5 per week.
Switzerland’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.
Salvus 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.”
The 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.
Brookville, 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.
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.
“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”.
AddThis 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 invasion
Hearts 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.–