APG CEO: Returns could suffer from mandatory positive buffers

first_imgHe said this would depend on pension funds’ future choices, such as their pensions target and the desired level of risk.“Smaller financial buffers would create more potential for better investment results, but would also increase risks,” the CEO said. Van Olphen indicated that APG’s preparations for the introduction of a new pensions system included a focus on simplification of pension arrangements.“During the past 40 years, collective labour agreements and transitional measures have created an accumulation of well-meant schemes and exceptions, which have caused complexity, costs and risks,” he said.“Together with our pension fund clients, we are now trying to push back the multitude of arrangements.”APG carries out the pensions administration for nine pension funds in total, including the €403bn civil service scheme ABP.In October, ABP agreed with workers and employers at the Ministry of Defence that it would replace the final salary scheme for defence workers with pension benefits linked to employees’ average salary, from 2019. Pension funds’ returns could suffer if, in a new Dutch pensions system, their financial buffers were not allowed to temporarily turn negative during times of economic stress, Gerard van Olphen, chief executive of the €453bn asset manager APG, has warned.The Dutch government has said that pension funds’ financial buffers must remain positive at all times as part of a new system currently being negotiated. APG’s CEO said this meant schemes would have to implement rights discounts earlier.“The risk would be that pension funds would want to increase their focus on certainty, which would limit their investment options,” he said.In an interview in IPE’s Dutch sister publication Pensioen Pro, Van Olphen said that a new pensions system with less concrete promises and less fixation on schemes’ funding ratios would in principle offer more freedom for investment, as well as potential for improved returns.last_img read more

Man U offer Ighalo new loan deal

first_imgRelatedPosts Ighalo: My best moment as ‘Red Devil’ EPL: Crystal Palace stun sloppy Man U EPL: Gunners gun for West Ham scalp Manchester United want to extend Odion Ighalo’s loan deal as they continue to weigh up a permanent move.The Nigeria striker is due to return to Shanghai Shenhua at the end of May, which would effectively mean he has played his final game for United due to the coronavirus-enforced lockdown of football. But with the Premier League hoping to resume the season in June, Ole Gunnar Solskjaer is keen to keep hold of the 30-year-old until at least the end of the campaign.With Marcus Rashford set to return from a back injury, United’s striking options will already be boosted when football comes back.But it is understood Solskjaer wants more depth to his attack with his side competing for Champions League qualification, as well as remaining in the Europa League and FA Cup.The United manager intends to sign a centre forward this summer after missing out on top target Erling Braut Haaland in January.The Borussia Dortmund striker remains of interest along with Moussa Dembele and Timo Werner, while Raul Jimenez is admired by Solskjaer. But Ighalo represents a cut-price option in a summer when Ed Woodward has warned United’s spending could be hit by the financial impact of COVID-19.By extending his loan deal, Solskjaer would give himself more time to weigh up a £15 million bid.The main obstacle could be Shanghai’s willingness to allow him to remain at United at a time when the Chinese Super League is close to starting.Tags: English Premier LeagueLoan DealManchester UnitedOdion IghaloShangai Shenhualast_img read more

Korger: Football’s popularity tearing Big East apart

first_imgRealignment has struck once again in the landscape of college athletics, with conferences losing and adding members like a grandmothers’ bridge club over the past few months.The winner of the past few months indisputably has been the Big 12. Like the Rocky of conferences, the Big 12 took knockout punches from Apollo Creed (Nebraska and Colorado leaving last year) and Clubber Lang (Missouri and Texas A&M leaving for the SEC) but still rose from uncertainty to solidify its security in a time of conference uncertainty.In a transformation montage that makes the winter training scene in Rocky IV look like an elementary school field day, the Big 12 did some serious work to add on two schools (TCU, West Virginia) with strong athletic programs to secure the immediate, and perhaps long-term, future of the conference.But where there’s a winner, there’s a loser, and its name is the Big East. Known for an extended period of time as the nation’s premier basketball conference, it’s not only losing member West Virginia to the Big 12 but also members Syracuse and Pittsburgh to the ACC.While West Virginia will get an opportunity to test its athletic mettle against the likes of Texas, Oklahoma and Oklahoma State; Syracuse and Pittsburgh will get a chance to play football powers like Miami and Florida State while getting the chance to play the storied basketball dynasties at Duke and North Carolina.So why are all these schools jumping off the Big East ship? When it comes down to it, the answer is simple: money. More money is found in the other major conferences compared to the Big East.The Big East is a basketball cash cow. Last season, the Big East boasted four programs in the top 25 for revenue generated by college basketball, with Louisville, Syracuse, Pittsburgh and Marquette all placing on the list. As far as overall revenue from male athletics goes, there is no conference in the country that receives a bigger chunk of its profit from the sport of men’s basketball than the Big East.In a report from Forbes Magazine just a year ago, the Big East was revealed to generate almost 37 percent of its total revenue from men’s basketball, over 15 percent more than the second leading conference, the Big Ten.In comparison, the Big East in 2011 was the highest men’s basketball revenue conference, followed by the ACC and Big 12. However, when it came to total revenue generated by men’s athletics, the Big East placed fifth overall at around $419 million, behind the other four major conferences.Why? The Big East isn’t a football conference. In fact, it’s a laughingstock of a football conference. When we hear arguments against the automatic qualifiers for the major conferences, the Big East is used as a main argument. Compared to the other major conferences, the Big East’s football teams are like Pop Warner teams, especially now that three of their best schools are leaving.Last year the king of athletic revenue was by far the SEC, which grossed over $760 million in profit from men’s athletics despite only grossing $124 million from men’s basketball. Compare that percentage for a second. Don’t fool yourself; football is the biggest moneymaker in college sports and America, which is why it makes perfect sense that teams are jumping into football-strong conferences.The Big East finished this season with only two programs ranked in the top 25. The ACC finished with three, while the Big 12 finished with four. With the new additions to the Big 12 with TCU and West Virginia, the Big 12 can now claim its rights to five teams in the top 25, surely a strong draw to sell more tickets than ever before for the newcomer schools. With the addition of former Wisconsin Offensive Coordinator Paul Chryst at Pittsburgh and one of the stronger Big East football programs in Syracuse, the ACC must be more than happy to add two more football schools to its roster.When it came to overall men’s basketball revenue per school, the Big East finished beneath other conferences as well. The Big Ten, ACC and SEC all make more revenue per school than the Big East does, perhaps explaining why traditional basketball powerhouses Syracuse and Pitt left for the ACC. Obviously the conference made the most money from basketball because it’s currently a 16-team conference, but when it came down to revenue sharing, the big name programs of the Big East felt they deserved a bigger piece of the pie they help make for the conference.So what have we learned from this latest installment of “As the Conference World Turns”? Basically, cash and football is king. And the SEC continues to rule the college football world, thus dominating the overall cash flow of college athletics. This is why Missouri and Texas A&M left (besides the fact Texas has the Longhorn Network, a different issue entirely) and almost destroyed the Big 12 in the process.It seems hard to imagine the Big East without Syracuse and Pittsburgh. Heck, you could make an argument that those two programs were the face of the Big East along with West Virginia. But with conference structure constantly fluctuating in the past two years, schools are getting out while the gettin’s good. The Big East tried to fill the hole left by these schools by adding Houston, Southern Methodist, Memphis and Central Florida for all sports while adding Navy, Boise State and San Diego State as football-only members. But these programs cannot hope to replace what is leaving. Boise State most likely would have joined the Big 12 if it would have received an offer.But with the money generated by men’s college athletics being larger than ever, the conference landscapes will continue to change as mid-major schools are offered a chance to advance up the food chain and powerhouse schools try their hand in larger, cash-crop conferences.Nick is a senior currently majoring in english, history and useless sports knowledge. Hate the column? Love the column? Let him know at nkorger@badgerherald.com or try to follow him on twitter @nickkorger.last_img read more

Chicago man gets 15 year prison sentence for stealing lawn mower from Mason City store

first_imgMASON CITY — It’s 15 years in prison for a Chicago man accused of stealing a lawn mower from a Mason City store. 45-year-old Calvin Lacey pleaded guilty to second-degree theft as a habitual offender. Lacey and Charles Ross of Des Moines were accused of stealing a lawn mower from Mills Fleet Farm in September 2018. Charges of possession of a theft detection removal device and possession of methamphetamine were dismissed as part of Lacey’s guilty plea. District Judge Karen Salic sentenced Lacey on Monday to 15 years in prison, with the sentence to be served at the same time as a 52-month federal prison term on an unrelated case of being a felon in possession of a firearm. Ross previously pleaded guilty in the lawn mower theft case to second-degree theft, possession of a theft detection device and possession of meth. He was sentenced to seven years in prison.last_img read more

JPV finally plays on Marikina home pitch, hosts Global; Davao opens season bid vs Kaya

first_imgAfter a cloud of uncertainty following the pullout of two clubs early this year, the second season of the Philippines Football League finally takes off on Saturday when JPV Marikina makes its home debut against Global Cebu at Marikina Sports Center.Kickoff is at 7 p.m. with JPV hoping for a positive start to its league campaign after limping to a disappointing fifth place finish last season.ADVERTISEMENT Phivolcs records 2 ‘discrete weak ash explosions’ at Taal Volcano MOST READ Nueva Ecija warehouse making fake cigarettes raided, 29 Chinese workers nabbed LATEST STORIES Carpio hits red carpet treatment for China Coast Guard PLAY LIST 02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite03:23Negosyo sa Tagaytay City, bagsak sa pag-aalboroto ng Bulkang Taal01:13Christian Standhardinger wins PBA Best Player award Sports Related Videospowered by AdSparcRead Next Sea turtle trapped in net freed in Legazpi City UK plans Brexit celebrations but warns businesses may suffer Phivolcs records 2 ‘discrete weak ash explosions’ at Taal Volcano Steam emission over Taal’s main crater ‘steady’ for past 24 hours Davao Aguilas host Kaya Iloilo at Davao del Norte Sports Complex at 4 p.m. on Sunday, capping opening weekend for the league which will be reduced to six teams this season following the pullout of Ilocos United and Meralco Manila.Ceres-Negros and Stallion Laguna were supposed to play at Panaad Stadium on Saturday, but the league decided to move the match to June.FEATURED STORIESSPORTSGinebra beats Meralco again to capture PBA Governors’ Cup titleSPORTSTim Cone, Ginebra set their sights on elusive All-Filipino crownSPORTSAfter winning title, time for LA Tenorio to give back to Batangas folkThe six clubs will play against each other five times in the league competition to comply with the minimum number of games set by the AFC.A Cup competition will be introduced this year, which will be held in the middle of the year. It will mark the first time that JPV is actually playing at MSC, whose pitch underwent repair last year to comply with league standards.“We’re excited to finally play a match on our home pitch,” said JPV coach Dan Padernal. “We want to promote football in Marikina and hopefully we can do that through good performances in the PFL.”Padernal lost some of his key cogs from last season like Takumi Uesato and Takashi Odawara, who moved to Ceres and Davao, respectively.ADVERTISEMENT Don’t miss out on the latest news and information. It’s too early to present Duterte’s ‘legacy’ – Lacson View comments GALLERY: Barangay Ginebra back as PBA Governors’ Cup kings Weather draws attention to capital’s twin sports bids Lights inside SMX hall flicker as Duterte rants vs Ayala, Pangilinan anewlast_img read more

Girls Just Wanna Have Fun golf tournament tees off Saturday

first_imgMembers and non-members are able to register for the tournament. Registration costs for members is $80 for the weekend, while non-members will pay $100.Saturday will begin with registration at 9 a.m. That’s followed by a shotgun start at 10 a.m. Two person scramble or individual stroke play will make up both days of the event. Aside from the golf, breakfast, dinner, prizes, a horse race and other entertainment will all be part of the day.On Sunday registration will start at 10 a.m. and tee times slated for 11. Snacks and prizes will also follow. – Advertisement -To register for the tournament you can call 250-789-3711.last_img read more

Taxman Issues Prosecution Notices To MNCs To Meet Steep Revenue Targets

first_imgTax officials have issued prosecution notices to directors of several multinationals, intensifying their pursuit of collections with a view to meeting steep revenue targets, said people with direct knowledge of the matter.Prosecution notices make such cases equivalent to criminal offences and give income tax officers additional powers, akin to those of the police, said experts, adding that taxpayers can only seek relief from a magistrate’s court in such instances. Read it at Economic Times Related Itemslast_img read more