AP7 calls two-product plan for premium pension ‘counterproductive’

first_imgBut under the new plan, investment risk in the disbursement phase is to be lower than in the savings phase, and the traditional insurance currently managed by the Swedish Pension Agency (Pensionsmyndigheten) is to constitute the default’s payment option.AP7 said it agreed with proposals that an overall goal should be formulated for the whole of the default alternative, and that the investment rules should be broadened.But given that an overall goal was needed, the pension fund went on to say it was “counterproductive and surprising” that the plan involved breaking the default option into two separate products with two different principals.“This will lead to fragmentation that complicates the holistic approach and long-term view that an effective default solution needs,” AP7 said.“This will lead to fragmentation that complicates the holistic approach and long-term view that an effective default solution needs”AP7On top of this, the fund said, deciding to abandon a functioning product for an alternative where neither the parts nor the whole had been worked through entailed unmotivated risk-taking.“Risk-taking between the savings and the payment phase must be balanced and the total risk-taking needs to be adjusted to the system’s overall goal of clearly exceeding the development of the income index,” AP7 said.Splitting up the different management phases risked leading to sub-optimal decision making with insufficient regard for the whole, it said.“The consequence will then be that future pensions will be lower and that pension savers will be exposed to unnecessary risks through an abrupt transition from the savings phase to the payment phase,” the fund said.Meanwhile, the Swedish Pensions Agency, which currently manages the premium pension system’s funds platform as well as running the traditional insurance payout phase of the default alternative, said in its response to the consultation that it approved of the plan to let AP7 invest in alternatives for the first time – although the proportion of these assets suggested was too high.But it did not agree with having an overall target for the default option in the premium pension system, because in practice, it said, there would be two state default products with different purposes and designs.“We, therefore, propose two different goals that are adapted to the purpose of the saving and disbursement phase, which provides better conditions for control and follow-up,” the authority said.In other feedback, the pensions agency also said it was positive about the idea of transferring default option savers to traditional insurance automatically before disbursement.However, funds which were switched in this way should then be transferrable back to unit-linked insurance, it said.“Otherwise, the proposal entails unreasonable lock-in for pension savers,” the pensions agency said.To read the digital edition of IPE’s latest magazine click here. The largest of Sweden’s national pension funds has warned against a key element of the transformational plan to modernise its role as the default option in the premium pension system.In its response to the consultation on a proposal to reform the default provision in the first pillar system of individual accounts, AP7 said the idea of splitting the product into separate savings and payout phases risked losing sight of the whole – and ultimately reducing pensions.The memorandum “Förvalsalternativet inom premiepensionen” was published in February, and is based on a government-commissioned proposal drawn up by pensions expert Mats Langensjö.As things stand, the SEK670bn (€63.4bn) pension fund’s balanced Såfa pension product – automatically allotted to people making no active provider choice in the defined benefit premium pension – can continue from savings to payout phase.last_img read more

WindEurope: 10-20MW Turbines to Help EU Meet Its Energy Objectives

first_imgWindEurope CEO Giles Dickson has said that developing 10-20MW offshore wind turbines will be key to unleashing Europe’s offshore wind energy potential and will help the EU meet its Climate and Energy objectives. WindEurope’s central scenario projects 70GW of offshore wind energy in Europe’s energy mix by 2030, which would meet 9.7% of electricity consumption. Photo: WindEuropeDickson stated this on 21 February, as he addressed representatives from the European Commission at an event marking the conclusion of the INNWIND.EU project, which sought to develop the conceptual design of beyond-state-of-the-art 10-20 MW offshore wind turbines and hardware demonstrators of their critical components.Giles Dickson urged the Commission to develop a robust research strategy for Europe going forward, stating that projects like INNWIND.EU will help solve Europe’s Energy and Climate challenges.To unlock the offshore potential of 70GW by 2030, the wind energy sector must prioritise research and innovation on larger offshore wind turbines, Dickson said, explaining that this is largely because of the need for cost reduction in offshore wind. The industry has made significant strides towards lowering the LCOE in offshore wind – but the market will need to deliver 13MW to 15MW turbines to achieve the cost reductions necessary to unleash Europe’s offshore wind potential.“We need to mobilise the European research capacity of universities and public research institutes to help industry develop competitive technology and keep our edge over China, the US and India,” Giles Dickson said.During the five years of dedicated research, the INNWIND.EU project has developed several innovative rotor designs, drivetrain components and fixed and floating substructures that reduce the Levelised Cost of Energy (LCOE) of offshore wind turbines of be­tween 10MW and 20MW capacity.last_img read more

Forecasters eye weekend weather system

first_imgWilmington, Oh. — Forecasters from the National Weather Service say a low pressure system will move into the area on Friday. The system will bring a potent mid-level disturbance and the possibility of accumulating snow, some models show from 3 to 5 inches.Meterologist Brian Haines says forecast variables will decrease as the weekend approaches allowing for a more accurate estimate. Currently, the primary areas of concern are Batesville, Connersville, Cincinnati and Wilmington.He says a partially stationary upper-level low will move into the area by Tuesday that will bring temperatures into the 60’s.last_img read more

Taco Bell customer gets doused with gasoline and lit on fire

first_imgTallahassee Police Department(TALLAHASSEE, Fla.) — A suspect who poured gasoline on a Taco Bell customer and then set them on fire is being hunted by Florida police for attempted murder after the victim was left with serious injuries.The incident occurred on Wednesday at approximately 6:18 p.m. at a Tallahassee Taco Bell restaurant when the suspect entered the establishment, doused the female victim with gasoline and then lit them on fire.The suspect has been identified as Mia Williams, 32, “who identifies as a black female,” according to a statement released by Officer Rachel Denmark of the Tallahassee Police Department.Williams fled the scene of the crime on foot and police are currently looking for her whereabouts.“Williams was last seen wearing a black shirt with white writing, tan capri styled pants, and a red wrap on her head. Williams also had several necklaces around their neck,” the statement read.The victim, who currently remains unidentified, was taken to hospital by helicopter after suffering serious injuries.Investigators don’t yet know if the suspect knew the female victim involved in the attack or if it was done at random.Tallahassee Police Department spokesman Damon Miller told the Tallahassee Democrat: ”At this time, (investigators) are on scene trying to basically solve this puzzle, to figure out why this heinous crime was committed.”Copyright © 2019, ABC Audio. All rights reserved.last_img read more

Annenberg Media promotes wellness through new desk

first_imgAnnenberg Media will launch a wellness desk next semester to focus more coverage on campus mental health issues after it received a grant through the Kaleigh Finnie Memorial Endowment to pursue the project. (Daily Trojan file photo) A new wellness desk, will be added to Annenberg Media next semester to encourage students to report on mental health and wellness and improve the mental health of the news staff. “What we are doing is to lay out the foundation, lay out this system and logistics and everything,” Yuan said. “And hopefully, in the future generations … [and in] future classes, people will keep developing this desk and make it helpful to both [the] newsroom and USC community.”  In the announcement posted to Annenberg Media, Toomey encouraged people to contact Annenberg  Media reporters over social media or email to talk about mental health.  Toomey said the desk is modeled after an initiative by The Denver Post, which piloted off-the-record community conversations about mental health around Colorado. The Post received a grant from Annenberg’s Center for Health Journalism to support initiatives for the project.  As an adviser for the wellness desk, Annenberg Media Center Director and professor Christina Bellantoni said she hopes the desk can help student journalists learn to cover sensitive issues.  The endowment is a merit-based fund that provides scholarships and awards to Annenberg undergraduate and graduate students who contribute to the conversation around mental health. Toomey applied and received the funding.  The initiative followed coverage of major scandals last year, which was particularly taxing for Daily Trojan editors, as many skipped classes and lost sleep to cover them, Bettendorf said.  Yuan, a senior majoring in journalism, experienced firsthand what it means to report on difficult topics and the effects these events had. In two years, he covered both the Thousand Oaks shooting in 2018 and the Santa Clarita shooting in November. He covered a fire, a robbery, a murder trial and a story on financial aid difficulties in a four-week period last spring.  Next semester, Annenberg Media executive editor Ruby Yuan and managing editor for culture and outreach Dan Toomey will hire student editors for the desk who will oversee a group of reporters.  Yuan mentioned the Daily Trojan’s wellness initiative as another way to support student newsrooms on campus. The paper also added a wellness initiative this year, directed by associate managing editor Natalie Bettendorf.  Yuan said the desk will also educate staff members about reporting on mental health and wellness topics and help improve their own mental health as they cover difficult topics.  “This sounds very industry-talk, but journalism at the end of the day is a service, right?” Toomey said. “I really do believe that by telling these stories, we are doing a service. We are helping people understand that it’s OK to share these stories, and we want people to do that so we understand the changes that need to happen.” Yuan wishes there were more school-specific or industry-specific mental health counselors, either at Engemann Student Health Center or at each school.  “I always stress to every student I ever meet that you are a human first, and it is OK to be human and to have feelings, even while making sure you’re getting the full story and talking to all sides and all those things,” Bellantoni said. “Pretending you aren’t part of the equation is not a wise formula.” Toomey said the initial idea came from the Kaleigh Finnie Memorial Endowment. The endowment was started by the Finnie family to honor the life of their daughter, who was a USC student, and support students interested in exploring issues related to mental health.  Over the summer, Bettendorf met with Engemann professionals to figure out ways to better support editors and other staff members. The initiative now includes monthly check-ins with all the editors, giving writers and editors more days off, channels for feedback from staff members and ensuring more mental and physical health coverage in the paper.    “It opened up this conversation that I thought that we were just having in our campus, in our newsroom,” Bettendorf said. “But to realize that it’s happening in newsrooms across the country, —specifically colleges and universities — that was just mind-boggling to me. I didn’t realize how people are having these same kinds of conversations of how we can take better care of student journalists? I think that was the most striking thing for me.”last_img read more

Syracuse rises to No. 1 spot in rankings

first_img Facebook Twitter Google+ Syracuse (11-0, 3-0 Atlantic Coast) moved from No. 2 to No. 1 in the latest NFHCA Coaches poll Tuesday morning to top the national rankings for the first time since 2012. The Orange is coming off a 2-0 weekend in which it outscored opponents Monmouth (3-9) and Cornell (5-4, 1-1 Ivy) by a 14-1 margin.“60 days from now, it’s going to mean a heck of a lot more,” SU head coach Ange Bradley said. “We’d probably be the happiest people in the world,” Bradley said. “For today, it’s a reward of the work we’ve done but it means nothing at this point in time.”SU earned 915 points and 15 first-place votes to overtake the only other undefeated team in the country — No. 2 Connecticut (11-0) — who earned 894 points and 25 first-place votes. The Orange began the season ranked No. 4, climbed to No. 3 in the first poll and moved to No. 2 the following week before finally passing the Huskies.The first-place ranking rests on the undefeated record coupled with six wins over ranked opponents, including then-No. 2 North Carolina, then-No. 4 Virginia, then-No. 6 Stanford, then-No. 11 Boston College, then-No. 17 Boston University and then-No. 18 Massachusetts.Syracuse faces a pair of road matches this weekend when it visits No. 11 Louisville (7-4, 0-4 ACC) Friday at 6 p.m. and Indiana (6-5, 2-1 Big Ten) at 1 p.m. Sunday.AdvertisementThis is placeholder text Comments Published on October 6, 2015 at 12:56 pm Contact Liam: lpsull01@syr.edulast_img read more

Tax Evasion – Cristiano Ronaldo Booed, Avoid Reporters After Court Hearing

first_imgHowever, the Real Madrid forward have since denied the charges, saying his “conscience is clear”, a narrative echoed by his agent’s company Gestifute, which also declared that “the player didn’t hide anything” and the charges are mere “fiscal set-up”If the case goes to trial and Ronaldo is found guilty, he could be sentenced to at least three-and-a-half years jail term and fined up to €28m.Last year, Barcelona’s Lionel Messi was sentenced to a 21-month prison term after being found guilty of tax crimes, but later paid €252,000 in place of the jail term, as directed by the court.RelatedTax Evasion – Ronaldo Tells Court He Wants England ReturnAugust 5, 2017In “England”Tax Evasion Hearing: Ronaldo Blast Judge, Says “This Is Happening Because I’m Cristiano Ronaldo”August 1, 2017In “Europe”Cristiano Ronaldo Pleads Guilty To Tax FraudJanuary 22, 2019In “Europe” Portuguese superstar, Cristiano Ronaldo, avoided speaking to the media after appearing in a Spanish court today, to testify in his €14.7m tax evasion case.Ronaldo, who arrived the court in tinted windows car, was expected to speak to reporter’s after the hearing, with a podium already setup outside the Pozuelo de Alarcon court in Madrid.But the forward chose not to address the media after the one and a half hour court session, a decision that was booed by the gathered media representatives outside the court room.The 32-year-old was accused of evading €14.7m($17.3m) in tax by the Spanish tax authority, which says Ronaldo took “advantage of a company structure created in 2010 to hide income generated in Spain from his image rights from tax authorities.”A crime they termed “voluntary and conscious breach of his fiscal obligations in Spain”.Ronaldo, the worlds highest earning athlete, joins the long list of football stars that has been charged with tax evasion crimes by the Spanish tax authority.last_img read more

Japan 2012: Falconets Nett N2m Each for Gallantry

first_imgThe Super Falconets appear well rewarded for their feat at the FIFA U-20 World Cup in Japan, as the Nigeria Football Federation (NFF) is understood to have paid each member of the team the match bonus and allowances of $13, 400 (about N2.1million).The bonuses and allowances covered the matches won and lost at the U20 World Cup and the days spent in camp outside the country.The players and their officials returned to the country Monday.Though the U20 ladies failed to match their own standard of a second finish in Germany two years, they earned public adulation for their robust and direct approach in Japan.While in Japan, the team attracted headlines at home as the public felt the bonus the NFF was paying to the players was not enough to motivate the team.It was in reaction to public sentiment that NFF President Aminu Maigari, caused a 100 percent bonus hike for the Falconets. The approved package raised their bonus from $1000- $2000 per player.According to authoritative sources at the ‘Glass House’, Monday night the increase not only boosted the ladies, but the package was back dated to cover the two group matches played before the federation approved the package.Nigeria defeated North Korea and Italy and drew with Brazil in between those fixtures. The Falconets beat Mexico in the quarter –final only to slump to two defeats in semi final to USA and third placed match against Japan.We gathered that the total match bonus paid to the Falconets by the federation’ was about $10,000 per player, excluding the camp allowances of $3400 for the days outside the country.The allowances covered 14 days in South Korea and 20 days in Japan.last_img read more

Luke Walton hopes D’Angelo Russell remains effective even when off

first_img Newsroom GuidelinesNews TipsContact UsReport an Error Lakers coach Luke Walton has seen Russell experience other challenges, too. After insisting Russell should feel free to take any open shots, Walton believed Russell’s 3-of-14 clip “got him disconnected a little bit.”“He was trying to do the right thing, which I’m fine with,” Walton said. “But when the shot’s not going individually, especially for a point guard, it’s finding other ways to stay really locked in.”Walton plans to discuss more in depth with Russell, but he already sounded self-critical. “I have to take the right shot when it’s there. But I have to make the right play when it’s there,” Russell said. “I still have to separate myself to be good enough to make those plays.” Injury update The Lakers diagnosed Brandon Ingram with tendinitis in his right knee, though an MRI revealed no structural damage. The Lakers listed Ingram as probable for Sunday’s game against Oklahoma City. He completed a full-contact practice on Saturday without any restrictions. Ingram also provided a positive report on his ability to run up and down the court and make hard cuts.“I’ll come back to shoot around and see how I feel after that,” said Ingram, who played in only four minutes in Friday’s game against Utah. “If I feel good to play, I’ll play.”The Lakers also expect backup point guard Jose Calderon to return after missing the previous two contests with a strained left calf. Walton does not plan to play Calderon more than 30 minutes. Going deepEven through the elation over picking up his first victory as an NBA head coach, Walton still felt upset with something. He jokingly blamed Lakers assistant Brian Shaw for not helping him allot minutes last week to Thomas Robinson against Houston as the team’s 13th player. It seems ambitious for Walton to field a 12-player lineup for all of the 2016-17 season as he has done for the first two games. But he plans to field a “deep rotation” in hopes “to wear teams down.”“I know how much more a part of the team you feel even if it’s just only four or five minutes on a certain night,” said Walton, referring to his 10-year NBA career. “With the environment we’re trying to build and foundation we’re trying to set, we want everyone believing in the idea that it is our team and different nights it’s going to be different people.”Upon further reviewThrough his early coaching tenure, Walton has adopted Phil Jackson’s coaching style with both his calm demeanor and empowering players. Walton critiqued the officiating in Friday’s loss to Utah, something Jackson often did well arguably to influence how future games are called. Yet, Walton maintained that did not fit his thought process.“I’m always going to try to support the guys, but the officials have an impossible job,” Walton said. “There’s so many things they have to call, look at and watch for. Then they constantly have two coaches all over them.”center_img OKLAHOMA CITY >> The buzzer just sounded, signaling both the Lakers’ first loss of the 2016-17 season and the end of a frustrating game filled with endless whistles. Before Lakers forward Julius Randle could express any more frustration, Lakers guard D’Angelo Russell wrapped his arm around him and offered some encouraging words. “When we lose, we can’t be separated or anything like that,” Russell said after the Lakers’ loss to Utah on Friday. “That’s when we have to come together. I was trying to preach that.”The incident highlighted Russell’s emergence as a leader as the Lakers (1-1) visit the Oklahoma City Thunder today at Chesapeake Energy Arena. Moments later, though, Russell showed how that area still remains a work in progress. In the locker room, Russell lamented about calls, prompting veteran forward Luol Deng to address him privately. last_img read more

Three takeaways from Texas’ NIT championship win over Lipscomb

first_imgEven Mets fans, still in MLB jerseys, who decided to make it a day-night doubleheader after their MLB team’s afternoon opener didn’t do much to bump the attendance.In fairness to the teams, those who didn’t see the game missed Dylan Osetkowski’s double-double for Texas (19 points and 11 rebounds) and the Longhorns’ defensive stop on Lipscomb star Garrison Mathews. The honorable mention AP All-American was held to 2-of-10 shooting and 15 points for the Bisons, who missed by one win reaching the 30-victory plateau. Lipscomb wraps up its season at 29-8.”They took Garrison for the large part out of the game,” Lipscomb coach Casey Alexander said. “The only thing to be sad about is that it’s over.” “It’s great to win a championship,” Smart told reporters afterward.It’s just that this isn’t exactly the kind of tournament championship Longhorns fans envisioned when Smart was hired four years ago.Texas reeled off five consecutive victories to claim the title, but now the Longhorns will be home by Saturday to watch a Final Four that includes Big 12 rival Texas Tech. That stings.Here are three takeaways from a complicated championship for Texas:1. This won’t take the pressure off Smart.He’s now 71-66 in his four seasons at Texas, but it took the five straight NIT wins — over South Dakota State, Xavier, Colorado, TCU and Lipscomb — to get him to five games over .500.The smattering of burnt-orange-wearing fans enjoyed the win at Madison Square Garden, but there’s a portion of the fan base that isn’t exactly unhappy that Smart reportedly is on the short list of candidates to fill the UCLA vacancy (as TCU’s Jamie Dixon haggles over his buyout up the road in Fort Worth).Despite the NIT title, Texas still hasn’t won an NCAA Tournament game under Smart.”There has been teams that have come and won the NIT and they have been able to use that as an unbelievable spring board into a more successful season next year and an NCAA Tournament tournament run,” Smart said hopefully but then adding a dose of reality. “There’s been teams that haven’t.2. It was an emotional ending for Kerwin Roach IIThe Longhorns leading scorer, Roach averaged 15 points per game as a senior but was suspended for the final five games of the regular season (during which Texas went 1-4).The mercurial Roach has been suspended three times in his career at Texas, likely causing enough questions among NBA teams that even his obvious athleticism has been overshadowed.Smart shared an emotional moment with Roach on the court after the victory in which he scored 16 points and sealed being named the NIT’s most outstanding player.”He’s had some phenomenal moments,” Smart said (via The Associated Press). “I don’t think he thought he’d be in college this long.”3. The NIT championship wasn’t a draw this year.Texas won in front of about 3,000 spectators — not one sitting above the lower bowl, per The AP’s assessment.So last year’s title game, packed with Penn State fans? Probably attributable to the Big Ten school’s sizeable New York fan base.This year?There were those few hundred fans in burnt orange and that was about it. Everything’s bigger in Texas, but get to Madison Square Garden in New York and an NIT championship victory isn’t quite as huge.Sure, Thursday night’s 81-66 victory over Lipscomb was a decent way to finish a season for Shaka Smart’s University of Texas team. A win is a win, right?last_img read more