PPF considers levy-transition protection for some UK defined benefit schemes

first_imgMartin Clarke, executive director of financial risk at the PPF, said the new model, designed in conjunction with Experian Credit Services, would ultimately provide more “discriminative and robust insolvency risk scores, plus offering greater transparency and access to levy payers”.Clarke, who will depart the PPF later this year after being named UK government actuary, told IPE the PPF was “pretty confident” it would be able to explain how any changes to the ranking of sponsors would be caused.“Nevertheless, we are discussing [how] we might moderate some of the impacts in the first year, by having a transitional protection,” he said.“It is not part of our core proposition, but we are offering it up to comment from our stakeholders.”He added that it would be at the cost of the “majority” of funds that would not need any protection.“It is a question of how much solidarity the population as a whole wants to [offer], or how much self-interest they want to maintain,” he said.The proposed transitional system would compare a fund’s 2014-15 levy score from the current Dun & Bradstreet system to that of the proposed Experian model, had it been in place for that period.The consultation said that, if the increase suffered because the Experian model exceeded 200%, then it would abate the 2015-16 payment.However, it also cautioned that the proposal should not be viewed as a hard, 200% cap, as any further deterioration in risk between the 2014-15 and 2015-16 levy period would need to be accommodated.Joanne Shepard, senior consultant at Towers Watson, said the radical overhaul would inevitably mean changes for affected funds.“The PPF thinks its new way of calculating levies will better reflect the risks schemes pose – and therefore that some schemes have been paying more than their fair share in the past, while others have not been paying enough,” she said. The PPF’s consultation will also consider whether there should be an option allowing sponsors with a credit rating to over-ride any levy calculation, with the score instead replaced by one that employed the default probability of its rating.Clarke said the argument for including credit ratings was that these were “the product of a much more intensive” analytical exercise.“In aggregate, they have proved to be good predictors,” he said. The new model, which would come into effect at the beginning of the three-year levy period to 2017-18, has been independently assessed by PwC, as well as the lifeboat fund’s industry steering group. UK defined benefit schemes that see their Pension Protection Fund (PPF) levy increase materially under a forthcoming levy model may be granted some transitional protection, the lifeboat fund has suggested.Publishing its consultation on the new bespoke insolvency model, the PPF said the proposals were found to be superior than other existing models in five of nine areas, and as effective as other models in the remaining four.The model, which would place less emphasis on non-financial company data, will likely result in a minority of DB funds paying a higher levy in future due to a “material shift” in the ranking of some plan sponsors, despite a 10-band approach being maintained.The fund said it had considered a broader top band, reducing the overall number to eight, but that this would have resulted in a slight levy increase for those schemes in the top band, rather than the current reduction.last_img read more

Lamprell Nets $200 Million Moray East Jacket Foundation Deal

first_imgGeoSea has contracted Lamprell for the fabrication of 45 wind turbine and three substation jacket foundations for the Moray East offshore wind farm. The contract is valued at more than USD 200 million.GeoSea is the Engineering, Procurement, Construction and Installation (EPCI) contractor for the project’s 100 wind turbine foundations and three offshore substation foundations. In addition, GeoSea will transport and install the three OSS topsides at the site.Lamprell will start working on the project in Q2 2019 and will fabricate the total of 48 jackets at its Hamriyah and Sharjah yards in the UAE.The company will deliver the jackets to GeoSea from its deepwater quayside in the Hamriyah port, from where GeoSea will transport the jackets to the offshore wind farm site in the North Sea.Lamprell CEO Christopher McDonald said: “The contract award manifests our commitment to the fast growing renewables industry which, despite the recent challenges, remains a core strategic focus for Lamprell. Over the past 18 months we have upskilled our workforce and enhanced our systems and processes in order to enable us to deliver projects in the renewables segment safely, cost effectively and to a high standard. We look forward to working with GeoSea over the months to come.”The 950MW Moray East offshore wind farm, located 22km from the coast in the Outer Moray Firth zone, is expected to be fully operational in 2022.last_img read more

Court finds two men parents

first_imgHerald Sun 1 June 2012Two men have been declared the parents of a baby that was born through a surrogate, with a court ruling it was in the child’s “best interests”. In transferring the child’s parentage to the two men, a Supreme Court judge was satisfied the pregnancy was not from an illegal commercial agreement and that the woman who carried the baby was not paid to do so. Altruistic surrogacy, where a woman isn’t paid for the pregnancy except for medical expenses, is rare but permitted in Victoria, NSW and Queensland. But it’s believed that only one in 20 couples who want to use a surrogate can stay in Australia, with most forced to have their baby born through a foreign surrogate. The NSW child, born in April 2010, now has the two Sydney men as parents. The birth mother agrees not to be recognised on the birth certificate.http://www.heraldsun.com.au/news/more-news/court-finds-two-men-parents/story-fn7x8me2-1226377875137last_img read more

Reds’ players get training/dietary instructions via WhatsApp

first_img FacebookTwitterWhatsAppEmail分享 Loading… Promoted ContentWhich Country Is The Most Romantic In The World?7 Universities In The World Where Education Costs Too Much5 Of The World’s Most Unique Theme ParksCan Playing Too Many Video Games Hurt Your Body?The Very Last Bitcoin Will Be Mined Around 2140. Read MoreYou’ve Only Seen Such Colorful Hairdos In A Handful Of AnimeInsane 3D Spraying Skills Turn In Incredible Street ArtThis Guy Photoshopped Himself Into Celeb Pics And It’s Hysterical10 Places On Our Planet Where The Most People Live8 Things You Didn’t Know About CoffeeBirds Enjoy Living In A Gallery Space Created For Them2020 Tattoo Trends: Here’s What You’ll See This Year Liverpool training ground melwood under lock and key till April 4 in the first instance The Liverpool Academy has also been shut with all youth training sessions cancelled. Over the weekend, Klopp gave his verdict on the ongoing implications the coronavirus outbreak is having on football. “I don’t think this is a moment where the thoughts of a football manager should be important, but I understand for our supporters they will want to hear from the team and I will front that,” said Klopp. “First and foremost, all of us have to do whatever we can to protect one another. In society I mean. This should be the case all the time in life, but in this moment I think it matters more than ever. “I’ve said before that football always seems the most important of the least important things. Today, football and football matches really aren’t important at all. “Of course, we don’t want to play in front of an empty stadium and we don’t want games or competitions suspended, but if doing so helps one individual stay healthy we do it no questions asked” Liverpool have handed players individual training programmes to adhere to following the closure of Melwood no thanks to the coronavirus. The Reds are one of many Premier League clubs to have now closed their training centres across the country as they attempt to reduce the risk of players and staff getting covid-19. With the current Premier League suspended until April 4 at the earliest, clubs are taking the necessary measures to ensure their players maintain the right level of fitness for when the season returns. The Athletic claims Liverpool’s players have been given individual fitness programmes to carry out at home and a WhatsApp group has been created to provide players with further updates. They have been informed Melwood will not reopen for at least a fortnight and told to stay away from public places, including gyms. Players are also following nutritional advice from the club’s head of nutrition Mona Nemmer having previously been used to being fed at the training ground.Advertisementlast_img read more

Curfew violator nabbed with improvised gun

first_imgThe 32-year-old Vernel Delicano wastaken to the Victorias City police station after he failed to show pertinentpapers showing his legal ownership of the weapon, a police report showed. Prior to his arrest, Delicano was caughtviolating curfew hours around 11:50 p.m. on March 29, the report added. BACOLOD City – Police nabbed a man forillegal possession of firearm in Barangay 13, Victorias City, NegrosOccidental. Responding police officers were able toseize from the suspect an improvised shotgun.center_img BY CYRUS GARDE and Mae SINGUAY Delicano was detained, facing chargesfor violation of Republic Act 10591, or the Comprehensive Firearms andAmmunition Regulation Act and for violation of curfew./PNlast_img

State Road 1 slide correction project set to begin in spring 2019

first_imgDearborn County, In. — Indiana Department of Transportation officials say Geostabilization International is expected to begin a Slide correction project in Dearborn County valued at $2,829,170.The project is a 1740-foot wide slope on State Road 1 six miles south of I74 in York Township.The contractor plans to install 25-, 30- and 35-foot-long steel shafts into underlying bedrock along three eroding embankment sections—securing metal grids to the “soil nails” before overcoating the installation (measuring up to 12 feet in height) with shotcrete to form an anchored retaining wall.Several drainage structures and placement of asphalt pavement are included in contracted work that is scheduled to begin next April.Site clearing and utility relocations should start in mid-October.  Motorists may experience lane closures as this advance work proceeds.S.R. 1 has a traffic count of 4,310 vehicles per day.last_img read more

Tipp men hoping to lead Ireland to Nations Cup success

first_imgNations Cup action is due to begin at 3 o’clock later this afternoon. Ireland will be represented by two Tipperary men – the Olympics-bound Greg Broderick and Denis Lynch. Cian O’Connor and Bertram Allen are the other members of the team that will jump third today behind the United States and Great Britain. Team Ireland currently lie in sixth place in the Nations Cup series, with Dublin being their last event where they can pick up points. Seven of the 10 countries that have competed in Europe Division I this season will qualify for Rio.last_img

Breon Corcoran comes out in support of slashing FOBT stakes

first_img Related Articles ‘Deal maker’ Rafi Ashkenazi ends Flutter tenure  August 27, 2020 Share The Financial Times has revealed that Paddy Power Betfair chief executive Breon Corcoran has issued his support for significantly cutting the stakes of  fixed-odds betting terminals (FOBTs).In a letter to the minister at the Department for Culture, Media and Sport (DCMS), Tracey Crouch, Corcoran stated that due to the ‘toxic’ nature of the debate that now surrounds the terminals only significant action would suffice in ‘addressing societal concerns’.Although the move means Paddy Power Betfair has become the first big bookmaker to openly suggest that substantial stake reductions are necessary, Corcoran is following the lead of   former Paddy Power co-founder and CEO Stewart Kenny, who secretly lobbied against the terminals in 2009.It’s widely expected that after next month’s triennial stakes and prizes review by the DCMS, the government will implement new limits on FOBTS, just how significant these remains to be seen.Corcoran wrote: “Whilst we are not aware of any evidence which links stake size to problem gambling, we are acutely aware of the increasing reputational damage to the gambling industry that has followed lack of progress in this area.“We now believe that the issue has become so toxic that only a substantial reduction in FOBT stake limits to £10 or less will address societal concerns. I am confident we could operate our retail business successfully and profitability under such circumstances. Other well-run operators should be able to do the same.”In a report published by the Telegraph in the aftermath of the recent election, a Barclays Bank analysis revealed that cutting the stakes on FOBTS to just £2 would have major implications on the annual revenue for bookmakers, with Ladbrokes Coral being hit the hardest losing £439m, William Hill losing £288m and Paddy Power Betfair taking a £58m hit.Furthermore, Paddy Power has approximately 100 retail outlets in the UK, compared to William Hill which has around 900 and Ladbrokes and Coral, which combined have over 3500 UK shops. Share StumbleUpon UKGC launches fourth National Lottery licence competition August 28, 2020 Flutter moves to refine merger benefits against 2020 trading realities August 27, 2020 Submitlast_img read more

#Donkomi: PSG submit bid for Andre Ayew – Reports

first_imgAndré Ayew led the Swans to the Championship playoffs after some stellar performances but their bid to make it back to the Premier League failed after losing to Brentford.However, his prolific season which saw him record 18 goals with 7 assists in 47 matches for the Swans coupled with his prior knowledge of the French league appears to have grabbed the attention of PSG.Andre himself has remained coy on where he will be playing football next season despite having a little over a year left on his current contract.Swansea re-signed Andre Ayew from West Ham for a club record fee of 18 million pounds. French Ligue 1 champions, Paris Saint-Germain have submitted a bid for Black Stars and Swansea captain, André Ayew according to reports.According to French portal, Sqenf Foot, PSG are keen on bringing in Ayew for a few believed to be in the region of 5 million Euros.last_img read more

Murray has hip resurfacing surgery

first_imgFILE PHOTO: Andy Murray London, United Kingdom | AFP | Andy Murray has undergone hip resurfacing surgery in London, the British tennis great told his Instagram followers on Tuesday.The two-time Wimbledon champion had been weighing up the pros and cons of the operation, which involves putting a metal plate into the joint, in one last bid to prolong a career plagued by injury.The 31-year-old double Olympic gold medallist had previously said ahead of this month’s Australian Open earlier that he intended to retire following the 2019 edition of Wimbledon.“I underwent a hip resurfacing surgery in London yesterday (Monday) morning… feeling a bit battered and bruised just now but hopefully that will be the end of my hip pain,” Murray said on Instagram.There are no guarantees that the operation will allow Murray to play top-flight tennis again but it should enable him to live a pain-free life off the court.At the Australian Open, Murray showed his competitive spirit and talent were undimmed in a five-set defeat by Roberto Bautista-Agut.That match led Murray to say he would do all he could to prolong his career but Monday’s operation may mean he is not fit in time for Wimbledon, where he had thought of making his farewell to tennis.Monday’s operation was the second time Murray had undergone surgery in the past 12 months after a first operation failed to ease the pain in his hip. Share on: WhatsAppcenter_img Ahead of this latest bout of surgery, Murray spoke to US doubles specialist Bob Bryan, who has just returned to the game following the same procedure last year.Bryan urged Murray to have similar surgery, although the greater physical demands of singles compared to doubles, mean there is no guarantee this operation could help the British tennis great to regain a place among the world’s top players.Dr Edwin Su, who operated on Bryan, though, told Britain’s Mail on Sunday: “I think it would absolutely be able to help him. Ideally, it is with no pain. Most of the time, right away from the time they wake up from the surgery, patients say that the pain is gone.”Su, however, added: “What is unknown in elite athletes is whether they can return to sport…Singles is much more strenuous than doubles. It’s uncharted territory.Meanwhile Bryan, 40, said of Murray’s position: “I just represent an option for him. That guy does everything you can possibly do as far as training and rehab.”Murray made a long-awaited comeback at Queen’s last year but then pulled out of Wimbledon.He underwent an extensive rehabilitation period in Philadelphia, followed by pre-season training in Miami might prove the answer, but the Australian Open showed he was still suffering significant pain while on court.last_img read more