Coverage ratios at Dutch pension funds continue to plummet

first_imgEven at the end of January, the €356bn civil service scheme ABP and the €161bn healthcare pension fund PFZW were warning that they might be forced to implement discounts if their financial positions failed to improve.The two large metal schemes PMT and PME issued similar warnings at the time.Under the new financial assessment framework (nFTK), Dutch schemes are allowed to defer rights cuts if funding falls short of the required minimum of 105%.If ‘topical funding’, however, falls to 90% at year-end, they must implement discounts, as they cannot recover to the prescribed funding of 125% within 10 years.Mercer and Aon Hewitt estimated that Dutch schemes’ official ‘policy funding’ – the average of the topical funding over the 12 months previous, and the general criterion for indexation and rights cuts – will have dropped from 104% to 103% since January-end.The drop in funding has been caused by a combination of falling interest rates and falling equity markets.Mercer noted that the 30-year swap rate – the main measure for discounting liabilities – had dropped by 20 basis points to 1.06% in February.“This means,” said Krijgsman, “a 4% increase of liabilities for the average pension fund.”Referring to recent developments in Japan – where the central bank has introduced a negative rate for deposits, triggering a sharp drop in interest rates – Krijgsman suggested a similar situation was possible in the euro-zone.“The interest paid on 10-year government bonds is quickly heading towards 0%,” he said, adding that the interest on German government paper with a remaining duration of 10 years is “merely 0.25%”.He also noted that the MSCI World index had fallen by 8% in February, taking the overall decline to 13% since the start of this year.He warned that pension funds with a relatively low interest hedge, as well as those with a relatively large number of younger participants, were particularly vulnerable to falling rates.Mercer said it had noticed that several pension funds with an interest hedge of more than 50% were already anticipating a rate increase by “cautiously reducing the cover in small steps”. Dutch pension funds’ coverage ratios plummeted by more than 3 percentage points on average over the first 10 days of February alone, according to consultancy estimates. Edward Krijgsman, an investment consultant at Mercer, placed the decline at approximately 3 percentage points, resulting in a funding of 95% on average.Aon Hewitt, using slightly different figures, estimated that ratios had dropped from 97% to 93% since the end of January.Due to falling coverage ratios, Dutch pension funds increasingly face the prospect of early rights cuts.last_img read more

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Irvine: Berahino is on right track

first_imgWest Brom head coach Alan Irvine has told Saido Berahino to carry on scoring – despite his latest controversy. Press Association “I have said all along – and I don’t know how many interviews we have sat here talking about it – for any young player it’s important they make the right decisions and choices. Saido has been doing that,” he said. “I can’t judge this instance at this time but I will repeat what I have said many times before and that is, if he continues to make the right decisions he will have a really fantastic future.” The 21-year-old was also called up to the England squad for the first time this month, although did not play against Slovenia or Scotland, though Irvine insisted his arrest was not an issue. “I don’t think there’s any link there,” he added. “Roy (Hodgson) picked Saido, which was great. Saido went along for the experience but in the end, for whatever reason, Roy chose not to play him.” And Irvine insisted this week’s news had not disrupted their preparations for the Gunners. He said: “No it hasn’t been. He didn’t train on Tuesday but trained on Thursday and trained very well. It’s not made any difference, everyone has got on with it which I would expect them to do.” But Berahino is available to face Arsenal at The Hawthorns on Saturday and Irvine wants the eight-goal hitman to continue scoring. He said: “It’s the best way for any footballer to be in any game. “If Saido plays as he has done for most of this season we will all be delighted. “I’ve had a football chat with him and as far as I am concerned his head is in the right place and he’s certainly trained very well. He scored a whole load of goals.” Berahino was stopped for travelling at “high speed” on the M6 motorway on October 22 and, when officers spoke to him, he was arrested on suspicion of drink-driving. He was bailed and is due to return to a Cheshire police station next month, although a date is yet to be fixed. Last season, he was involved in a dressing room bust-up with team-mate James Morrison and was also caught on video inhaling legal high nitrous oxide. But Irvine insisted he has no fears about Berahino’s behaviour. The striker was arrested last month for alleged drink driving with the club only discovering the news on Monday. Irvine found out when a club official contacted him while he was at Aston Villa’s 1-1 draw with Southampton, hours before the news broke. last_img read more

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2010 legacy for SA school kids

first_img1 March 2010For a thousand school children in the small town of Mogwase in South Africa’s North West province, excellence on the sportsfield and in the classroom has paid off handsomely.Lying in the valley just outside Rustenburg, the Holy Family Combined School became the first in the country to benefit from the 2010 Fifa World Cup legacy when 2010 Organising Committee CEO Danny Jordaan and Fifa secretary-general Jerome Valcke officiated at a sod-turning at the school.The event marked the first day of work on the first of 52 football turfs that will be built in each of South Africa’s nine provinces to ensure that the hosting of the World Cup will leave a lasting legacy of decent sporting infrastructure for South Africa’s youngsters.For 17-year-old student Lerato Seboka, the event was also about uplifting her community.Bringing people together“Not everyone has these opportunities,” Seboka said. “This will also bring the people from our different communities together. And it will give people the opportunity to express themselves as well as their potential and their talent.“Sixty percent of our community is made up of the youth, and if we can change the youth we can change our community,” she said.The project – an initiative of the Organising Committee’s legacy department – received a R170-million rand donation from the National Lottery Distribution Trust Fund, which will cover the cost of building the first 27 sites. So far, one site has been identified in each of South Africa’s nine provinces.A hub for sport and community developmentEach site will get a clubhouse, ablution facilities, training lights and security fencing, with the aim being to turn each site into a hub for sport and community development.“After the last game has been played, we don’t want to say thank you South Africa, you have been a good host, goodbye,” Valcke told the children who gathered on the school field.“We want to make sure we can give to each African country an assurance that in the future there will be football leagues and football academies,” he said, before announcing that every child at the school would receive a ticket to watch a World Cup match at the nearby Royal Bafokeng stadium.Jordaan encouraged the community of Mogwase to take pride in the project and to look after football turf.‘Do it in the spirit of the World Cup’“When you play here, you must remember that there are other youngsters all over the world playing on similar pitches. And when you do anything, you must do it in the spirit of the World Cup. Whatever you are doing, always pursue it in the best way you can,” he said.Elana Msimang, 15, said she felt privileged that her school – which achieved a 100% pass rate last year – was chosen as the site for the first of many football pitches.“We now have a safe place to play soccer,” Msimang said. “We are the best performing school in our area, and that is why we get opportunities like this.”For Goitsemang Molotlegi, 16, the Fifa World Cup will provide the opportunity to see some of his favourite players.“I am a Portugual fan, but I have to support South Africa,” Molotlegi said. “I am behind South Africa all the way, they are our team. “I think South Africa have been given a chance to prove themselves.”Source: 2010 Fifa World Cup South Africa Organising Committeelast_img read more

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21 days agoNabil Fekir’s ex-agent lifts lid on Liverpool collapse: I was ashamed

first_imgNabil Fekir’s ex-agent lifts lid on Liverpool collapse: I was ashamedby Paul Vegas21 days agoSend to a friendShare the loveThe former agent of Real Betis midfielder Nabil Fekir has come clean on why a move to Liverpool fell through.Jean-Pierre Bernes has revealed to Canal Plus that a third party had been at fault for the failed transfer.He said, “Nabil was Liverpool’s priority. I worked for four months with the Liverpool representatives, with Jurgen Klopp, Jean-Michel Aulas, everything was ready. “Nabil was already aware of his future contract, which would have seen him earn around €45m over five years. “And on the day that the contract was supposed to be signed, at Rambouillet, we saw a lawyer and Nabil’s brother-in-law arrived who said: ‘Stop everything, discussions have to start all over again’. It was surreal. We thought that we were in a Walt Disney film.”He added: “There were two elements. The player’s medical was negative and the second element was that when you want to sign for a big club like Liverpool, you need a certain attitude. “When the Liverpool guys witnessed this cinema, they immediately… Sometimes when a player has an injury representatives can make an effort to make it work.”The brother-in-law of Nabil all of a sudden acted like a player’s agent. He wanted a commission, everyone knows, it is fashionable these days. “[Fekir] was on a cloud, he seemed to have transformed, he didn’t even greet the Liverpool representatives. “He arrived after the medical, everyone was looking at each other, the Liverpool representatives were wondering where they were. I was ashamed.” TagsTransfersAbout the authorPaul VegasShare the loveHave your saylast_img read more

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Alabama Quarterback Blake Sims Confirms NFL Combine Invite

first_imgJalen Ramsey running the 40-yard dash at the NFL Combine.INDIANAPOLIS, IN – FEBRUARY 29: Defensive back Jalen Ramsey of Florida State runs the 40-yard dash during the 2016 NFL Scouting Combine at Lucas Oil Stadium on February 29, 2016 in Indianapolis, Indiana. (Photo by Joe Robbins/Getty Images)Alabama quarterback Blake Sims put up stellar numbers (3,487 passing yards, 28 touchdowns and 10 interceptions) in his lone year starting in Tuscaloosa. He also set the Crimson Tide record for single-game passing yardage.Still, his lack of prototypical size and background as a running back — where he played as a freshman at ‘Bama in 2011 — led to some speculation he would switch positions at the next level.Sims put that talk to rest last week, and this morning confirmed a report from yesterday that he had received an invite to the upcoming NFL Scouting Combine to showcase his throwing skills Invited! #blessedandthankfulA photo posted by Blake Sims (@_bsims6) on Jan 28, 2015 at 5:44am PST Despite his decorated final collegiate season, Sims didn’t produce sterling numbers at the Reese’ Senior Bowl last weekend, completing just 4-of-11 passes for 50 yards. He did add 23 yards rushing on three attempts.The 2015 NFL Scouting Combine will be held inside Lucas Oil Stadium in Indianapolis, Ind., Feb. 17-23. Should he accept his invitation, the event would serve as the next step for Sims to try and prove he can be a quarterback at the highest level.last_img read more

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Utah DT Viliseni Fauonuku Calls BYU A “Dirty Team” On Stage Ahead Of Las Vegas Bowl

first_imgViliseni Fauonuku says BYU is a dirty team.viliseni fauonuku says byu is dirty teamUtah vs. BYU in the Las Vegas Bowl, given the rivalry between the two over the years, was already shaping up to be one of the most entertaining postseason contests of the season. Utes defensive lineman Viliseni Fauonuku kicked things up a notch Wednesday night, however.In the below video, which was shot by Jeremiah Jensen of KSL 5 TV, Fauonuku takes the microphone on stage during the event’s dance-off and tells the Cougars that they’re a “dirty” team. The microphone was eventually taken away from him. Check it out:Video: Utah DL Viliseni Fauonuku had a message for BYU at tonight’s dance-off #BYU #Utes #LasVegasBowl pic.twitter.com/A39yaLqR6L— Jeremiah Jensen (@JJSportsBeat) December 17, 2015 Utah DT tells BYU “You’re a good team but a dirty team. Don’t start nothing and there won’t be nothing.” https://t.co/XRJXhPq1vR— KYLE F GUNTHER (@GuntherKFAN) December 17, 2015 The Utes and the Cougars are set to kick off at 3:30 PM ET on Saturday. Add this one to your “must-watch” list.last_img read more

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