LCP warns of ‘balance sheet surprises’ on global mortality calculations

first_img“Is it right that the French working for a multinational company should be expected to live five years longer than their neighbours in Germany?” the consultancy asked.It calculated that, if companies used mortality calculations more akin to France, for example, FTSE 100 companies with employees in Germany, the US and Japan would see liabilities 10% higher than currently stated.“This could equate to an additional tens of billions on the balance sheets of the FTSE Global 100 companies,” LCP said.Calling for companies to take a global perspective on mortality assumptions, LCP conceded revisions to accounting standard IAS 19 were moving in that direction.Phil Cuddeford, a partner at LCP, said the results should be eyebrow-raising for finance directors in global FTSE companies.“Companies need to take a global perspective and seek to standardise their assumptions,” he said. “Otherwise, they may find that balance sheet liabilities have become unsustainable.“Whilst the variance in local approaches makes this a challenge, the explicit IAS 19 requirement to disclose material assumptions such as this is helping to focus minds on the issue.”The research also provided insight into public views across the world on who was to blame for a poor retirement.Across Continental Europe, 47% lay blame at the feet of the government, with only 7% blaming their employer and 42% taking personal responsbility.Those blaming their employer rose to 14% in the US, where half took personal responsibility, while 27% blamed the government.However, in the UK, those taking personal reasonability rose to 75%.Only a fraction (1%) blamed their employer for a poor retirement, and a fifth the government.LCP partner Alex Waite said: “These results highlight how important employee perceptions are. The main action for companies is to ensure they manage these perceptions.” A more global, consistent approach to mortality assumptions will help global employers avoid defined benefit (DB) liability surprises on their balance sheet, research shows.LCP said FTSE 100 companies with employees in different countries were potentially underestimating pensions liabilities, and thus were failing to show the true effects on their balance sheet.The consultancy found that, between France and Germany, Europe’s largest economies, mortality assumptions among the population differed by as much as five years.France, along side Australia, currently has life expectancy pegged at just over 88 years, almost two years more than the UK and Spain, and more than two years than Belgium, the Netherlands and Switzerland.last_img read more

Consultancy dismisses Dutch Treasury’s net pension scheme

first_img“This problem doesn’t exist in the case of a net annuity plan or if somebody saves for a pension privately.“In addition, under the Treasury’s scheme, the purchase of an annuity at the retirement date is mandatory. However, the interest rates are very low, and could remain low for a long period.“Because employees can only save 10% of their income of more than €100,000 in a DC scheme, a surplus income of €20,000 would generate an annual tax advantage of no more than €24.“This amount will also be reduced by costs of the product that needs to be purchased, ultimately.”He concluded that people who invest their surplus income themselves can achieve better returns, as they can keep saving after the retirement date, nor are they bound by lifecycle arrangements.“This usually generates extra returns of 1.2%,” he said. Burggraaf further noted that pension funds would have to set up separate and extensive administration for net schemes, which would be needed for only a limited number of participants. “Moreover, it is still unclear whether pension funds will be exempt from VAT for their administration costs,” he said.He estimated that approximately 350,000 workers were liable for net pensions saving, but said the market would be no larger than €3.5m. “As far as we know, only a couple of insurers, including Aegon, offer arrangements for net pension saving, probably because of the limited cashflow that is expected,” he said. Mercer has criticised the Dutch Treasury’s scheme for net pension arrangements on salaries of more than €100,000, describing the proposals as unattractive and overly complex.  Speaking at a recent Mercer seminar in the Netherlands, Tim Burggraaf, a partner at the consultancy responsible for business development, said: “The rules are unattractive for participants and too complicated to implement for providers.”The Treasury issued the rules for net pensions saving as a means of offsetting Parliament’s earlier decision to cap tax-friendly pensions accrual on a salary of €100,000.“A very negative part of the scheme is that the net saved pension rights expire if a participant has no partner and dies before retirement age,” Burggraaf said.last_img read more

Tokyo 2020: Sports Ministry’s Adoption Initiative Boost For Athletes

first_img “We are working very hard to ensure that funds are released early enough.”The Minister further disclosed that Nigeria will be competing in 11 sports as against the 22 that took part at the last Olympics in Rio 2016 . We want to ensure that resources are channelled where the country has comparative advantage.He added that since Nigerian athletes would be competing with the best in the world,there is the need for early camping. ” We won’t compromise on standard,hence all hands are on deck to ensure a good outing in Tokyo. Nigeria deserves only the best” Read Also:Sports Ministry warns Impostors to Steer Clear of Team NigeriaBelow are the names of the Olympics-bound athletes that have qualified : 1. Ese Brume Women’s long jump2. Amusan Tobi Women’s 100m hurdle3. Blessing Okabare Women’s 100m/200m4. Divine Oduduru Men’s 100m/200m5. Raymond Okevwo Men’s 100m6. Utseorise Itsekiri Men’s 100m7. Chukwuemeka Enekechi Men’s shot put8. Adekuroye Odunayo 57kg Women’s Weightlifting9. D’Tigers) Men’s basketball10. D’ Tigress) Women’s basketball11. Bello Ayomide Women’s C1 canoe12. Toko Esther Women’s single sculls13. Elizabeth Ayanacho Women’s Taekwondo FacebookTwitterWhatsAppEmail分享 Promoted ContentWhat Happens To Your Brain When You Play Too Much Video Games?10 Risky Jobs Some Women Do9 Facts You Should Know Before Getting A Tattoo8 Superfoods For Growing Hair Back And Stimulating Its Growth7 Ways To Understand Your Girlfriend BetterTop 7 Best Car Manufacturers Of All Time12 Iconic Actors Whose Careers Were Stunted By A Single Movie10 Actors That Started Their Careers On SoapsWhich Country Is The Most Romantic In The World?6 Mysterious Things You Do Not Know About ChinaThese TV Characters Left The Show And It Just Got BetterThe Highest Paid Football Players In The World As the count down to the 2020 Tokyo Olympics gathers momentum, the Ministry of Youth and Sports Development has assured that it is totally committed to the welfare of athletes as exemplified by the Adoption initiative. Okagbare will be in Tokyo The Minister of Youth and Sports Development, Mr Sunday Dare insists that athletes’ welfare remains top priority if Nigeria is cto excel at the global event in Tokyo.Speaking on the success of the Adopt-An-Athlete Initiative, the Minister said: “The welfare of the athletes remains our priority and that is why we came up with the Adoption Campaign which has been quite rewarding. As I speak with you, athletes have got their money from their adopters. It is really an organic process and ours is to supervise the process.” On the readiness of Team Nigeria for the Games, Dare said: “Nigeria is ready for Tokyo 2020 because the team has been preparing in the last four years. What we now see is that state of preparation that finally puts them where they want to be in terms of training, camping and attendance of international championships to sharpen their skills.Advertisementcenter_img Loading… last_img read more

Anelka walks out on Baggies

first_img Anelka’s decision, made public on his Twitter account, comes a day after it was confirmed that neither he nor the Football Association would contest the decision that he will serve a five-match suspension over the infamous ‘quenelle’ pose he struck when celebrating a goal against West Ham on December 28. But while the former France striker, who turned 35 on Friday, has decided to “put an end” to his deal, Allbion issued a statement themselves stressing they have yet to receive any formal notification of Anelka’s intentions. Nicolas Anelka announced on Friday that he has kicked his last ball for West Brom and left the club. Press Association West Brom also said they regard Anelka’s releasing of his comments on Twitter as “highly unprofessional”. He has a deal at the Hawthorns that expires in the summer. Over the course of three posts written in French on Twitter, Anelka said: ”Following talks between the club and me, propositions were made to me in order to reintegrate me into the squad under certain conditions that I cannot accept. ”Wishing to retain my integrity, I have therefore taken the decision to free myself and put an end to the contract linking me with West Bromwich Albion to 2014, with immediate effect.” West Brom’s reaction suggested Anelka’s revelation had caught them by surprise. They stated : “The club confirms it has been continuing discussions with Nicolas Anelka and his advisers as part of its own internal enquiry into the gesture he made after scoring against West Ham United on December 28. “Following the conclusion of the FA’s enquiry into the same incident, the club had hoped to conclude its own investigations next week. “The club notes Nicolas Anelka’s comments on Twitter this evening (Friday). However, the club has received nothing formally regarding the termination of Nicolas Anelka’s contract from either him or his advisers. “The club regards the release of such a statement on social media as highly unprofessional and will make a further statement when appropriate.” Anelka – who joined West Brom last summer on a one-year deal, with a further year’s option in the club’s favour – is due to begin his five-game ban on Saturday when Albion face Swansea away. After those matches, the Baggies have only five more this season in which Anelka would be eligible. The former Arsenal, Liverpool, Manchester City, Bolton and Chelsea player was handed the punishment for making the ‘quenelle’ gesture, which is associated with anti-Semitism, by an independent regulatory commission. Anelka claims he made the gesture in support of his friend Dieudonne M’bala M’bala, a French comedian who has been convicted seven times of anti-Semitic crimes. The commission accepted there was no intent by Anelka to be anti-Semitic. While West Brom state they have been talking to Anelka about the ‘quenelle’ gesture, the striker was placed under a club suspension after his five-match ban was imposed, pending the conclusion of the ongoing internal inquiry. West Brom received bad press in the weeks following the incident and main sponsor Zoopla announced it would not be seeking to renew its deal in the summer. last_img read more

Rory McIlroy given European Tour exemption to play in the Race to Dubai

first_img However, after discussions with the European Tour, McIlroy has committed to play a further three events to take his tally to 12 and, as a result, officials have used their discretion to ensure their star name is not absent from their showpiece finale. “These are exceptional circumstances and I have taken this situation and the resulting decision very seriously,” said chief executive Keith Pelley. “I have spent the last two weeks examining every angle and every possible solution and I have spoken with Rory and his team, as well as independent medical advisers and some prominent players. “After reviewing and discussing all the medical reports and recommendations from orthopaedic surgeon Dr Andrew Adair, physiotherapist Dr Steve McGregor and our chief of medical staff Dr Roger Hawkes – while at the same time recognising that Rory is a world golfer with global commitments – I am convinced that he could not commit to any further tournament participation without risking further injury and persistent weakness to the ankle in the future. “Therefore, after lengthy discussions, I have given him approval to play a minimum of 12 European Tour events this year.” The Final Series begins with the Turkish Airlines Open at the end of October, takes in the WGC-Champions event and BMW Masters in China, before climaxing at the DP World Tour Championship in Dubai in November. European Tour officials made the obvious decision to offer dispensation to McIlroy in order to protect both their short and long-term investments. “The suggestion of a reduced schedule and, wherever possible, avoiding back-to-back events is, in my opinion, sensible and important to allow adequate healing and reduce the chance of the complications mentioned which could clearly jeopardise his career,” said Hawkes. World number one Rory McIlroy has been given a special exemption by the European Tour in order for him to play in the lucrative season-ending Final Series. An ankle injury has curtailed the Northern Irishman’s schedule to the extent where he would not meet the 13-event qualification standard in order to remain in the Race to Dubai even though he currently leads the rankings. McIlroy had to sit out the Aberdeen Asset Management Scottish Open, the Open and the WGC-Bridgestone Invitational, which would have all worked towards his qualifying tally. center_img Press Associationlast_img read more

Groom sexually assaults bridesmaid before wedding; Bride still marries him

first_imgAuthorities in Monroe County, Pennsylvania, are reporting that a groom/now husband, is facing sexual assault charges after he forced himself onto one of his wife’s bridesmaids before the wedding.The incident occurred on August 30th at Shawnee Inn in Smithfield Township.The victim told investigators that the wedding party was celebrating the upcoming wedding near the pool at the Inn when she became blacked out drunk.The victim says she then woke up in the men’s locker room with her bikini bottoms removed and the then groom, Daniel Carney,  fondling her.At some point during the assault, the bride entered the locker room and a physical altercation ensured between the bride and her now husband.Officials also reported that a judge allowed them to listen into a phone call between the accuser and Carney where Carney admitted fault for the incident and apologized multiple times.Security footage from the scene also showed Carney pull the victim who is visibly drunk and “extremely unsteady on her feet,” into the locker room.When investigators spoke to Carney, he confessed that he took advantage of the woman.Despite the charges against him, Carney and his bride still got married.A neighbor told reporters that the couple seems to be happy.last_img read more

Cricket News Virat Kohli wants THIS person to be India’s next head coach

first_img For all the Latest Sports News News, Cricket News News, Download News Nation Android and iOS Mobile Apps. Mumbai: Captain Virat Kohli on Monday said he is in favour of Ravi Shastri continuing as the head coach of the Indian cricket team despite the criticism it faced following the semi-final ouster from the World Cup. The current support staff comprising incumbent head coach Ravi Shastri, bowling coach Bharat Arun, batting coach Sanjay Bangar and fielding coach R Sridhar were given a 45-day extension following the World Cup, covering the West Indies tour from August 3 to September 3.”Well, the CAC (Cricket Advisory Committee headed by Kapil Dev) has not contacted me on this. But all of us share a great camaraderie with Ravi bhai and would definitely be very happy (to have him around),” Kohli told reporters when asked for his opinion on the appointment of chief coach.”But as I had said, it’s on the CAC to decide (how to go about it).”They may have failed to win the T20 World Cup in 2016 and the ODI World Cup in 2015 and 2019, but the Shastri-Kohli duo helped India climb the top of the Test rankings with a historic series triumph in Australia.Shastri was the team director till June 2016 until India lost in the World T20 semi-finals before being reappointed as head coach in 2017 after Anil Kumble was removed following his differences with Kohli.The interviews of applicants for India’s head coach are likely to take place on August 13 and/or August 14. The deadline for filing the applications for the head coach and support staff is July 30.The Committee of Administrators (COA) running Indian cricket has tasked the Kapil Dev-led ad-hoc committee to pick the next national coach.The ad-hoc body comprising former India captain Kapil, Anshuman Gaekwad and former women’s captain Shantha Rangaswamy had earlier appointed W V Raman as the womens team coach in December.Back then, the COA was a two-member panel ? comprising chairman Vinod Rai and former India women’s captain Diana Edulji, who had called the women’s coach selection process unconstitutional.She had asserted that only the Cricket Advisory Committee (CAC) was empowered to do so. But with serious doubts over the future of CAC ? comprising Sachin Tendulkar, Sourav Ganguly and VVS Laxman ? the CoA thought it was prudent to hand the responsibility to the ad-hoc panel. last_img read more

Madrid End Barcelona’s Unbeaten Run

first_imgThere was an emotive homage to Cruyff before kick-off with over 90 000 fans holding up a display reading “Thank you Johan” alongside a Barca jersey with the number 14 the Dutch great adorned during his playing career.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram Cristiano Ronaldo struck the winner as 10-man Real Madrid came from behind to end Barcelona’s 39-game unbeaten run 2-1 in El Clasico at the Camp Nou yesterday. Gerard Pique’s towering header put the hosts in front on the night they honoured legendary former player and coach Johan Cruyff.Yet, Karim Benzema quickly levelled before Ronaldo fired home five minutes from time after Madrid captain Sergio Ramos had seen the 21st red card of his career.Victory reduces Barca’s lead over third-placed Madrid to seven points with seven games remaining, but Atletico Madrid closed the gap on the leaders to six points with a 5-1 thrashing of Real Betis yesterday.last_img read more

Bielema, Badgers set up Camp

first_imgBRYAN FAUST/Herald photoBret Bielema chose to welcome Wisconsin’s student body into Camp Randall Thursday to witness the end of practice, giving some of the new freshmen at the University of Wisconsin an early taste of college football in Madison.The second-youngest coach in Division I football — at 37 years old — let his inner child come out when talking about the intense mood inside the stadium during the festivities.”I just wanted to shoot that little gun with the T-shirts in it. I always kind of wanted to do that,” Bielema commented. “You see guys shooting it off at games; it’s pretty fun.”The students who came out to watch practice filled only half of two sections, and yet still managed to create an excited atmosphere with the entertainment provided by members of the football team, UW’s lovable mascot Bucky and Wisconsin’s band and cheerleaders.For Bielema, who will take the field at Camp Randall for the first time ever at the Wisconsin helm, it was a small preview of what it will be like to play in front of over 80,000 Badger fans for the first time in 2006.”I’m excited to play … for the first time at Camp Randall for me as a head coach,” Bielema said.In preparing for Division I-AA opponent Western Illinois, Bielema said his troops bounced back from a shaky practice on Tuesday — the first day of classes for the Badgers — with a terrific workout on Wednesday.”Wednesday was a very, very good practice,” Bielema said Thursday. “I thought [Wednesday] was our best practice of the year to this point. Today, [we] came out, shined and polished [the game plan].”Part of Wisconsin’s game plan involves stopping a couple of potential big-time playmakers on the Leatherneck roster. Seniors Reggie Gray (60 catches in 2005) and Marco Thomas (794 yards) each produced over 700 yards receiving, and, according to Bielema, they have the potential to derail Wisconsin’s plan for an easy victory.”They’ve got two wide receivers with experience,” Bielema said. “I really expect them, especially early on in the ball game, to take some shots not only from an offensive standpoint but also from special teams.”[We] expect them to try to get the unexpected play. That’s what we’ve been practicing on all week. We know it’s going to happen. You just have to defend it.”Senior safety Joe Stellmacher, one of the Badgers who will be assigned to containing Gray and Thomas, was named UW’s fourth captain for the Western Illinois game this past Monday. Bielema explained Stellmacher’s work in the offseason and in UW’s season opener led to the decision.”He knows not only what he needs to do, but what everybody else is doing as well,” Bielema said. “He just embodies everything that we ask, and there’s not a better competitor on our team.”On the offensive side of the ball, there’s no quicker way to lose ground against a lesser team than to turn to the ball over, and the Badgers got off to a good start last week against Bowling Green. After hearing Bielema preach about ball security throughout fall camp, the Badgers responded by not fumbling once and turned over the football one time on a freak interception.UW senior tackle Joe Thomas said that as Wisconsin’s ball security goes, so goes the Badgers’ season.”It’s huge. So many points are lost and gained in the turnover battle,” Thomas said. “It just takes the wind out of an offense if you’re giving the ball up, especially in the run game, so to be able to hold on to the ball is a really important part of our offense.”Henry Mason, the mentor for one of UW’s youngest units as the Badgers’ receiving coach, said the home opener will be something special for all the players who will take the field at Camp Randall Stadium for the first time in a game.”I’m excited to see them be excited about being there,” Mason said.last_img read more

Students take to the polls for Super Tuesday

first_imgSuper Tuesday marked a turning point in the 2020 primaries, as 14 states selected their Democratic nominee, securing nearly a third of delegates available in the election. Former Vice President Joe Biden swept up 10 of the states up for grabs, followed by Vermont Sen. Bernie Sanders who took the remaining four, including California, according to Associated Press projections.  Reminiscent of the enthusiasm evident among the USC community during the 2018 midterm elections, Ground Zero saw an increased number of student voters, leading to wait times of more than three hours. A few blocks away from the voting center, students on Trousdale Parkway ushered passersby to the polls, encouraging them to exercise their right to vote. After voting, some chose to gather in Wallis Annenberg Hall, anxiously awaiting the Super Tuesday results at the watch party event.  Though 12 workers were expected to manage the polls, only four showed up, she said. Half of the 40 machines at the center were not set up and technological problems surfaced continuously throughout the three days of voting, slowing down the process.  Natalie Oganesyan and Kate Sequeira contributed to this report. “It’s too close for us to give up,” Pearce said. “Even if tonight wasn’t a victory that we wanted, the fight is far from over. Especially people who love [Sanders], double down on your efforts to get him elected … Donate if you can, keep supporting [Sanders] because he’s got a shot to win it. Even if it’s not as big as a shot as it was just five hours ago. It’s still a shot, and it’s too soon to give up on it now.” Lines wrapped around Ground Zero Performance Café Tuesday as students stopped by the only voting center on campus to cast their ballots in the California primaries amid classes, work and extracurriculars. “The people around Bloomberg, the political strategists, are smart people,” Hill said. “They’ve run hundreds of campaigns across America that you don’t even know about for congressional races and Senate races … These are skilled political operatives that had access to unbelievable, obscene amounts of money … This is going to have a sobering effect in the future of billionaires deciding to run for office.” Students waited in line outside Ground Zero Performance Café for more than three hours to vote in the California primary election. The long wait was due to malfunctioning voting booths. (Vincent Leo | Daily Trojan) VoteSC co-president Eleonora Viotto said she was unimpressed by the state of the voting services throughout the past couple of days the center was open. L.A. County experienced technical issues at the Ground Zero voting center and other centers around the county because of an overload of voters.  Nick Lopez, a senior majoring in cinematic arts, film and television production, said he was not surprised by Bloomberg’s voter turnout and believes it is a result of the money he has spent on advertisements. Since November, Bloomberg has spent more money on ads than all other candidates combined, including President Donald Trump, according to the Washington Post. “I think [Biden] definitely overperformed tonight. He won Minnesota and Oklahoma, two states that Bernie won in 2016,” said Pearce, a junior majoring in public policy, who attended the watch party hosted by the Dornsife Center for the Political Future and the Annenberg Center on Communication Leadership and Policy. “In Oklahoma, [Biden] was favored to win, but in Minnesota, Bernie Sanders was the heavy favorite. The story of the night is Joe Biden is probably the front-runner.” “It consolidates all the moderate vote into one candidate, whereas the progressive vote is still being split into Warren and [Sanders],” Pearce said. “The only thing that could have gone better for Biden is if Mike Bloomberg had dropped out yesterday as well and endorsed him.” “The campaign system we have is basically advertising,” Lopez said. “People are allowed to invest like billions of dollars to advertise — it’s expected.”  Although Sanders received lackluster results than what was projected, Pearce said voters should not be discouraged and that it is imperative to keep supporting the candidate as the election cycle continues.  Before Super Tuesday elections, former South Bend, Ind., Mayor Pete Buttigieg and Minnesota Sen. Amy Klobuchar suspended their presidential bids. Both endorsed Biden Monday along with former presidential candidate Beto O’Rourke. Pearce said he believes these last-minute endorsements are what led to Biden’s wins in the primaries by consolidating the moderate vote that would have been split if Klobuchar and Buttigieg stayed in the race.  Joelle Ferguson, a senior majoring in public relations, who had to skip class to vote, said that for future elections USC should have multiple voting centers.  “I’ve seen students come to the line and then walk away, and that’s a potential voter leaving,” Ferguson said. “And it’s all because of the process and not so much as the person who wants to vote. And I think that’s the main issue … There’s just one voting place for three days. That doesn’t make sense.” Annenberg hosted a Super Tuesday watch party during which (left to right) commentators Ernest Wilson, David Hill, Jeff Greenfield, Christina Bellantoni and Bob Shrum analyzed primary results. (Julia Mazzucco | Daily Trojan) Tuesday marked the first time USC opted for a digitized voting center, incorporating computers rather than paper ballots used at traditional polling places, said Viotto, a senior majoring in communication and political science. New to elections this year, the voting center also allowed same-day registration for California residents. These developments served as a surprise to some, including Ben Pearce, president of College Democrats. At the time of publication, The New York Times reported Biden leading the count with 72 more delegates than Sanders at 356. Sanders had a delegate count of more than eight times that of Warren who followed at 35 delegates, ranking third. Warren won 22 more delegates than Bloomberg, a candidate who didn’t enter the race until November but swiftly moved up in the polls in the months following. One of the event moderators and CPF fellow David Hill said he believes this provides insight into the power money has in political campaigns. last_img read more