UK roundup: Aon on dwindling DB actuarial valuations

first_imgMatthew Arends at AonAon said the actions and aolutiona open to schemes range from gaining clarity over the covenant strength of a scheme sponsor, taking stock of the options available for recovery plans, and reviewing potential investment options.Arends said: “When it comes to measuring covenant strength for spring 2020 valuations, relying on the process from 2017 isn’t going to work.“Instead, there may be merit in forming a provisional view of covenant strength but waiting for a few months to monitor the actual progress by the sponsor before finalising the view.”“These are exceptional circumstances, so it will not only be funding plans that are affected – sometimes significantly so – by current events,” he continued.He said that this is a time to review long-term funding and investment plans as well. “Schemes’ existing plans may now look overly optimistic and simply not suited to the environment we are experiencing and expect to face in the short to medium term.”Barnett Waddingham on inflation and DB schemesAs the UK’s inflation rate, CPI, fell to 1.5% in March from 1.7% in February, Ian Mills, principal and senior investment consultant at Barnett Waddingham, has highlighted the positive impact of low inflation rates on final salary pension schemes.“The dip in the CPI inflation rate to 1.5% could be a precursor of lower inflation to come. The COVID-19 crisis is already having a huge impact on the economy and it’s inevitable that this will feed through to consumer prices.”He added that there could well be further falls in inflation in future months, “but while the nation remains in lockdown and market volatility persists, the lower inflation rate may warrant a glimmer of hope for the funding levels of some final salary pension schemes”.“If the lower inflation rate is sustained, it will ease the pressure for some DB schemes with sizable deficits,” he said, adding that employers of such schemes could then see the value of their liabilities drop, “offering a window of opportunity for struggling schemes to address their deficits and edge closer to their endgame”.For pension funds that are already in the process of de-risking, a lower inflation rate may accelerate the drive to make buyout a reality, he said.Mercer launches Financial Wellbeing hubMercer has today launched a complementary Financial Wellbeing resources hub to assist employers and their staff and pension members through challenging times brought on by COVID-19.The hub’s website, which provides practical information for employers to help their employees maintain their financial wellbeing, also includes an associated site with toolkits aimed directly at individuals.Both sites and all the resource within are free to access for employers, employees and their friends and families.The employer resource site will see regular updates on current and emerging best practices in financial wellbeing benefits and approaches.Mercer will also regularly post expert commentary and information around evolving government and financial institution assistance measures relevant to employers and their employees.The employee tool-kit site offers videos, podcasts and articles with practical financial information, money saving hints and tips, checklists and planners, and links to other useful association and government sites providing support and information.Sylvia Pozezanac, Mercer’s UK CEO, said: “Many organisations have been focusing on the immediate business and employee health implications of the coronavirus. As the economic impact of the pandemic comes to the fore, the short and long-term financial wellbeing of employees is now rising up the agenda.”She said that many companies like Mercer are “well aware that many families rely on incomes now affected by the many businesses impacted by COVID-19”.“Drawing on our own approach to financial wellbeing, as well as the personal experience and expertise of our colleagues across our business, we have created this hub of information to support and give back to our clients and their people.”A Mercer spokesman confirmed to IPE that Mercer’s own Master Trust also provides its own members with access to the hub. For a typical pension scheme with a liability value of £250m (€280m), a 6% worsening of funding level corresponds to deficit increasing by £15m, it added.Matthew Arends, head of UK retirement policy at Aon, said: “Actuarial valuations with effective dates on 31 March or 5 April 2020 will be anything but repeats of 2017 valuations, given the impact that COVID-19 has had on pension scheme funding and sponsor covenants.“And this is despite, in many cases, significant deficit contributions having been made over the last three years.”He added that the degree of impact of COVID-19 on scheme sponsors has also been “very mixed”.“Some sponsors have seen little impact so far, whereas others are badly affected, restricting the affordability of pension contributions,” he said, adding that the priority for schemes should be “to understand their specific circumstances – of both the scheme itself and of the scheme sponsor”.“Only then can they determine the appropriate actions for their particular scheme.” Aon has said that the actuarial valuations of a quarter of UK defined benefit (DB) pension schemes are likely to be badly impacted by the recent COVID-19-related disruption to financial markets.Using its Risk Analyzer tool, Aon has reviewed the movement in funding levels of 190 pension scheme clients since their last valuations in the spring of 2017. The analysis shows a very diverse range of experiences.While the last month or so has been challenging, overall across the last three years, the consultancy found that a quarter of schemes were likely to have seen an improvement in funding level, but half of schemes would have seen anything from little or no change to a 6% worsening in funding levels.Aon said the remaining quarter of schemes’ funding levels would have fallen by more than 6% due to market conditions.last_img read more

Seven big players for CPL 2020

first_imgAFTER months of downtime, a galaxy of T20 stars and specialists will return to action in CPL on August 18. That will be followed by IPL on September 19. ESPNcricinfo picks out seven players for whom this CPL could mean a big deal.Sunil Narine (Trinbago Knight Riders)Asif Ali pulls through the leg side, England v Pakistan, 2nd ODI, Ageas Bowl, May 11, 2019“You can’t let a guy with a broken finger win games.” That was the St Kitts & Nevis Patriots coach Robin Singh talking about Narine after the offspinner claimed 2 for 10 in his four overs to help Trinbago Knight Riders secure a home qualifier in the last CPL.That was in October. Since then Narine hasn’t played top-flight cricket, thanks to that finger injury. The Knight Riders went down to eventual champions Barbados Tridents in the second qualifier and subsequently Narine missed West Indies’ tour of the subcontinent.Narine has warmed himself up by playing the Central Super League (CSL) – a T10 tournament – but is he fit and ready for the CPL, and then the IPL? Can he also rattle off quick runs at the top? If Narine is indeed back to top form, he could play a key role for Knight Riders on the usually spin-friendly tracks at home in Trinidad and carry that form into the other Knight Riders franchise in the IPL.Carlos Brathwaite (Jamaica Tallawahs)He just turned 32, but Brathwaite must know his career is at crossroads. In 2019, he not only lost the T20I captaincy but also his spot in the West Indies team across formats. Then the Patriots, where he had played from the team’s inception four seasons ago, did not retain him despite his leading them to play-offs in 2019 CPL.Luckily, the Tallawahs have picked him for this CPL, allowing him another opportunity to prove his worth and regain his position in West Indies squads. The T20 World Cup will now be played in October 2021, but Brathwaite knows he will face stiff competition from not just Kieron Pollard, West Indies’ white-ball captain, but the two other senior allrounders in Dwayne Bravo, who came out of T20I retirement earlier this year, and Andre Russell.Shimron Hetmyer (Guyana Amazon Warriors)Shimron Hetmyer became the youngest player to score a century in the CPL, at age 21, Jamaica Tallawahs v Guyana Amazon Warriors, CPL 2018, Lauderhill, August 18, 2018The 23-year-old is among the most exciting batsmen in the Caribbean, so much so that Andy Roberts recently picked him out as one for the future. However, Hetmyer probably hasn’t had enough game-time in the lead-up to the CPL, having pulled out of the England tour, citing concerns around the Covid-19 situation. Earlier, in IPL 2019, he got only five games at Royal Challengers Bangalore and managed only 90 runs at an underwhelming strike rate of 123.28. A productive stint on the spin-friendly tracks in Trinidad & Tobago may not be a bad way to tune up for the IPL, which will be played on fairly similar pitches out in the UAE.Chris Lynn (St Kitts & Nevis Patriots)The hard-hitting Australian opening batsman missed last CPL after he signed for the Euro T20 Slam which has failed to take off. Subsequently, Lynn lost his place in Australia’s T20I side, which led to his taking a swipe at the selectors.But Lynn did bounce back, blasting 113 not out off 55 balls in PSL 2020. He will now reunite with his Lahore Qalandars team-mate and fellow Australian, Ben Dunk at Patriots. Can Lynn regain his big-hitting form and then make a seamless switch to Mumbai Indians in the IPL later this year?Chris Green (Guyana Amazon Warriors)The 26-year-old off-spinner has taken over the captaincy of Amazon Warriors from Shoaib Malik, who has pulled out of the league, but their rivals Knight Riders may keep an even closer eye on him. Green was suspended from bowling due to an illegal action in January, earlier this year, after Kolkata Knight Riders had snapped him up for his base price of INR 20 lakh in the IPL auction. Brendon McCullum, who is head coach for both Knight Riders’ teams, had also backed Green to overcome the setback.Chris green is the Guyana Amazon Warriors captainAfter undergoing remedial work, Green’s action was cleared in June, but with the Covid-19 pandemic disrupting the cricket calendar, he’s yet to test it out in a high-profile game.Rovman Powell (Jamaica Tallawahs)Another all-rounder, who is in West Indies’ mix, Powell will have to juggle batting, bowling, and captaincy this CPL. After shellacking a 38-ball century in the Super50 Cup in 2019, Powell was back in West Indies’ T20I side for the Sri Lanka tour. However, he did miss a major chunk of the CPL that year due to injury, and Tallawahs finished at the bottom, with just two wins from ten games. The Chris Gayle-Ramnaresh Sarwan controversy has soured Tallawahs’ build-up, and the onus is now on Powell to rouse the team.Asif Ali (Jamaica Tallawahs)Asif Ali pulls through the leg side, England v Pakistan, 2nd ODI, Ageas Bowl, May 11, 2019After a hot streak in PSL in 2018, when he helped Islamabad United win, Ali became a T20 globetrotter, earning gigs in the Mzansi Super League, Bangladesh Premier League, and Global T20 Canada. This, however, will be his first taste of the Caribbean Premier League. Ali doesn’t quite have recent form on his side: he scored a mere 81 runs in seven innings in PSL 2020 at an average of 16.20 and strike rate of 150. Having also been jettisoned from Pakistan’s white-ball sides, can Ali serve a reminder of his power-hitting?last_img read more

Bike Paths Are Rolling Forward

first_imgPlans are moving forward to create a Two River bicycle route.Monmouth County freeholders, who had initially been resistant to the idea for cost and liability issues, and area mayors have reached an accord to establish a pilot program that will provide the opportunity to start striping designated bike lanes on county roadways, for now in Fair Haven, Rumson and a small portion of Little Silver.Freeholder Thomas Arnone announced the agreement at Monday’s Crossroads meeting sponsored by The Two River Times.“It’s a great agreement,” this week said Freeholder Thomas Arnone, “and it’s a good plan.”He also said if this pilot goes well, the bike paths will certainly be considered in other towns in the region.“We’ve had a meeting of the minds,” said Fair Haven Mayor Benjamin Lucarelli, who has been spearheading the initiative to have bike routes installed as the county repaves those roadways.This project will have Rumson and Fair Haven conduct their own engineering studies, which will be forwarded to the county engineering department for approval and to ensure the plans adhere to state requirements. The county and municipalities will each share 50 percent of the cost.Lucarelli said Arnone “showed real leadership,” in stewarding this to acceptance with state Assemblyman Declan O’Scanlon and state Senators Joseph Kyrillos (both R-13) and Jennifer Beck (R-11) offering their support and helping broker the agreement.“This will truly be a shared service approach,” for the local and county governments, Lucarelli said.The county has already milled and paved much of Rumson Road, a county-owned thoroughfare, but has delayed painting the striping as freeholders and local officials debated the project. “They did us a favor by waiting until the final decision,” said Rumson Mayor John Ekdahl.Plans are for the county to under take work for much of Ridge Road in the fall, according to officials.Following that work the county and municipalities will work jointly to install mostly 4-foot-wide striped lanes with stenciled icon “sharrows” (share arrow lane markings for the route) and accompanying signage.Lucarelli has been advocating for the last year for the county to institute designated bike lanes along some of its roadways in the area, looking to eventually establish a continuous path from the Rumson peninsula to Sea Bright, Monmouth Beach, Oceanport and making its way back to the Red Bank border.Lucarelli and Ekdahl have secured the support of the 13 members of the Two River Council of Mayors in their push to get the routes. Lucarelli and Ekdahl have been maintaining this is the future in much of the world, with some area residents relying on bikes for transportation to and from work, others cycling for health, recreation and environmental interests.The mayors hoped county officials would take the lead to ensure continuity along the designated route. And given the increasing use of the roads by cyclists, providing their own lanes does bring an added level of safety, the mayors have been saying.County officials, on the other hand, were concerned about cost and liability but those issues have been resolved. Freeholders had made it clear to the towns the county couldn’t afford the project and if the towns wanted bike routes, even on county roads, they would have to foot the bill and assume liability, but not before the county had a chance to review the plans.But with this plan, “everybody’s bought in,” sharing costs and legal liability responsibility, Arnone said. “I think everybody is satisfied,” the freeholder said.– By John Burtonlast_img read more

42nd Annual City of Arcadia Mayor’s Community Breakfast Friday, April 1, 2016, FrontRunner Restaurant at Santa Anita Park

first_imgThis year’s event features the 2009 California Teacher of the Year, Alex Kajitani. Creator of the “Rappin’ Mathematician,” Alex offers techniques to teachers nationwide in ways to engage students and make math cool! This same skill set extends to the business world, where Alex delivers fresh strategies that give positive results among business leaders. To purchase tickets please call the Mayor’s Office at 626-574-5403, or email [email protected] Tickets are $20 each. Breakfast buffet included. A portion of the proceeds will be donated to Foothill Unity Center, Arcadia Educational Foundation, Arcadia Performing Arts Foundation, and the Assistance League of Arcadia.center_img About the City of ArcadiaNestled in the foothills of the San Gabriel Mountains, Arcadia is an 11.38 square mile community with a population of just over 56,000. Located approximately 20 miles east of downtown Los Angeles, Arcadia is known for combining small-town charm with the conveniences and amenities of a mid-size city. Arcadia is a full-service charter city governed by a five-member City Council, elected at large. Recognized for exceptional education and recreation opportunities and beautiful neighborhoods, Arcadia is also defined as the “Community of Homes” and has twice been designated the “Best City in California in which to Raise Kids” by Business Week Magazine.last_img read more

QPR’s great escape is on and they can see off Sunderland

first_imgQPR face Sunderland in the Premier League and we make the R’s 5/4 to beat the Black Cats, who are currently priced at 12/5. After three of QPR’s last four Premier League home games ending in a goalless draw, a 0-0 outcome is also very likely and we are offering generous odds of 19/2 for a correct score of 0-0.Other results include a 1-0 win for QPR at 15/2 and a 2-1 win at 19/2.After beating Southampton 2-1 last week, Harry’s men will be on a high and hope to continue their winning ways in order to flee the relegation zone.With just four points separating the bottom four teams and the next four fixtures all against teams in the lower half of the table, QPR’s great escape is still very much on and they are 11/4 to stay up this season.This weekend sees the clash of two giants as Manchester United host Chelsea in the quarter-finals of the FA Cup.Holders Chelsea are 7/2 to win the match, with favourites United 4/5. The draw is priced at 29/10.Chelsea’s current top scorer Frank Lampard is 19/2 to score first and 13/5 to score at any time.Juan Mata, who has scored five goals and assisted seven in just 10 appearances in the FA Cup, is also priced at 19/2 to score first and 13/5 to score at any time.After managing to hit the back of the net in the last round of the cup both players will be keen to continue their scoring ways against United.At BetVictor correct scores include a 2-1 victory for the Blues at 15/1 and an optimistic 4-0 victory at a huge 100/1.Chelsea are currently 6/1 to bring the cup back to the Bridge this season compared to Manchester City and United, who are both 7/4.With so much at stake for both teams and tensions sure to be high, BetVictor are offering a ‘red card refund’.If a red card is shown at any time during the match, BetVictor will refund losing correct score, first/last goalscorer, scorecast and man of the match bets on that particular match up to a maximum of £50 per person (terms and conditions apply).After a recent backlash towards interim manager Rafa Benitez, the club’s next permanent manager is on the minds of many fans.We make Jose Mourinho the firm favourite at 11/10 to replace Benitez.Other candidates include former England manager Fabio Capello at 4/1, Everton manager David Moyes at 8/1 and ex-Chelsea man Gus Poyet also priced at 8/1.For all your weekend betting visit www.betvictor.comBest of luck.Charlielast_img read more

Ohio FFA Convention First Session recap

first_imgShare Facebook Twitter Google + LinkedIn Pinterest FFA charities, teachers and administrators, generosity and new chapters were all highlighted in Session 1. The attendees also learned some life lessons from keynote speaker Curtis Zimmerman, a mime and juggler. The state officer candidates for 2015-2016 were announced as well. Ray Stahl, from Buckeye Central, shoots baskets in the trade show. President Sydney Snider welcomes Ohio FFA members New FFA chapters were recognized Braden Thatcher, Lincolnview Chapter, entertains the crowd FFA members are following the instructions of speaker Curtis Zimmerman Curtis Zimmerman, keynote speaker FFA members participate in a challenging game of Simon Says. Andrew Gifford with CROP/Church World Service talks about how FFA chapter donations will help other. FFA chapters and members donated over $16,000 to CROP/Church World Service and nearly $51,000 to Children’s Miracle Network Hospitals. Aaron Klohn, from the Clyde Chapter, learns to juggle on stage.last_img read more

Trump signs $19B Disaster Aid Bill

first_imgShare Facebook Twitter Google + LinkedIn Pinterest U.S. Secretary of Agriculture Sonny Perdue on Thursday commended President Trump’s signing of the disaster relief bill that will provide $19 billion in assistance to states and territories hit by flooding, hurricanes, wildfires and other natural disasters, including a delayed planting season.“Congress provided much needed resources to assist farmers, ranchers and producers dealing with extensive damage to their operations caused by natural disasters,” said Secretary Perdue. “President Trump is committed to helping America’s farmers get back on their feet following recent natural disasters.”Several questions remain on what the legislation means for farmers in Ohio, specifically the portions related to prevented plant acreage. USDA lawyers told Agri-Pulse on Wednesday that acreage included in prevented plant would not be eligible for the second round of the Market Facilitation Program, set to start coming out in July/August.last_img read more

Juventus want to keep Dybala – Nedved

first_imgJuventus vice-President Pavel Nedved has insisted that Paulo Dybala remains an important part of their plans, despite speculation linking him with a move away from the clubThe Argentine’s poor performance in Juventus’ first-leg 3-0 defeat to Real Madrid in the quarter-finals of the Champions League on March 4 left the Serie A side frustrated with Dybala later being sent off with a second yellow card after Cristiano Ronaldo’s stunning second goal.While Juventus produced a remarkable comeback in the return leg a week later, it proved to be futile with a late Ronaldo penalty sending the Spanish giants on their way to Kiev, where they would defeat Liverpool to win a third successive European Cup.Since then, Dybala has been linked with moves to Bayern Munich and Atletico Madrid.The 24-year-old further increased speculation on his own future after being spotted with Diego Simeone at a restaurant in Madrid during the last international break at the end of March.Franck Ribery, FiorentinaFiorentina owner: “Ribery played better than Ronaldo!” Andrew Smyth – September 14, 2019 Fiorentina owner Rocco Commisso was left gushing over Franck Ribery’s performance against Juventus, which he rates above that of even Cristiano Ronaldo’s.But Nedved has now stated that Juventus have no plans to part with Dybala.“Dybala is a very important player, one who is still under contract at Juventus. We’re very happy with what he’s doing and he can still improve a lot, so the future belongs to him,” said the 45-year-old, according to Football-Italia.Dybala ended the season with 26 goals and five assists in 47 games in all competitions for Juventus.last_img read more

Giroud hails partnership with Hazard

first_imgChelsea striker Olivier Giroud feels that the club can benefit from his and Eden Hazard’s understanding between each other both on and off the pitchGiroud made his first start of the season in Saturday’s 4-1 win over Cardiff City and the Frenchman repaid coach Maurizio Sarri for his faith by assisting the first two of Hazard’s three goals in the encounter.Afterwards, Hazard went on to praise Giroud as “maybe the best target man in the world” after Chelsea made it five wins from five games in the Premier League to go top of the table.“Wow, that’s very nice of him,” Giroud replied on the club website, after being told about Hazard’s comments.“Obviously he knows what I think about him and he knows how much I enjoy playing with him, not just him, all of my team-mates, but it’s true that we’ve got a good relationship on and off the pitch.Cristiano Ronaldo, Nemanja Vidic, Manchester UnitedVidic: “Ronaldo is the most professional footballer I’ve seen” Andrew Smyth – September 14, 2019 Nemanja Vidic opened up on how a 21-year-old Cristiano Ronaldo’s professionalism left him stunned at Manchester United.“He knows how to play with me and I know how to play with him. Sometimes it goes very well, like against Cardiff, and that’s good for the team. I’m happy to help him score another hat-trick.“When I can’t create an opportunity to score or finish myself, I love to put my team-mates in a good position to finish.“Eden knows me very well and when I can reach him in the box I do it. His quality is a different level in front of the box and in front of goal and he finished well.“He always knows that I try to find him and I hope next time he will give me one back.”Chelsea will next face PAOK in the Europa League on Thursday.last_img read more