UK roundup: Merchant Navy, Pirelli schemes agree derisking deals

first_imgDerisking transactions covering some £590m (€670m) of pensioner benefits at four schemes have been announced.The £3bn Merchant Navy Officers Pension Fund (MNOPF) sealed a £490m buy-in with Legal & General Group, covering all members that retired since it completed a £1.5bn longevity insurance transaction in 2014.Andy Waring, chief executive of the MNOPF, said: “Securing the benefits of our members has always been a significant part of the MNOPF journey plan. Our next milestone is to promote and grow the [defined contribution] Ensign Retirement Plan, so that we can provide the same security in retirement for the next generation of maritime employees.”Separately, three defined benefit (DB) pension schemes linked to Italian tyre company Pirelli Group concluded a buy-in with Pension Insurance Corporation (PIC), covering around £100m of benefits. The transaction means that the three schemes are completely de-risked, according to a statement from PIC.  Last year Pirelli’s main UK DB schemes completed longevity swaps worth £600m with Zurich Assurance.LGPS launches investment management consultancy procurement frameworkUK local authority pension funds and their fledgling asset pools have finalised a new framework for the procurement of investment management consultancy services.It is a restructuring of the first national framework of its kind, launched in 2013. According to a statement, since then 27 local government pension scheme (LGPS) funds from across the UK had joined the original seven founder authorities participating in the framework. A total of 34 contracts have been agreed under the framework with savings estimated to reach over £3.6m.The organisation overseeing national LGPS frameworks said the 2013 concept was “fully refreshed and restructured” to meet the current and future needs of the LGPS, including the pooling arrangements.Nigel Keogh, National LGPS Frameworks operations and development manager, told IPE that the new framework included different “lots” because the asset pools would have different requirements to individual funds. The previous framework only had one lot. The new framework is split into lots for investment consultancy services; manager search, selection, monitoring and review services; and investment management consultancy-related specialist services. The new framework was the outcome of collaboration between Brunel Pension Partnership, Cambridgeshire County Council, Cheshire Pension Fund, the London Boroughs of Hackney and Tower Hamlets, Merseyside Pension Fund, Norfolk Pension Fund, Northamptonshire County Council and West Sussex Pension Fund.It was supported by the National LGPS Frameworks team, and procurement and legal specialists from Norfolk County Council.Frameworks for transition management and implementation services are due to be ready soon. Minimum standards for professional trustees New standards outlining what is expected of professional trustees were published for consultation today.They have been drawn up by the industry-led Professional Trustee Standards Working Group (PTSWG) to establish minimum requirements for professional trustees of occupational pension schemes.The group has set out standards in six areas that all professional trustees are expected to meet:Fitness and propriety;Integrity;Expertise and care;Impartiality and conflicts of interest;Professional behaviour;Systems and controls.Specific guidelines were set out for professional trustees who were also the chair of a scheme, and for those who were the sole trustee of a scheme. Topics range from having the skills to lead, negotiate and reach a consensus to providing strategic direction and actively challenging advice.Andrew Bradshaw, chair of PTSWG, said: “With the growing influence of professional trustees, it is important that the industry adopts a recognised set of professional standards. ”The challenge for the PTSWG has been to produce a set of universal standards which recognise the wide range of business structures and services that professional trustees and their firms now provide.  We very much hope that the standards strike the right balance and look forward to hearing the views of professional trustees and the wider industry during the consultation period.”The consultation will run until 2 March 2018. After the standards have been published the PTSWG will develop an accreditation framework, which professional trustees will be expected to meet.last_img read more

No bail bond for murder suspect

first_imgThe suspect was detained in thecustodial facility of the Isabela municipal police station, facing charges./PN BACOLOD City – The court recommended nobail bond for the temporary liberty of a murder suspect arrested in Barangay 4,Isabela, Negros Occidental. The 56-year-old Pablo Talanas Jr. ofBarangay Elihan, Cauayan was caught on the strength of an arrest warrant around8:30 a.m. on March 13, a police report showed.center_img Officers of the municipal police stationserved the warrant issued by Judge Cyclamen Jison-Fernandez of the RegionalTrial Court Branch 63 in La Carlota City dated Oct. 23, 2019.last_img

Why Syracuse can’t make a bowl game even with 5 wins

first_img Published on November 24, 2017 at 2:13 pm Contact: jtbloss@syr.edu | @jtbloss Facebook Twitter Google+ Syracuse (4-7, 2-5 Atlantic Coast) will play Boston College (6-5, 3-4) in the Carrier Dome on Saturday with a chance to earn its fifth win. Five wins, sometimes, can be enough to get a team to a bowl game. For SU, it certainly won’t.Here’s why:There are 128 teams in the FBS and 78 available slots in 39 bowl games. For the first time in four years, it appears enough of those slots will be filled by teams that have met the standard requirement of six wins and a .500 record needed to earn a bowl bid. Seventy teams have met that threshold already, including eight from the ACC.That leaves eight spots still available, with 18 teams boasting five wins heading into the weekend. There are four head-to-head matchups between those 18 teams, meaning at least four more have to emerge with a sixth win, bringing the total to a minimum of 74 bowl-eligible teams. And that’s just the minimum — more can and likely will win to make five-win teams irrelevant.But let’s say the minimum happens and we only have 74 teams automatically eligible. Five-win teams would be considered next — a group SU can join by beating BC on Saturday. These teams would be selected in order of their Academic Progress Rating, or APR, a metric the NCAA defines as such:AdvertisementThis is placeholder textEach student-athlete receiving athletically related financial aid earns one point for staying in school and one point for being academically eligible.A team’s total points are divided by points possible and then multiplied by 1,000 to equal the team’s Academic Progress Rate.In addition to a team’s current-year APR, its rolling four-year APR is also used to determine accountability.Here’s where SU’s hopes sink: of the five-win teams already sitting above SU, 11 have a better APR than SU’s 968. So unless some of them decline bowl invitations — a rare decision that also turns down both a financial and recruiting boost — SU will be watching bowl games from its collective couch for the fourth straight year. Commentslast_img read more

Red Sox’s Chris Sale (3-8) sounds off on ‘absolutely embarrassing’ first half

first_img David Ortiz shooting was a hit gone wrong, police say “I know who I am and who I’m supposed to be for this team, and I haven’t been anything close,” Sale told reporters (via nesn.com). “I’m, like, 3-8. That’s absolutely embarrassing. … On a team like this, they need me to be better.“There’s nothing to look back on other than just being bad. I don’t know if it’s this or that, everything feels good. It’s just, I haven’t been getting it done. It’s been a tough go.” Related News DJ playing our favourite hit 🎧 #LetsGoBlueJays pic.twitter.com/FSnHo2Ie5U— Toronto Blue Jays (@BlueJays) July 4, 2019Red Sox manager Alex Cora agreed that Sale hasn’t lived up to expectations. Sale isn’t expected to pitch again until after the All-Star break, which will give him at least nine days off before he’s scheduled to face the Dodgers. Cora is hopeful Sale will come back stronger after having some time off, though Cora maintains Sale isn’t injured.“It wasn’t good,” Cora said (per the New York Post). “Just a lot of pitches in the zone. I know he’s disappointed. … Hopefully, when he comes back, we’ll get him back on track.” Struggling Red Sox ace Chris Sale said after his team’s 6-3 loss to the Blue Jays on Wednesday that he has never felt more “frustrated” by his performance.Toronto’s Danny Jansen, Brandon Drury and Lourdes Gurriel Jr. hit home runs off Sale, and he gave up five runs and a season-high nine hits in 5 2/3 innings in Wednesday’s game.center_img After another rough outing, Sale’s ERA ballooned to 4.04 to go with his 3-8 mark in 18 starts. With the Red Sox sitting third in the American League East at 45-41 behind the Yankees and Rays, Sale admitted that he’s been holding back his team.“I’m supposed to be a big part of this team, a big part of this pitching staff, and I’ve probably been the biggest crutch,” Sale said. “I’m standing before you as frustrated as I’ve ever been.” Nathan Eovaldi to be Red Sox closer upon return from IL, report sayslast_img read more