Dutch pensions regulator lists characteristics of best recovery plans

first_imgHowever, the watchdog also noted that recoveries were limited by falling interest rates and rising life expectancy.According to the DNB, equity markets fell by 80% between June 2007 and the end of 2008, while interest rates fell by 20% over the same period.“Over the last five years, the equity index has returned to the initial level, whereas interest rates have fallen further,” it said, adding that the funding index remained somewhere in between.The regulator explained that, using the typical investment mix and interest hedge in the Netherlands, changes in interest rates would have a roughly 50% impact on coverage ratios, whereas equity market changes would have a 40% impact. The DNB’s evaluation of the recovery plans confirmed that 30 pension funds had to apply rights cuts last April, in order to achieve the required funding of 105%.The most recent round of discounts hit 650,000 active participants, 405,000 pensioners and more than 1.2m deferred members in total, while the weighted average of the cuts was 0.84%, according to the supervisor.It said that one pension fund had used the option to limit last April’s discount to 7%, and that the scheme would apply an additional cut in future. Equity investments and hedges of the interest risk on liabilities have been the main drivers for Dutch pension funds’ recoveries since the onset of the financial crisis, according to pensions regulator De Nederlandsche Bank (DNB). Following an evaluation of more than 140 short-term recovery plans, the regulator concluded that schemes with a relative large equity allocation in addition to an interest hedge showed the strongest recoveries.In 2009, approximately three-quarters of Dutch pension funds had to submit a five-year recovery plan, mapping out how they aimed to achieve funding of at least 105% at the end of 2013.The DNB found that the average coverage ratio improved by 15 percentage points over the last five years and attributed the increase largely to the strength of equity markets.last_img read more

Blackett signs new United deal

first_img “I am delighted that Tyler has signed a new contract,” said United manager Louis van Gaal, who handed another academy product, Paddy McNair, a new contract earlier this month. “He is another young player that has risen through the academy system to break into the first-team squad this season. “Tyler has great potential and I believe he is at the right club to continue his development and progression to become a great defender.” Van Gaal is keen to promote youth players from the academy and although Blackett has not played since January 11, he is clearly in the Dutchman’s long-term plans. Blackett, who hails from Hulme, which is within two miles of Old Trafford, was delighted to commit his future to a club he has been at for the last 12 years. “I’m thrilled to have signed my new contract,” the defender said. “I have supported United all my life and have been here since I was eight years old. “To come through the academy and make my debut this season was a dream come true. Tyler Blackett has signed a two-year contract extension at Manchester United. Press Association The United academy product made his debut against Swansea on the opening day of the season and has since gone on to make another nine appearances for the club. The 20-year-old’s contract was due to expire in the summer, but he has agreed a new deal that will keep him at the club until June 2017, and there is an option to extend by another year. “I want to keep improving within the first-team squad with the help of the manager, coaches and the players around me.” United later confirmed 21-year-old left-back Reece James had also signed a contract extension. James scored twice in Van Gaal’s first friendly as United manager against the Los Angeles Galaxy last summer, but his only competitive appearance came in the 4-0 Capital One Cup defeat to MK Dons. James spent six weeks on loan at Championship side Rotherham earlier this season. last_img read more

Hinks’ Parent Advisory Council hosts Wicked Woods Haunted Trail to raise money for schools

first_imgAddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisALPENA, Mich — It’s the weekend before Halloween, and the festivities are getting started early. Hinks Elementary is getting in on the action this year with their Wicked Woods Haunted Trail.Parents of students at the school have put together a haunted attraction right on the school’s property. For the first time, traps, snares, ghosts and goblins will be ready spook anyone who walks the path this weekend. Parent Advisory Board member, Liz Kowalski, says the chilling event has been in the works for a while now.“It’s the first year that Hinks is doing this. It’s been an idea that’s been brewing for the past year or two, and finally, we’ve gotten the go ahead to really plan it out carefully and make this happen.”Coming out to the event is more than just for Halloween fright. Every dollar collected will stay in the district and support functioning of the schools.“We’re inviting everyone in the community to come and support us. All proceeds will go back to the PAC, or the parent advisory council, and those proceeds are used to help our schools, our teacher and our students.”The Wicked Woods Haunted Trail is going on Friday night and Saturday night from 7 to 9 p.m. Admission for visitors 12 and older is $5, and the cost for children is $10.AddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThis Tags: haunted forest, Hinks, Hinks Elementary, PAC, parent advisory board, School, Wicked Woods Haunted TrailContinue ReadingPrevious Trick or Treat through the Shipwreck Century!Next Partridge Point Park added to DNR forestry propertylast_img read more