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​Danish scheme cuts market-rate pension payments by 5-9%

first_imgPBU, the Danish pension fund for early childhood educators, has reduced pension payments for nearly 20,000 of its pensioners this year by between 5% and 9% in a development illustrating a negative outcome for market-rate pension holders recently referred to by the country’s financial watchdog.
The labour-market pension fund told IPE the cut had been made necessary by low market returns in 2018 as well as changes in longevity and investment yield assumptions.While Danish labour-market pension provision has been undergoing a long-term shift towards unguaranteed market-rate pension products from traditional guaranteed average-rate pensions, there are differences between the way providers calculate pensions in payment.PBU’s mathematical director Frank Cederbye said payments to pensioners from the scheme in 2020 are between 5% and 9% less than in 2019, depending on the risk profile according to the age of the individual.
 He told IPE: “We have chosen to have a plain vanilla pension product – what you see is what you get. It has no buffers and no implicit guarantees and introduces a bit more risk, but this handled through the investment profiles.”
Under its market-rate pension product – which now covers nearly all of the pension fund’s members – PBU re-calculates payments each year with a one-year delay.This means pensions paid out in 2020 are based on 2018 investment returns, life expectancy and common assumptions for Danish pension funds on future investment yields, Cederbye said.
“These assumptions were lowered in 2018, and life expectancy increased, and on top of that investment returns were poor in that year, so we had three negative effects,” he said.PBU made the calculation for 2020 pensions in 2019, and sent out letters informing the near 20,000 pensioners affected in June, he said.“We had no reactions from them in June, but around the end of last year we did have some reactions – mainly questions about the reduction because investment yields had been very good in 2019. But of course, the payments are calculated based on the 2018 data,” Cederbye said.Last week, the Danish FSA published a report on the “privatisation” of risk in unguaranteed market-rate products, and how pension companies were informing their customers about this.It concluded providers of market-rate pensions had not been giving customers adequate information about the risks they are exposed to, both in the accumulation and payout phases of the products.Cederbye said PBU’s product did have the advantage of being easier to explain to customers.“In our view, information is much easier to get across when you have a plain vanilla product. We have a very mechanical way of setting the pension level – we stick to our model, make the calculations and then these adjustments,” he said.The pension fund is currently in the process of calculating 2021 pension payments.“One element is we had very high investment returns in 2019, but on the other hand we have expectations of lower bond yields, so we are in the process of finding out what the net effect will be,” he said.last_img read more

U.S. 52 to close near Cedar Grove Monday

first_imgCedar Grove, In. — Indiana Department of Transportation officials say U.S. 52 will close on or after Monday, June 3, weather permitting, between New Trenton and Cedar Grove for emergency slide correction work.INDOT contractor GeoStabilization International will place a soil nail wall on the east side of the roadway, approximately one mile north of New Trenton. Soil boring will also take place on the west side of the road, along the railroad and Whitewater River.U.S. 52 will be closed for 90 days and will reopen as one lane with a temporary traffic signal in September. All lanes are expected to be open by late December.The official state detour for the closure is State Road 46 to State Road 1 to the intersection of U.S. 52/State Road 1, north of Cedar Grove.last_img

Carroll not fit to answer Irons SOS

first_img Press Association The Hammers have scored just eight goals in 10 league matches this season and, while they ended a dismal run of three straight defeats at Upton Park, the goal drought is becoming more concerning by the week. Carroll has a troublesome heel problem and there is no date yet for when he might resume full training. Allardyce said: “When Andy gets back training it’s probably the best part of four weeks before he gets back onto the field in the first team. He has to start a four-week pre-season. We’d try to speed that up if we possibly could.” Allardyce believes the lack of goals are not down to the strikers alone. He said: “The problem is our goals were shared out last year. All the players in our team scored. Kevin (Nolan) got 10, Andy (Carroll) got eight, everybody else got three, two or one and that’s why we finished 10th. “None of those players are scoring goals as they did last year. It’s not just the front end, it’s all the players not scoring. “When we get that right, which I think we will, we’ll start getting three points instead of one.” Allardyce was pleased with the clean sheet against a side that have also failed to score in their past four matches. It might have been different if referee Howard Webb had ruled in Villa’s favour in a controversial incident in the first half. Villa striker Andreas Weimann broke clear and appeared to be pulled down just outside the penalty area by West Ham midfielder Ravel Morrison. Morrison was clearly the last man but instead of giving a foul and producing the inevitable red card Webb waved play on. Weimann slumped to his knees in disbelief while Villa boss Paul Lambert remonstrated on the touchline. Lambert said: “I have spoken to Howard and I respect his view and know where he is coming from. If the ball is on the safe side (goal side) it is difficult to win it. “I respect his decision and the way he saw it. I just thought from my angle it might have been (a foul). I have to respect his answer. Sometimes you get them, sometimes you don’t.” Lambert, however, was pleased with his side’s fighting spirit which saw Christian Benteke hit the post with a header and go close with a shot just deflected wide. “It was a big performance,” said Lambert. “We were missing a couple of big players. I don’t think West Ham had many chances to score a goal. The lads at the back put in their heads when it mattered and blocked when it mattered and along with goalkeeper Brad Guzan I thought they were all excellent.” Sam Allardyce revealed striker Andy Carroll would be a month away from returning to action when he resumes training after his side fought out a goalless draw against Aston Villa at Upton Park.last_img read more

Update on the latest sports

first_img— The Berlin Marathon has been canceled following months of uncertainty caused by the coronavirus pandemic. Organizers say “after extensive examination and various discussions” they were not able to find a later date. Authorities in Germany have blocked the hosting of major events through October.— The University of Connecticut has decided to eliminate four athletic teams as it deals with an expected budget deficit driven by issues related to the COVID-19 pandemic. UConn’s president told the Board of Trustees today the school will reduce the number of sports it supports from 24 to 20, eliminating its men’s cross country, men’s swimming and diving, men’s tennis and women’s rowing teams after the 2020-21 academic year. — The University of Northern Colorado will discontinue the men’s and women’s tennis programs as part of a cost-saving effort due to budget shortfalls created by the COVID-19 pandemic. The school located in Greeley, Colorado, will now sponsor 17 intercollegiate athletic programs, including nine women’s sports. NBA RESTART-SOCIAL ISSUESNBA, NBPA say sparking social change will be goal of restart UNDATED (AP ) — The popular Phillie Phanatic, Mr. Met and Mariner Moose mascots are getting a reprieve. Major League Baseball has reversed a policy it issued last month that banned mascots from ballparks while trying to restrict access and limit contact exposure. MLB now says mascots are welcome, but they’re not permitted on the field. Dave Raymond, the first person to portray the Phanatic in Philadelphia in the late 1970s, says mascots can still pull off plenty of routines to entertain fans watching at home. MLB will start the virus-delayed season next month in stadiums without fans. Share This StoryFacebookTwitteremailPrintLinkedinRedditVIRUS OUTBREAK-SPORTSMore positive tests in baseballUNDATED (AP) — All-Star outfielder Charlie Blackmon of the Colorado Rockies has become the first Major League Baseball player identified as having tested positive for the coronavirus. A person familiar with Blackmon’s situation confirmed the test result to The Associated Press on condition of anonymity because there was no official announcement. June 25, 2020 UNDATED (AP) — He took his COVID-19 test when he arrived in Connecticut for the Travelers Championship and waited until he received the result (negative) before going to watch his brother, Chase, earn a spot in the field through Monday qualifying.Both withdrew before the tournament even began after Koepka’s caddie tested positive for the coronavirus, even though subsequent tests on the players came back negative. Each cited the need to be safe, not only for themselves but the other players and caddies at the TPC River Highland.NHL-HALL OF FAMEIginla headlines 2020 Hall class as 4th Black player electedUNDATED (AP) — Jarome Iginla (juh-ROHM’ ih-GIHN’-luh) headlines the Hockey Hall of Fame’s class of 2020 after being elected Wednesday in his first year of eligibility. The school says both players have been admitted. Smith has immediate eligibility, and Michigan is assessing the potential for an NCAA waiver for Brown. The 5-foot-11 Smith comes to Michigan from Columbia, where he averaged 22.8 points a game last season. The 6-foot-5 Brown averaged 12.1 points for Wake Forest. Brown said in April he was entering his name into the NBA draft as well as the NCAA transfer portal. TOKYO-SPONSORSTokyo Olympics must firm up $3.3 billion in sponsor incomeTOKYO (AP) — Local Japanese sponsors have chipped in a record $3.3 billion to support the postponed Tokyo Olympics and Paralympics. That’s almost 60% of the income for the privately funded operating budget. — The New York City Marathon scheduled for Nov. 1 has been canceled because of the coronavirus pandemic. New York Road Runners announced the cancellation of the world’s largest marathon Wednesday after coordinating with the mayor’s office and deciding the race posed too many health and safety concerns for runners, volunteers, spectators and others. Last year’s marathon included a world record 53,640 finishers. Entrants for the 2020 race will be offered a full refund of their entry fee or a guaranteed entry to either the 2021, 2022 or 2023 marathon. The 2021 New York City Marathon is scheduled for Nov. 7.— The caddies for Graeme McDowell and Brooks Koepka (KEHP’-kuh) have tested positive for the coronavirus, and both major champions have decided to withdraw from the Travelers Championship. Both say they are withdrawing to protect the rest of the field. McDowell says it feels like the snowball is getting bigger. This is the PGA Tour’s third week back after being shut down for three months because of the COVID-19 pandemic. The first week came off without a hitch. Nick Watney last week became the first player to test positive.— A person with knowledge of the situation says All-Star forward Nikola Jokic (NEE’-koh-lah YOH’-kich) of the Denver Nuggets has tested positive for the coronavirus and is quarantining in his native Serbia. Jokic is expected to be back in Denver long before the team leaves for the Disney complex for the restart of the NBA season next month. — The return of Indiana Pacers guard Malcolm Brogdon has been delayed after he tested positive for the coronavirus. Brogdon issued a statement through the team, saying he was in quarantine, feeling well and expects to rejoin his teammates in Orlando for the resumption of the season next month. Brogdon used the March stoppage of play to recover from a leg and hip muscle injury that kept him out of games and recently told reporters he was ready to play. — Pimlico Race Course in Baltimore will open Thursday for wagering on simulcast horse races. Fans will be required to wear masks, maintain social distancing and follow safety protocols to avoid the spread of COVID-19. Pimlico is scheduled to host the Preakness on Oct. 3. NEW YORK (AP) — The NBA and the National Basketball Players Association said Wednesday that dealing with racial matters will be a shared goal during the resumed season.The league and union announced they will “take collective action to combat systemic racism and promote social justice” when the season restarts at the Disney complex near Orlando, Florida next month. Specific plans have not been finalized.NFL-REDSKINS-MARSHALLRedskins removing ex-owner Marshall from Ring of FameUNDATED (AP) — The Washington Redskins are removing former owner George Preston Marshall from their Ring of Fame and striking all references to him on their website. Associated Press Iginla will be the fourth Black player inducted after Grant Fuhr, women’s hockey pioneer Angela James and Willie O’Ree. Iginla and Fuhr are the only Black NHL players enshrined for their on-ice accomplishments, while O’Ree was chosen in the builder category in 2018 for breaking the league’s color barrier 60 years earlier.The longtime Calgary Flames captain was the first Black player to lead the NHL in goals and points and was the first Black athlete in any sport to win a gold medal in the Winter Olympics. A first-generation Canadian whose father is Nigerian and mother is American, Iginla owns arguably the biggest assist in Canada’s history of international hockey. He passed the puck to Sidney Crosby for Crosby’s “golden goal” at the 2010 Olympics in Vancouver.BROWN-DROPPING SPORTSBrown U. students claim fraud, want cut sports restoredLawyers for a group of Brown University athletes whose sports have been targeted for elimination are accusing the Ivy League school of fraud for working secretly on a plan to cut the programs without telling the players their varsity careers were in jeopardy. The Denver Post first reported Blackmon’s condition, saying Tuesday that three Rockies players had tested positive. The Post reported Blackmon tested positive last week after workouts at Coors Field in Denver. The newspaper said the Rockies then closed the ballpark, following MLB protocol.The Philadelphia Phillies have said seven players have tested positive for the virus without identifying any of them. A person familiar with the situation tells The Associated Press that several players and staff members of the Toronto Blue Jays have tested positive. Seattle Mariners general manager Jerry Dipoto said a few players have tested positive for COVID-19. Dipoto said they have all been asymptomatic. And Detroit Tigers general manager Al Avila says one player and one staff member have tested positive for COVID-19. Baseball Commissioner Rob Manfred has imposed a 60-game season that will begin either July 23 or 24. It remains unclear where the Blue Jays plan to hold their training camp and play home games this summer.In other developments related to the COVID-19 pandemic:—The return of Indiana Pacers guard Malcolm Brogdon has been delayed after he tested positive for the coronavirus. And Sacramento Kings forward Jabari Parker announced he has been dealing with the virus as well. Both say they expect to be with their teams when the season resumes in Central Florida next month. All 22 NBA teams that will be part of the resumed season began mandated testing Tuesday. In a letter to Brown President Christina Paxson, attorney Jeffrey Kessler said the school made a “purposeful choice to conceal critical information” that cost the athletes the chance to enroll at or transfer to a different school.Brown announced last month that as part of a plan to redirect resources to its more successful programs it would eliminate 11 varsity sports and promote coed and women’s sailing to varsity status, bringing the school’s total from 38 teams to 29. After a backlash over the disparate effect the cuts would have on minority students, the school backed down and agreed to keep men’s track and cross-country.MICHIGAN-TRANSFERSMichigan announces Smith, Brown joining basketball programANN ARBOR, Mich. (AP) — Michigan officially announced that Mike Smith and Chaundee Brown are joining the basketball program as transfers. Update on the latest sports It’s the latest move to cut ties with the legacy of the team’s racist founder, a segregationist who refused to integrate by signing Black players until “forced to do so” in 1962, more than a decade after much of the rest of the NFL. Marshall owned the franchise from its inception in 1932 and moved the team from Boston to Washington several years later. He was inducted into the Pro Football Hall of Fame in 1963 and died in 1969.Current owner Dan Snyder has faced renewed calls to change the name of the team.PGA-TRAVELERS-KOEPKASBrooks Koepka felt like he was doing everything by the book. Sponsors will be asked to sign up again with the games delayed for a year. A poll published earlier this month by Japanese broadcasters NHK said two-thirds are undecided about extending for another year. Organizers say they will begin the negotiation process in earnest next month. The Japanese newspaper Asahi reported this week that organizers could be asking for “for more sponsor fees payments.” This could face opposition with many companies struggling with the pandemic and a loss of revenue.MASCOTS UNMUZZLEDPhillie Phanatic, Mr Met, MLB mascots now permitted in parkslast_img read more

Kenin breaks Australian hearts; topples Barty to reach Australia Open final

first_imgBy Sudipto GangulyMELBOURNE, Australia (Reuters) – Sofia Kenin sent world number one Ash Barty spinning out of the Melbourne Park semi-finals 7-6(6), 7-5 yesterday to reach her maiden Grand Slam final, crushing Australian hopes of a first home-grown champion in 42 years.American 21-year-old Kenin, seeded 14th at the year’s first Grand Slam, had a breakthrough 2019 season when she won all three of her singles titles to reach a career-high ranking of 12, the United States’ number two behind Serena Williams.But Barty, 23, came into yesterday’s match with a 4-1 record against her and had the American pinned on the back foot with a combination of big forehands and backhand slices. Barty was bidding to become the first local woman to progress to an Australian Open final since Wendy Turnbull in 1980 and looked the more likely winner but Kenin hung tough, saving set points in both frames. “She’s such a tough player, she’s playing really amazing and I knew I really needed to find a way to win,” Kenin said. “This really wasn’t an easy one. I’m just so speechless. “I can’t believe this, I have dreamt about this moment since I was five years old. I’ve worked so hard to get here.“I needed to fight out there. There’s a reason why she’s world number one.” Kenin showed her frustration at times, throwing her racquet on court, but managed to save three break points to hold for 3-3 in the opening set and eventually force a tiebreaker.Despite temperatures soaring to 38 degrees Celsius (100oF), the American kept her cool to win four straight points in the tiebreaker, saved two set points and converted her first to stun the crowd into silence.But the fans soon found their voice again, belting out chants of, “Let’s go Barty, let’s go,” as the home favourite broke Kenin early in the second set to go up 2-1.Serving at 5-4, Barty was primed to level the match and force a decider but even holding two set points she could not get across the line, Kenin battling to get the break and bringing the set back on serve.The American then held before converting her second match point on Barty’s serve to book her place in the final against either Romanian Simona Halep or Garbine Muguruza of Spain, who were meeting in yesterday’s second semi-final. Barty, who hit 33 winners to Kenin’s 16, said she enjoyed the experience of playing a Grand Slam semi-final in front of a home crowd but was disappointed she failed to take her chances.“I think a match where I didn’t feel super comfortable,” she said. “I felt like my first plan wasn’t working. I couldn’t execute the way that I wanted. I tried to go to B and C.“I think I had to dig and find a way. I’m two points away from winning that in straight sets, which is disappointing.”last_img read more

Arsenal complete Magalhaes signing

first_img(BBC) – Arsenal have completed the signing of Brazilian defender Gabriel Magalhaes from Lille for 26 million euros (£23.14M).The 22-year-old, a left-footed centre back, made 34 appearances in all competitions for Lille last season as they finished fourth in Ligue 1. He joins the Gunners on a long-term contract.“He is a player we have been studying for a while and he was in demand from many clubs,” said Arsenal technical director Edu.“Gabriel is a player of high quality and Mikel (Arteta) and his coaches are looking forward to integrating him into the club.”Arsenal boss Mikel Arteta said: “We welcome Gabriel to Arsenal. He has many qualities which will make us stronger as a defensive unit and as a team.“He has proved with Lille he is a defender with many outstanding attributes and we are looking forward to watching him grow as an Arsenal player.”Gabriel said he considered offers from a number of clubs before deciding to join Arsenal.“It was a very surreal experience, there were offers coming from a few different clubs,” he said.“I spoke a lot with my family and my agents, I also spoke with some of Lille’s directors but, as I said, this club’s history and traditions and the team project for the next few years were very motivational for my decision to come here.“So here I am, wearing the Arsenal shirt – I will give my best for it.”last_img read more

Syracuse to host St. John’s in Carrier Dome on Dec. 6

first_imgThe second leg of a home-and-home series will pit Syracuse against long-time rival St. John’s in the Carrier Dome on Dec. 6, the team announced in a release Monday.The Red Storm — with 88 games against the Orange — is the seventh-most familiar foe in the program’s history, with SU holding a 51-37 lead in the all-time series. Syracuse has also won the last nine matchups, most recently a 68-63 victory at Madison Square Garden last season.While the Orange played in its sixth consecutive NCAA tournament after finishing 28-5 in 2013-14, St. John’s finished 20-13 and competed in the NIT.Here’s what the Syracuse schedule looks like so far:Exhibition: Carleton (Canada), Nov. 2, TBDAdvertisementThis is placeholder textExhibition: Adrian, Nov. 10, TBDLoyola (Md.), Nov. 25, TBDHoly Cross, Nov. 28, TBDAt Michigan (ACC-Big Ten Challenge), Dec. 2, TBDSt. John’s, Dec. 6, TBD Comments Published on July 28, 2014 at 11:47 am Contact Jesse: jcdoug01@syr.edu | @dougherty_jesse Facebook Twitter Google+last_img read more

Bilingual social platform partners with Snapchat

first_imgDímelo, featured on Snapchat Discover, is the only Annenberg-sponsored platform to produce content in Spanish. Photo courtesy of Dímelo.A USC student-run media outlet will soon be accessible on Snapchat, thanks to a partnership between the USC Annenberg School for Communication and Journalism and the social media company. Earlier this year, Snap, Inc. began reaching out to several college campuses across the country, asking them to create weekly local campus editions for Snapchat’s Discover section.Upon learning about this initiative, Annenberg associate professor Amara Aguilar worked with Snapchat to help expand Dímelo, a subset of Annenberg Media that creates Latinx and bilingual content, to reach wider audiences using the app. Aguilar co-teaches a journalism course called “Social Media Storytelling for Diverse Audiences” with professor Laura Castañeda, which focuses on multicultural journalism. Students in the class produce content for Dímelo, which will be posted on Snapchat weekly starting Friday. “I think we’re the only Latino campus media brand featured in this program right now, so that’s really exciting for us,” Aguilar said. “I think what’s really important is that students are creating the types of stories that they also consume and engage with, and this is a great opportunity for our Latino brand to have exposure and more engagement with our local audience.”Since its inception in Fall 2016, Dímelo content has been shared on social media platforms like Facebook, Medium and Instagram. With this new partnership with Snapchat, editor Claudia Buccio, a graduate student studying journalism, has been working with Dímelo staff members to adapt to the app by creating shorter versions of what they typically post on other platforms. “It’s been learning to choose snippets of a story that would be appealing to viewers so that they can tap on their screens and watch the whole thing, but at the same time it is also shareable on Facebook or on Instagram,” Buccio said. “It’s been fun because this is a whole new platform we are learning about.”Photo courtesy of DímeloAccording to Buccio, Dímelo’s Latinx and bilingual content greatly appealed to Snapchat. Through weekly editions featured in USC’s geographic area, the Dímelo staff hopes to introduce its audience to Latinx culture, as well as the ins and outs of what it is like to be Latinx in the United States. Additionally, Buccio hopes to help the audience feel included in the Dímelo community by producing both English and Spanish content.“We are in Los Angeles, so it’s important to use both languages in a way that we are comfortable with it,” Buccio said. “Just having the opportunity of using a platform to voice that and also make it available to other students … It’s a way of bringing cultural awareness to our community, which at many times isn’t really represented on platforms, so Dímelo makes sure that that is not the case.”In the future, Dímelo looks to further expand its social media presence by launching a Spanish-language broadcast for Facebook, as well as experimenting with virtual reality projects. Additionally, the students hope to continue their partnership with Snapchat beyond next semester. “[Working with Snapchat] is already an amazing way of getting our voice into the conversation,” Buccio said. “It is a great opportunity for our students, regardless of their interests in media or entertainment or news, [because] there’s a different way of telling stories, and I feel like the platform is friendly for any of those options.” Editor’s note: Daily Trojan news editor Tomás Mier also serves as the managing editor of Dímelo.last_img read more