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UK lifeboat fund bolsters reserves despite record year for claims

first_imgThe UK’s lifeboat fund for defined benefit (DB) schemes grew its reserves and improved its funding level despite a year of high-profile corporate bankruptcies.The Pension Protection Fund (PPF) reported a £6.7bn (€7.6bn) surplus for the 12 months to 31 March 2018 in its latest annual report, published today.This marked an increase of nearly 10% on the previous year, despite the fund having to pick up £1.2bn of funding shortfalls from the schemes of bankrupt companies including Carillion and Toys R Us – the biggest hit in a single year since the PPF was established in 2005.More than 65,000 people started receiving benefits from the PPF during the period, including those transferring to the fund as part of the restructuring of the British Steel Pension Scheme. 12 schemes sponsored by collapsed services firm Carillion entered the assessment period in Q1 201849Schemes entered the PPF’s assessment period in 2017-18£1.6bnCombined deficit of the schemes in the PPF’s assessment period£1.9bnIncome from recoveries and restructuring, including cash for the Nortel Networks UK scheme The PPF’s investment portfolio outperformed its liabilities by 3.2%, the annual report stated, bringing its funding ratio to 122.8% – also an improvement year-on-year.Over three years the fund has returned 2.7% annualised, beating its rolling target of 1.8% above Libor.The funding ratio was also aided by “favourable mortality and expense assumption and data changes”, the PPF said. Source: Pension Protection FundFunding targetThe PPF currently charges eligible UK DB schemes an annual levy to help fund its operations. In the 2017-18 financial year it raised £537m.Longer-term, however, the fund aims to become self-sufficient by 2030. According to the fund’s own estimates, it has a 91% chance of meeting this objective – although this was slightly lower than last year.The PPF said it had added in several more measures to calculate the likelihood of hitting this target.Despite the slight decline year-on-year, the fund said: “We remain ahead of the target we have set ourselves at this point on our journey to our funding horizon.”Key figures£29.9bnThe PPF’s assets under management as of 31 March 2018£6.7bnThe lifeboat fund’s surplus242,566Pensioners and deferred members receiving or due to receive PPF compensation46Schemes entered the PPF in 2017-18 PPF chief executive Oliver MorleyAndy McKinnon, chief financial officer, said: “Our success over the past year has come amid a backdrop of political, regulatory and economic uncertainty, so I am pleased to report that we have achieved such strong financial results.“However, there are significant risks in the pensions universe we protect. We continue to monitor these risks to ensure we can meet the needs of our members and our levy payers, and our performance over the past year reflects this.”  Oliver Morley, who took over as chief executive in March following the departure of Alan Rubenstein last year, added: “While we remain strong, we are not complacent. We remain focused on becoming more efficient and effective for our members and levy payers.”Investment portfolioThe PPF’s return-seeking portfolio gained 2.8% overall in the 2017-18 period despite an uptick in asset volatility in recent months.The fund’s listed equity exposure performed strongest, gaining 11.2%.Its alternative assets also made “significant contributions to performance”, the report said, citing in particular private equity, infrastructure and property.During the year, the PPF cut its exposure to index-linked government bonds dramatically, from 7.3% of the portfolio at the end of March 2017 to 1.4% a year later.In total the fund sold nearly £4bn worth of government bonds during the year, both regular and index-linked, although more than 46% of the portfolio remained invested in UK government debt.The proceeds were primarily reinvested into corporate fixed income, the PPF’s accounts suggested – the allocation grew from 9.5% to 14.2% year-on-year.The investment team, led by CIO Barry Kenneth, recently moved from the PPF’s headquarters in Croydon in south London to a central London office in an effort to be closer to the fund’s investment managers and improve its chances of attracting and retaining staff.The PPF said it was continuing to grow its in-house capabilities, including bringing onboard part of its credit portfolio in the 2018-19 financial year.“We may also look to insource other asset classes in the future when we have the necessary resource and expertise in place to do so,” the fund stated.last_img read more

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UK pledges GBP75 million in development support to the region

first_imgNewsRegional UK pledges GBP75 million in development support to the region by: – February 14, 2012 14 Views   no discussions Share Share Sharecenter_img Tweet Flag of the United Kingdom. Photo credit: flags.netKINGSTON, Jamaica (JIS) — The United Kingdom has pledged £75 million to assist with development projects within the Caribbean region over a four-year period.The UK’s commitment came out of talks at the 7th UK/Caribbean Forum held in St Georges, Grenada, from January 20 to 22.Jamaica’s Minister of Foreign Affairs and Foreign Trade, Senator A.J. Nicholson, made the disclosure on Friday, during a statement in the senate on the outcome of the forum, which he attended.Nicholson said the injection of funds will go towards efforts to build resilience through the development of practical mechanisms that will boost growth in investment, employment, production and trade opportunities that would enhance the prospects of the people of the region.“The UK Foreign Secretary (William Hague) underlined the importance that the UK has attached to its relations with the Caribbean and announced a pledge of £75 million, over a four-year period, to assist with the development projects in the region,” he stated.He noted that the pledge of funds was one of the major outcomes of the meeting, which also saw agreement between the delegates from the Caribbean and the UK, to establish strategic partnership to promote prosperity, growth and development.Under the theme ‘Sustainable Growth Toward Prosperity’, the delegates engaged in wide ranging and frank discussions on major areas of cooperation, trade and investment, security, climate change and sustainable development, and foreign policy issues, Nicholson said.In addition to the political dialogue, a significant aspect of the forum was the two parallel meetings on security and trade and investment, both of which identified practical areas for cooperation between the UK and the Caribbean, he informed.“It should be stressed that at the outset of the meeting, the Caribbean insisted that there should be tangible outcomes from the forum, which would have an impact on development at the national and regional levels,” he stated.“We therefore adopted a plan of action that identifies concrete areas of cooperation in this new strategic partnership and areas for joint activities,” the minister added.The UK delegation was led by Hague, and included ministers from the Home Office, Foreign and Commonwealth Office, Department for International Development, security officials, and members of the private sector. The group represented the largest and highest ministerial delegation to the Caribbean in a number of years.The two-day forum is considered the principal vehicle for political dialogue between the UK and the countries of the region, including Cuba and the Dominican Republic.Caribbean News Now Sharing is caring!last_img read more

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Cali third, McMonagle fourth for Bees at sectional wrestling meet

first_imgThe middle of February means that, for the Baldwinsville wrestling team, it was time to again head to SRC Arena for the Section III championship meet.And while the Bees did not have any of its wrestlers reach the finals, it still got a handful of podium finishes as it picked up 50.5 points for 13th place in the team portion, Fulton winning with 258.5 points.Aiden Cali earned third place at 106 pounds, having nearly got to the title round before a narrow 7-6 defeat to Watertown’s Jack Clough in the semifinals.Moving to the consolation bracket, Cali won over Damon Hogan (Central Square) and then pinned Jamesville-DeWitt/CBA’s Jackson Thomas in the third-place bout.Jared McMonagle was the lone B’ville wrestler to enter the sectional meet as a top seed, at 99 pounds, and did pin his quarterfinal opponent, Liverpool’s Lucas Smith, in 55 seconds.But in the semifinals, McMonagle ran into Indian River’s no. 4 seed, Brady Lynch, who beat him 10-4. McMonagle would win once in the consolation bracket, but settled for fourth place when Carthage’s Shay Sinitiere claimed a 9-5 decision in the consolation bracket final.Max Naples earned sixth place at 120 pounds. Connor Krahl, after a first-round 2-1 win over Trey Darmody-Latham (Syracuse) in the first round at 160 pounds, got pinned by the eventual champion, Fulton’s Kamrin Galvin, in the quarterfinals.At 182 pounds, Mike Krahl lost to another top seed, Carthage’s Tom Albright. Jacob Mitts (220 pounds) pinned the Comets’ Michael Okooti but suffered a 17-second fall by Auburn’s Keyshin Cooper in the next round.Korbin Haney (285 pounds) took a quarterfinal defeat to Liverpool’s J.J. Guindy. Kegan Hayes (99) lost in the opening round, as did Mason Clarke at 113 pounds, Ryan Hemund at 152 pounds and Fred Pickard at 182.Share this:FacebookTwitterLinkedInRedditComment on this Story Tags: Baldwinsvillewrestlinglast_img read more

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AAF players ‘authorized’ to sign with NFL teams, suspended league announces

first_imgWith the AAF players allowed to sign with NFL teams, it appears as if it is only  a matter of time before the suspended league folds.Tuesday’s decision to suspend operations shocked AAF players and coaches alike, especially since there were just two weeks left in the season. Some of the teams decided to throw in the towel altogether and send coaches and players home (albeit reportedly without paying their way after opting not to keep housing them in hotels during the “indefinite” suspension).Now that AAF players and NFL personnel can be in contact, there might be some NFL teams willing to take a flyer on the best out of the AAF, at least in the form of meetings or workouts.Despite players being allowed to explore NFL options, some players are reporting that with the suspension of league operations, players are on the hook for paying for their current lodgings, amongst other charges that the league normally would take on. Adrien Robinson, a former Giants tight end who played for the Memphis Express, detailed how he now has a $2,500 charge for [email protected] I woke up to over a $2500 charge pending on my account from the Sonesta hotel our team stayed in. I called the bank and Memphis team president. My only option is to dispute the charges on Monday. The same thing happened to other players on our team @ohrnberger— Adrien Robinson (@ItsARob8One) April 4, 2019Memphis fullback Anthony Manzo-Lewis also posted to Twitter that the team had their personal items waiting in the lobby of their hotel after the league suspended operations and that he had no place to stay.The AAF was created with the hope of being a farm system to the NFL. AAF officials were trying to clear the way with the NFL Players Association to be able to borrow third- and fourth-string players from NFL rosters to give them playing time and experience, but there reportedly was pushback from the NFLPA about allowing that to happen. FanDuel names Orlando Apollos AAF champions, will pay futures bets AAF co-founder Bill Polian blasts Tom Dundon for shutting down operationscenter_img With the writing on the wall, the Alliance of American Football is allowing its players to sign with NFL teams, the upstart league announced Thursday.This counters previous reports that the AAF wasn’t allowing its players to talk to NFL teams at all by sending a memo to the NFL telling the organization not to contact AAF members. Some argue that the AAF players already were free to sign with NFL teams because when the AAF suspended operations it did so in breach of its contracts with the players, rendering them free agents immediately. Legal arguments aside, NFL teams now will be allowed to sift through names on the eight AAF rosters and determine if they want to contact players for potential meetings and workouts.While the AAF has suspended operations, it hasn’t officially folded or canceled its season, which is why the memo reportedly was sent out. Related Newslast_img read more

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Wellington grapplers lose; WHS wrestling invite Saturday; WMS b-ballers battle Mulvane; Oxford wins; schedules…

first_imgTournament Week (Sumner teams)Fri. Dec. 12Sat. Dec. 13 WELLINGTON TEAMFri. Dec. 12Sat. Dec. 13 WMS BasketballOpenOpen G- 3, B- 4:40 JV Boysv. C. Springs, 3TBA C Boys Fairfield Tournament (Oxford)Oxford v FairfieldOxford TBA Varsity Girlsv. C. Springs, 3TBA by Tracy McCue, Sumner Newscow — Wellington High School wrestlers lost to Pratt in their home opener; the Wellington Invitational wrestling tournament is slated for Saturday, Wellington Middle Schoolers were playing round ball, Oxford boys won a tough one in the Fairfield Tournament, and schedules for Saturday to Monday.•••••WHS wrestlingThe lower weight divisions will likely be Wellington’s achilles heal all season, and Thursday was not exception. The Crusaders lost 48-27 to Pratt due to six consecutive losses in the lower and middle ranks.Wellington got two victories on the mat. Senior Vincent Ast won 11-10 at 170 pounds and Ian Groom was a winner at 195 with a pin. The Crusaders garnered 18 points on open divisions at 145, 220, and heavyweight. Pratt scored six at 113 with no Wellington wrestler. On the mat, Pratt was dominating in the early rounds pinning: Daniel Schmidt at 106, Andrew Wolf at 120, Adrian Wiseman at 126, Chevy Nuss at 132, and Ian King at 138.Zach Bodkins lost 9-3 at 152 and Joey Haydon lost 9-2 at 160. It wasn’t until Ast’s victory at 170 that Wellington saw success on the mat.•••••Wellington InvitationalThe Wellington Invitational Wrestling tournament is slated for Saturday.It will begin at 9 a.m. in the two high school gymnasiums and include 14 schools with varsity and junior varsity teams. Those schools competing include: Andover, Circle, Clearwater, El Dorado, Mulvane, Salina Central, Winfield, Rose Hill, Wichita East, Bishop Carroll, Wichita Northwest, Wichita North, Wichita Trinity Academy.Bishop Carroll and Wichita Northwest will bring in ranked squads.•••••WMS basketball results Eighth grade girls A: Mulvane 24 Wellington 20.Scoring: Ellie Buresh 6, Taylor Meyer 4, Adrienne Norris 2, Brooke McCorkle 2, Chloe Wilson 4, Taryn Stoddard 2.Eighth grade girls B: Mulvane 22 Wellington 20Scoring: Taylor Meyer 6, Carrie Nuss 4, Arielle Pottier 4, Lyrik Williams 2, Camryn Ricke 2, Peyton Leathers 2.Seventh grade girls A: Wellington 23 Mulvane 22.Scoring: Jones 17, Scheufler 6.Seventh grade girls B: Wellington 23 Mulvane 21.Eighth grade boys: Mulvane 44 Wellington 43Scoring: Silas Popplewell 20, Gage Cunningham 9, Blake Rausch 6, Cade Fairbanks 4, John Long 2, Tyler Brown 2.•••••Oxford 33 Chase 32Chase took a 17-10 lead at the half, but Oxford scored almost half of its points in the third quarter to help lift itself to victory. Oxford held Chase to 2 points in fourth quarter.The game had just three free throws shot in the game.Oxford coach Kyle Green comments:We did not play very well last night offensively. We were 3 of 18 from the floor in the first half, all in the paint. We looked tight early and did not finish inside. Defensively, we were able to clamp down a little bit. Daelyn Haskins did a great job defensively last night. He’s not going to be a big scorer for us, but as far as being a point guard who defends and distributes the ball, he’s one of the best I’ve had. He understands his role. Catlin and Williams picked it up in the second half and gave us a boost. Grant Smith came off the bench and gave us some quality minutes. We were able to battle and win an ugly game and sometimes you have to do that. Like I tell the boys, sometimes you aren’t going to shoot it well, but defense is one of the things you can control, its something that no matter what’s going on, can be there for you. We are 2-0 on the year and turn around and head back to Fairfield tonight to play Fairfield in the their tournament. We need to find a way to get it done.•••••Schedule for this weekend and Monday JV Girlsv. C. Springs, 4:40TBA Varsity Boysv. C. Springs, 4:40TBA Follow us on Twitter. G- 3:30 B- 5G- 6, B- 7:30 WHS JV WrestlingOpenWellington Invitational, 9 a.m.center_img Kingman Tournament (Conway Springs, Wellington)CS v. WellingtonCS, Well TBA WHS WrestlingOpenWellington Invitational, 9 a.m. Caldwell v Central Marion Tournament (Belle Plaine)BP TBA Boys Pond Creek Tournament (South Haven) G-6, B- 7:30 Caldwell Border-Queen Tourney (Caldwell, ArgoniaArgonia v NorwichCaldwell v Argonia WHS BasketballKingman tourneyKingman tourney G- 6:30 B- 8 Girls Close Forgot password? Please put in your email: Send me my password! Close message Login This blog post All blog posts Subscribe to this blog post’s comments through… RSS Feed Subscribe via email Subscribe Subscribe to this blog’s comments through… RSS Feed Subscribe via email Subscribe Follow the discussion Comments Logging you in… Close Login to IntenseDebate Or create an account Username or Email: Password: Forgot login? Cancel Login Close WordPress.com Username or Email: Password: Lost your password? Cancel Login Dashboard | Edit profile | Logout Logged in as Admin Options Disable comments for this page Save Settings You are about to flag this comment as being inappropriate. Please explain why you are flagging this comment in the text box below and submit your report. The blog admin will be notified. Thank you for your input. There are no comments posted yet. Be the first one! Post a new comment Enter text right here! Comment as a Guest, or login: Login to IntenseDebate Login to WordPress.com Login to Twitter Go back Tweet this comment Connected as (Logout) Email (optional) Not displayed publicly. Name Email Website (optional) Displayed next to your comments. Not displayed publicly. If you have a website, link to it here. Posting anonymously. Tweet this comment Submit Comment Subscribe to None Replies All new comments Comments by IntenseDebate Enter text right here! Reply as a Guest, or login: Login to IntenseDebate Login to WordPress.com Login to Twitter Go back Tweet this comment Connected as (Logout) Email (optional) Not displayed publicly. Name Email Website (optional) Displayed next to your comments. Not displayed publicly. If you have a website, link to it here. Posting anonymously. Tweet this comment Cancel Submit Comment Subscribe to None Replies All new commentslast_img read more

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