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Irish pension fund deficits soar to €6.8bn

first_imgConor Daly, partner at LCP, said: “These rises bring challenges, both for the companies themselves and the members … many companies have committed to funding proposals that have been approved by the Pensions Authority.“Market conditions could result in those going off track by year-end 2016 and may require re-negotiation with pension scheme trustees and approval by the Pensions Authority for 2017.”In July, less than a month after the UK voted to leave the European Union, the Bank of Ireland pension fund reported a €460m increase in its deficit.The sudden spike in shortfalls – which for some pensions reached record highs – could hurt dividend payouts and force financial services companies to hold higher regulatory capital, Daly added.Pension funds that avoided wind-up during the 2008 financial crisis might soon come under renewed pressure as the cost of sponsor contributions mounts.In addition, members will “undoubtedly have to take some of the pain”, Daly said, including potential benefit cuts or scheme closures.In its report, LCP said the volatile nature of Irish deficits showed that many companies had yet to implement effective de-risking programmes.LCP analysed the balance sheets of 26 Irish public and state-owned companies with “significant” DB assets to determine the impact of contributions and deficits on sponsor covenant.The consultant found that, last year – a period in which deficits substantially reduced – sponsors contributed on average more than double the amount necessary to cover benefit accruals in an effort to plug shortfalls.Two companies, C&C Group and DCC, contributed more than 10 times benefit accrual.The 26 firms contributed an aggregate €1.16bn to their pensions during 2015.At the end of 2015, only one sponsor – building materials company Kingspan Group – had a surplus in its pension fund.Across the channel in the UK, research by Hymans Robertson indicated that market movements in the wake of the US presidential election helped reduce the UK’s aggregate DB deficit.The consultant estimated a reduction of £35bn (€40.7bn) to bring the shortfall to £825bn as of November 15.Calum Cooper, partner at Hymans Robertson, said: “If the experience of the past year, and particularly the past six months, teaches us anything, it’s that deficits can be extremely volatile.“But these huge gyrations in headline funding figures should not knock schemes off course. A long-term focus needs to be maintained through short-term political fog and uncertainty.” Irish pension schemes’ funding plans may come unravelled in the coming months due to spiralling deficits, consultant LCP has warned.The combined shortfall of Irish defined benefit (DB) pensions ballooned in the first nine months of 2016 to €6.8bn, according to LCP estimates.Falling corporate bond yields, quantitative easing in Europe and the impact of Brexit caused Ireland’s aggregate shortfall to more than double since the end of 2015.Equity gains this year and a bond market rally following the US election earlier this month softened the blow but only marginally.last_img read more

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The builders of this luxury home had to get creative when a heritage protected tree got in the way

first_imgThe quality finishes were popular with prospective buyers.Agent for the sale, Tony Mower from Havig & Jackson Clayfield said more than 50 groups went through the home in the two weeks it was on the market. The split level home makes the most of the space.“The architecture is very unique because the house has to fit around the tree,” Mr Mower said. The four-bedroom home, built five years ago, is in an elevated ­cul-de-sac and the city skyline can be seen clearly from the balcony. This luxury home needed to be designed so that a tree would not be harmed.ABEAUTIFUL heritage-protected tree could have been a big problem for the builders of this Windsor home. The Moreton Bay fig at Elam St could not be knocked over, so instead the builders of the luxury home at 29 decided to build around it. The beautiful home and amazing tree now sit side-by-side.center_img Inside 29 Elam Street WindsorThe gamble appears to have been embraced, with the house selling for $2.41 million.More from newsParks and wildlife the new lust-haves post coronavirus18 hours agoNoosa’s best beachfront penthouse is about to hit the market18 hours agoIt was the highest price for a residential property in Windsor since 2016, according to CoreLogic. It is on a double allotment on 810sq m and is close to Windsor station and Kedron Brook Rd. Interest in the property was mainly from people throughout Brisbane, with Mr Mower saying people liked the quality of the build and the views due to its elevated position.last_img read more

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Where Next, Next Season?

first_imgVictor Moses was outstanding for Wigan Athletic during the 2011/12 English Premiership season. That was why the coaching crew of Chelsea lured him to Stamford Bridge but eventually loaned him to Liverpool a season after. Since then, the club he will play for has always been an issue at the beginning of every new season. Next season won’t be any different as West Ham United are ready to invest hugely on new strikers which would mean the Nigerian international would be shipped out of Upton Park. Or will the new Chelsea coach, Antonio Conte see something in him that previous Blues coaches did not see? Kunle Adewale reports Victor Moses’ celebrated move to Stamford Bridge was not as fruitful as expected. He did not get enough playing time. He was eventually loaned to rivals, Liverpool, in September 2013. In spite of scoring on his debut at Anfield, then Reds’ boss, Brendan Rogers would prefer in-form former Reds winger, Raheem Sterling to the Nigerian and he had to endure another loan spell at Stoke City during the 2014/15 season.It was another loan spell at West Ham this current season in spite of high speculation that he would stay at his parent club–Chelsea, especially having been given a squad number, the jersey number 20, last won by former Portuguese star, Deco. Moses impressed in all the Blues pre-season friendlies, scoring in the equalizer in the penalty shootout win against PSG in the United States.With West Ham United co-chairman, David Sullivan revealing on Monday that the Hammers have made a big-money transfer bid for an unnamed striker, Moses’ future in the club now looks uncertain.Speaking to Sky Sports, the businessman not only confirmed that the Champions League hopefuls had made a move for an attacker, but also that they are planning another high-profile move later this week.“We’ve put a bid in today for €30m for a player and other bids will be going in. We’re going to make a £20-25m for a player in England, maybe later this week. So, whatever happens, we intend to bring a top striker in.”While Sullivan sought to play down the revenue boost the club will receive from a switch to the Olympic Stadium, it is understood that the Irons will be looking to reinvest some of the windfall they received from over 52,000 confirmed season ticket holders.Moves for new strikers at Upton Park may mean the services of Moses are not needed.Moreover, the Nigerian suffered a long injury spell, which denied West Ham of his services for much of the season and this could be a big minus for Moses in the club’s preparation for next season.Indeed, Moses revealed that it was injury that forced him out of the national team after playing a key role  in Super Eagles victory at the 2013 Africa Cup of Nations in South Africa with Coach Stephen Keshi in charge. But under coach SundayOliseh, Moses did not lace his boots for Nigeria. His last Super Eagles appearance was in the 2-0 loss to France at the 2014 World Cup but he has reaffirmed his commitment to Nigeria. “I’m proud of being a Nigerian international and am always committed to playing for my country,” Moses told BBC Sport. “It’s the best feeling representing your country and I always want to perform and give 100 percent for the team. Unfortunately, I have not been able to play due to injuries but I have an unwavering commitment to Nigeria. There is a new manager and the team has been doing well but without me. I’m prepared to give it my all and fight for a place on a regular basis, that’s my aim. This is football, a competitive stage and I have to fight hard to get in but I don’t mind doing that,” said Moses after he was invited for the Africa Cup of Nations qualifier against Egypt.And if he has to return to his parent club next season, he would face stiff competition for a place in the starting. Chelsea may have little choice but to send him on another season loan spell or sell him to another club as Moses is no longer getting younger.As the 2015/16 ends this weekend, the next destination of Moses is being watched with keen interest as he could be anywhere. But it would always be in his interest to play in a team where he would have enough playing time rather than a team where he would just make the numbers. Now 25, the time has come for Moses to settle down at one club and attempt to build a legacy, rather than persistent movement that has characterised his career.Moses was born in Lagos to a pastor. When he was 11, his parents were among thousands killed by rioters in northern Nigeria. A week later, with his travel paid for by relatives, he came to Britain as an asylum seeker. He attended Stanley Technical High School, now known as the Harris Academy, in South Norwood. Scouted playing football in the local Tandridge League for Cosmos 90 FC, Crystal Palace approached him, with the club’s Selhurst Park stadium just streets away from his school.Moses first came to prominence at 14 after scoring 50 goals for Palace’s under-14s side. Playing for three years at Whitgift and Palace, Moses scored over 100 goals as well as helping Whitgift win many school cups, including a National Cup where he scored all five goals in the final against Healing School of Grimsby at the Walkers Stadium, Leicester.Moses joined Chelsea from Wigan for £9m in 2012 and scored 10 goals in his first 12 months with Chelsea’s first team, five of which helped the club claim the Europa League. He was an exciting prospect at Wigan, but he has failed to fulfill his potential at Chelsea, as he was used  sparingly. He featured 23 times during last season’s loan spell at Stoke and remains on the radar for as long as other wing targets slip through the net.It however remains to be seen if Chelsea’s new gaffer, Antonio Conte, would see in Moses what previous coaches had failed to notice in him.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more

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