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IBM scheme in Netherlands reports 3% loss over 2013

first_imgThe Dutch pension fund of IT giant IBM has reported a 3% loss over 2013, despite a positive return on its investments of 0.3%.In its annual report, the scheme attributed the performance to the effect of rising interest rates on its interest swaps and swaptions, which it uses to hedge the interest risk on its liabilities.However, it said the positive effect of the adjusted discount rate on its nominal funding largely offset the impact of rising rates.Its coverage ratio fell by 1.2 percentage points to 121.9% at year-end but is still 97.4% in real terms. The pension fund’s financial position enabled the scheme – also known as SPIN – to grant participants in its defined benefit plans an indexation of 1.73% and 2.13%. Following the new discount rate – the three-month average of interest rates plus the ultimate forward rate – it reduced its interest hedge from 100% to 90%. SPIN manages pension assets of €3.9bn, largely in defined benefit arrangements, with €300m in a defined contribution plan, and has 14,165 participants in total. Its assets have been invested in a 70% fixed income portfolio and a 30% securities portfolio.The scheme said last year’s rate increase caused a 2.6% loss for participants in the last of the five age groups in its defined contribution plan due to the large proportion of fixed income in their investment mix.“However,” the SPIN board added, “the increased interest rates also had the benefit that retiring participants could purchase a better pension from insurers with their accrued assets.”The youngest age group in SPIN’s defined contribution scheme – with 90% equity allocation – saw its investments return nearly 19%.The IBM scheme, which did not disclose specific investment results, also confirmed that it replaced French government bonds with Dutch ones last year.SPIN said it planned to review its investment mix due to low interest rates and the effects of rising rates and inflation on indexation.It added that it also wanted to assess the investment portfolio for its DC plan extensively.SPIN will also examine whether the pension fund’s structure needs to be adjusted for a “proper implementation” of the DB and DC scheme, and said it would look in particular at costs, governance and risk management.The scheme reported administration costs of €588 per participant and said it spent 0.46% of its assets on asset management last year.last_img read more

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Matt Nieto reaping rewards of hardwork over off season

first_imgDAY6 is for everybody MOST READ He exploded for a career-high 22 points against the winless Tigers in an impressive shooting display as he went 7-of-12 from the field.Matt said this increase in production is the product of an intenstive personal preseason workout.“Maybe I just improved since last season, I just really practiced hard during the summer break,” said Matt. “I’m thankful for my coaches and my teammates for giving the confidence.”ADVERTISEMENT Ginebra thwarts San Miguel’s grand slam bid, enters semis Jake says relationship with Shaina ‘goes beyond physical attraction’ Season 78 eventually saw Matt develop into his own as he grew into one of Ateneo’s main offensive threats.READ: Ateneo stays unbeaten in five games, keeps UST winlessFEATURED STORIESSPORTSRedemption is sweet for Ginebra, Scottie ThompsonSPORTSMayweather beats Pacquiao, Canelo for ‘Fighter of the Decade’SPORTSFederer blasts lack of communication on Australian Open smogIn Season 80, Matt has more than doubled his career scoring average to 10.8 points to become Ateneo’s leading scorer behind Thirdy Ravena, who averages 17.4 a game.“I’m just doing my job, I’m just finding open lanes, looking for my teammates, and it’s just a bonus that I can make my shots,” said Nieto Wednesday after the Blue Eagles’ 94-84 win over University of Santo Tomas. OSG plea to revoke ABS-CBN franchise ‘a duplicitous move’ – Lacson Photo by Tristan Tamayo/INQUIRER.netMatt Nieto just went from twin brother to just about anything for Ateneo.Joining the team in 2015 together his twin brother Mike, Matt struggled to find his form in the first two seasons with the Blue Eagles as he averaged just 4.4 points as an on-and-off rotation player.ADVERTISEMENT Sports Related Videospowered by AdSparcRead Next For the complete collegiate sports coverage including scores, schedules and stories, visit Inquirer Varsity. Steam emission over Taal’s main crater ‘steady’ for past 24 hourscenter_img Carpio hits red carpet treatment for China Coast Guard PLAY LIST 02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite03:23Negosyo sa Tagaytay City, bagsak sa pag-aalboroto ng Bulkang Taal01:13Christian Standhardinger wins PBA Best Player award In ‘Jojo Rabbit,’ Comedy and Drama Collide It’s too early to present Duterte’s ‘legacy’ – Lacson How to help the Taal evacuees Mos Burger to open in Manila; teases with a pop-up View comments Margot Robbie talks about filming ‘Bombshell’s’ disturbing sexual harassment scene LATEST STORIES Don’t miss out on the latest news and information. last_img read more

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