Home » Posts tagged 上海夜网UI

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

Continue reading

WWE: Top five cruiser-weight champions

first_img First Published: 11th October, 2019 15:58 IST COMMENT WATCH US LIVE Today, wrestling is all about storylines, feuds and drama. But at one point of time, there were fans who enjoyed a clean, good fight seen in the WWE’s Cruiserweight division. In recent times, WWE has tried to add some drama to the division to garner attention but has received a lukewarm response for the same. It may be time to remove the divide between the Cruiserweight division and the leading rosters of Raw and Smackdown, considering that the former has still a lot to offer. Let’s take a look at five of the greatest cruiserweight champions of all time who took the division to new heights.Also Read | AEW DYNAMITE: Jon Moxley Leaves WWE And Criticises WWE ScriptTop 5 cruiserweight champions of all-timeRey MysterioRey Mysterio made his debut in the WCW Cruiserweight Championship in 1996 and played a pivotal role in its success. The wrestler, who is a role model to many young wrestlers for his style and flair in the ring, brought much-deserved attention to the Cruiserweight title. He was the third champion when WCW brought back the cruiserweight title, defeating Dean Malenko in the process. The Lucha-styled wrestler won the title seven more times, three of which were after WCW was taken over by WWE.Also Read | Eddie Guerrero’s Fascinating Journey To Gold After Beating AddictionJamie NobleThe Cruiserweight division surely helped Jamie Noble make his WWE career. At 5’7″, Noble was a compact wrestler who would have not been able to take on the big brutes of the WWE otherwise. However, as a Cruiserweight champion, Noble was a dynamic presence in the ring. He mesmerized audiences with his agility and style.TajiriTajiri is renowned to be an in-ring technical wizard. A wrestler with flair, he is the first man to hold WWE’s cruiserweight title. He is known for being lightning quick and his dazzling energy. He held the WWE Cruiserweight title three times for a total of 283 days. His best fights were against Rey Mysterio Jr, Billy Kidman and Jamie Noble.  According to him, he left the WWE as the company was reluctant to use him after a knee injury.Chris JerichoChris Jericho is a WWE legend who needs no introduction. But before he became the lord of Raw, Jericho has made a name for himself in the Cruiserweight division. Jericho, who started his career at the age of 19, built a legendary cruiserweight career at Extreme Championship Wrestling (ECW) before moving to WCW, which was then absorbed by the WWE. He held the title four times for a total of 231 days.Also Read | NXT: The Journey Of Indian Actor Saurav Gurjar In The WWE So FarChavo GuerreroAt the start of his career, Chavo Guerrero spent most of his time under the shadow of his uncle Eddie Guerrero’s greatness. But he caught the limelight when he won the WCW Cruiserweight Championship in 2000. Guerrero won the title for the first time as Lieutenant Loco and held it for 55 days. His next reign was for 104 days before losing it to Shane Helm. Once the title moved to WWE, he won it four more times, holding it for 437 days!Also Read | AEW News: Chris Jericho To Defend His World Championships Title Written By Akhil Nambiar center_img LIVE TV SUBSCRIBE TO US Last Updated: 11th October, 2019 15:58 IST WWE: Top Five Cruiser-weight Champions Earlier, WWE fans enjoyed a clean, good fight and its technicality put on cruiserweight division. Let’s take a look at the five greatest cruiserweight champions FOLLOW USlast_img read more

Continue reading