UK regulator suggests new scheme-sponsor separation mechanism

first_imgThe scheme is poised to enter the PPF, with benefit cuts of 10% for members who have not yet retired.RAA deals have also been struck in full or in principle with Halcrow and Tata Steel UK, but in these cases the arrangement involved the creation of a new scheme that will operate outside the PPF.In TPR’s mind the proposed new mechanism would be separate from and additional to its power to wind up a scheme when it becomes clear the scheme may never be able to meet its funding obligations.On its wind-up power, TPR called for these to be revisited “to allow us to take into account all our objectives which are relevant to DB when considering to exercise it”.In its response to the government’s DB green paper, the regulator also called for more powers in relation to scheme funding and information gathering, and for the requirement for a trustee board chair’s statement to be extended to DB and hybrid schemes.“Being able to set clearer standards and to shift our dynamic with all of our regulated community so that we can monitor against those standards on an ongoing basis, not just when a breach is detected, is essential to our being a more proactive regulator,” it saidIn relation to scheme funding, TPR advocated it being given the power to set binding standards in detailed codes or guidance, supported by a legally enforceable “comply or explain” regime.The regulator also said there was a case for more powers to encourage employers to make higher deficit repair contributions where they can afford to do so.TPR called for more comprehensive interview and inspection powers for information-gathering purposes, and the ability to impose civil penalties in addition to criminal penalties for non-compliance with information requests.On consolidation, TPR said it supported a voluntary approach. Extending the requirement for a trustee board chair’s statement combined with a legal requirement for trustees to update on what they are doing to control costs could provide a significant impetus, it added. The UK pensions regulator has floated the idea of allowing stressed pension schemes to be separated from the employer on the basis of scheme viability rather than the risk of employer insolvency.Responding to the government’s review of defined benefit (DB) scheme regulation, the Pensions Regulator (TPR) said it might “be worth exploring” whether there was room for a mechanism allowing for such a separation.Currently, UK law allows for a sponsoring employer to cut its financial obligations to a scheme if this would avoid the company becoming insolvent. The statutory mechanism for this is a regulated apportionment arrangement (RAA), which must be approved by TPR and the Pension Protection Fund (PPF) and satisfy certain conditions.RAAs are rare, but have grabbed headlines in the past few months. The UK arm of household appliances company Hoover agreed an RAA , which was at risk of insolvency as a result of the funding needs of the pension scheme.last_img read more

Syracuse to retire former star Anthony’s jersey, according to report

first_img Published on January 16, 2013 at 3:52 pm Contact Ryne: [email protected] Facebook Twitter Google+ Carmelo Anthony’s jersey will be retired by Syracuse at halftime of the Feb. 23 home game against Georgetown, according to a Thursday morning SU Athletics press release.The star of SU’s 2003 national championship team is expected to be honored at halftime. During the ceremony, his jersey hanging in the rafters will be unveiled, and he’ll be given the chance to address the Orange fans, according to the release.Anthony will be presented with a framed jersey during the halftime celebration. The 2003 Final Four’s Most Outstanding Player currently stars for the New York Knicks, who play at the Toronto Raptors Feb. 22 and host the Philadelphia 76ers Feb. 24.He averaged 22.2 points per game as a freshman during his All-American 2002-03 season, leading Syracuse to its only national championship. His No. 15 jersey hasn’t been worn since he left campus for the NBA after that season.Anthony will become the 10th player in SU history to have his jersey retired.AdvertisementThis is placeholder text Commentslast_img read more

NHL playoffs 2019: Maple Leafs’ Auston Matthews continues stellar postseason in Game 5 win

first_imgAuston Matthews is on a tear.The third-year center scored his fourth goal of the postseason Friday night in the Maple Leafs’ 2-1 win over the Bruins in Game 5. Toronto leads the series 3-2. Matthews one-timed a Jake Muzzin pass past Bruins netminder Tuukka Rask to break a tie that stood for the first 41:33 of the game. The goal survived a Boston challenge for goalie interference and was Toronto’s first of the period. Kasperi Kapanen added the game-winning marker minutes later.Auston Matthews says all of the goals he’s had called back during the regular season were worth it to have one stand a review in the playoffs: “I was just praying they were going to call it a goal.”— Chris Johnston (@reporterchris) April 20, 2019Matthews has found his stride in the 2019 playoffs; he has five points in five games this year after posting just seven points in his first two postseasons (13 games).The Leafs will have the opportunity to close out the Bruins at home on April 21 at 3 p.m.last_img read more

UNICEF and FF BiH are organising a match on the occasion of Džeko’s birthday

first_imgUNICEF and Football Federation of BiH are going to mark 27th birthday of Džeko with special match on the day of gathering of BIH team for the match of qualifications with Greece, on 18 March.On that way, the wish of the UNICEF ambassador and BiH team player to spend his birthday with children and to draw the attention on athletic abilities of children with difficulties was fulfilled.On that occasion, UNICEF representative Florence Bauer, President of FF BIH Dino Begić and executive director of Special Olympics in BiH Kada Delić will have a press conference on 15 March.last_img read more