Porsche drives VBV’s growth with transfer of Austrian pension fund

first_imgThe largest Austrian pension fund is set to grow further by taking on Porsche’s retirement plan, one of the last remaining company Pensionskassen in the country.On 2 April the general assembly of the €7bn VBV Pensionskasse will vote on the takeover of the Porsche fund, according to a notice in Austria’s official gazette. The vote is understood to be a formality, but it has not been disclosed when the transfer will be finalised.It is also unclear by how much the VBV will grow, as Porsche has not disclosed any details of its Austrian pension plan. Over the past decade various other company Pensionskassen in Austria have been transferred to multi-employer providers. The main reasons cited in most of these cases were complexity in regulatory requirements, and asset management having led to increased administration costs.In addition, many companies did not want to build the in-house expertise to deal with the increased complexity of Austria’s pensions system.In several cases the complete transfer was preceded by outsourcing asset management to one of the multi-employer Pensionskassen.Among the larger transfers were Unilever, Shell, Generali, Siemens, Infineon, Austrian federal energy company Verbund, regional energy provider EVN, and the economic chamber WKÖ. Now, there are only two independent company Pensionskassen left: IBM Austria, and the fund for Austrian social insurance (Sozialversicherungen).In early 2016, the first sale of a multi-employer Pensionskassen provider since the initial consolidation phase in the early 1990s was finalised, when Bonus bought Victoria-Volksbanken’s Pensionskasse and Vorsorgekasse. Read more about the VBV Pensionskasse in the upcoming April edition of the IPE magazinelast_img read more

Maarek team mull Curragh option

first_img Trainer Evanna McCutcheon is keen to have the option of the Group Three as she is worried conditions may not be suitable for the seven-year-old at Royal Ascot. “We’ve not ruled it out,” she said. Press Association Maarek could turn up in Saturday’s Weatherbys Ireland Greenlands Stakes at the Curragh after putting up one of his best ever performances at York last week.center_img “There’s very little rain forecast before Ascot when you look at the long range forecasts, there could be some warm weather. “He’s come out of York fine and there’s a bit of rain forecast at the end of this week at the Curragh which would suit him down to the ground. “Whether he runs this week or not will not affect whether he goes to Ascot, there’s still plenty of time. “There’s a race in France for him in early June but that might be getting a bit close. “The way he won at York, giving a lot of weight to a Group One winner, you’d have to say it was one of his best runs last week.” Eddie Lynam’s Slade Power, a winner at Ascot on Champions Day, also has the option along with stablemate Viztoria. Aidan O’Brien has a few interesting entries with Darwin, Guerre, Due Dilligence and Fountain Of Youth among his possibles. Kevin Ryan’s Hamza may travel over from North Yorkshire while Dermot Weld’s Alkaaser, also in the Irish 2,000 Guineas, could take in the sprint instead. last_img read more

Cecil Lake Fire Update

first_imgThis map shows the approximate location of the fire near Cecil Lake.According to this morning’s update, the North Peace wildfire, which is believed to have started yesterday morning, now covers at least 200 hectares northwest of Cecil Lake.- Advertisement -This is Jilian Chimko, of the Prince George Fire Centre… [asset|aid=185|format=mp3player|formatter=asset_bonus|title=Chimko_2_Pub.mp3] In addition to the 2 air tankers, 3 unit crews, comprising approximately 60 firefighters, are fighting the blaze on the ground. One crew is from Fort St. John and the other two are from the Northwest Fire Centre. They’re using 2 pieces of heavy equipment and are being assisted by 3 helicopters.The reported fire location is about 40 km northeast of Cecil Lake and about 15 km east of the Osborne River. The Prince George Fire Centre also reports the fire danger rating in the North Peace remains at High, although the weather forecast indicates that could change in the next two or three days.last_img read more