The pension fund said the new arrangement would increase the chance that the current annual pensions accrual of 1.875% of a paid salary could not be continued.It indicated that its initial calculations, based on the discount rate for liabilities, suggested that the accrual would have to drop to 1.48%.“This is much lower than the accrual percentage expected by the employer and the unions, and approximately 20% less than the current accrual,” the pension fund said.Drawn on the interest rate level of May-end, the negotiating parties expected an annual pensions accrual of 1.79%.However, since then interest rates have dropped significantly.Court must decide on BPL’s disputed trustee appointmentThe €20bn Dutch pension fund for the agricultural sector (BPL) and its pensioners’ association (MLP) have failed to reach a settlement about the appointment of a trustee on behalf of the pensioners.They have asked the court to pass a final verdict in the long running dispute in which BPL refuses to appoint Arthur Theunissen, as it had suggested he was not capable of a board position.Last month, both parties – urged by the court – tried in vain to settle the conflict, which started two years ago and saw them in court six times since then.Both institutions declined to provide details about the reason why their settlement talks had collapsed.In a short response, MLP said the court would have to decide whether BPL had to pay up to €500,000 in penalties for non-compliance with earlier court decisions.Last year, pensioners elected Theunissen as one of their two representatives on the pension fund’s board, after BPL had been forced to allow him as a candidate on behalf of its pensioners.However, the industry-wide scheme has emphasised that it rejected Theunissen as a trustee.Whether he can join the board at all is still unclear, as supervisor De Nederlandsche Bank (DNB) hasn’t published the outcome of its examination on his suitability as a board member.Rockwool delays switching to new pensions providerDutch firm Rockwool has delayed its plan to pick a new pensions provider in the wake of the new pensions agreement, lower allowed assumptions for future returns as well as low interest rates.As a consequence, its €403m pension fund will keep on providing pensions for 3,100 participants, 40% of whom are active members, in 2020.On its website, the scheme announced that the pensions accord, the new return parameters as well as the low interest rates environment had changed the fund’s situation.Before deciding on changes, the board and the social partners wanted to have a better insight into the consequences of all developments, it said.Earlier this year, Rockwool said the employer and social partners had announced they wanted to seek a new provider.At the time, the options were to leave accrued pension rights with the pension fund while placing new accruals elsewhere, or transferring everything to a new provider, which could be another scheme, a general pension fund (APF), an insurer or a Belgian pensions vehicle.A survey had shown that participants, and pensioners in particular, preferred certainty and a stable pension, rather than a pension that could rise and fall.The Rockwool scheme said it was possible that it had to cut pension rights in 2020 due to insufficient recovery potential. At September-end, its funding stood at 95.5%.The pension fund further stated that, as a result of low interest rates, it expected its annual accruals to also fall short of the fiscally allowed 1.875% of the pensionable salary.This year, its annual accrual percentage was 1.774%. The pension fund of bank ABN Amro said that the introduction of a fixed contribution – as recently agreed between the trade unions and the employer – could lead to a 20% reduction in pensions accrual over the next five years.On its website, the €31bn scheme announced it was assessing whether it could implement such an arrangement, which is the backbone of the new collective labour agreement (CAO) at ABN Amro.During the past years, the premium paid by the employer varied. It currently stands at 46% of the pensionable salary.However, last month the unions and the plan sponsor agreed that the latter would contribute 37% over the next five years.
Press Association Mark Selby eased into the semi-finals of the Shanghai Masters with a 5-0 defeat of Fergal O’Brien. He will play Mark Allen for a place in the final after Allen held his nerve to edge Michael White 5-4. Breaks of 83, 55 and 74 helped Allen take control and he moved to within a frame of victory by edging a tight fifth frame. However, the 28-year-old from Northern Ireland failed to score a point as Welshman White stormed back with breaks of 85, 83 and 76 – only for Allen to seal victory by edging a tight decider. Defending champion Ding Junhui will play Stuart Bingham in the other semi-final. Home hope Ding, the world number three, did not look back after taking the first two frames against Graeme Dott, going on to win 5-2. Bingham defeated Alan McManus 5-1. The Scot briefly levelled the match but was largely on the back foot, with Bingham’s break of 114 in frame five the highlight of the contest. The ‘Jester from Leicester’, ranked number one in the sport’s money list, started and finished with a flourish. Selby won the first frame with a break of 75 and wrapped up with a 76, although there was little to separate the two in the middle three frames.
Published on January 24, 2017 at 12:23 am After back-to-back road losses against Top 15 teams, Syracuse (11-9, 3-4 Atlantic Coast) returns home to take on Wake Forest (12-7, 3-4) on Tuesday night. Here’s how our beat writers think the game will end.Connor Grossman (12-8)Demon catchersSyracuse 77, Wake Forest 70For at least one more game, Syracuse will continue pedaling the narrative that it’s a different (better) team in the Carrier Dome than outside of it. That storyline is much likelier to shift after this weekend’s tilt against No. 6 Florida State. But against Wake Forest, SU won’t need its best game of the year to grab a fourth conference win. The Orange would do well though to flex some depth behind Tyler Lydon, Andrew White and Tyus Battle. Specifically in the frontcourt, Taurean Thompson, Tyler Roberson and Dajuan Coleman have been neutralized offensively. A big game out of that trio would be a good start to imagining an upset over the Seminoles, not to mention a win over the Demon Deacons.Matt Schneidman (10-10)Holding a wakeWake Forest 81, Syracuse 70The Demon Deacons have averaged 94.5 points in back-to-back wins heading into the Carrier Dome on Tuesday night. Syracuse, well, we know how the Orange fared this past week in its first two chances for signature conference wins. So much for being much better at home than on the road, as Jim Boeheim’s team continues its worst start ever under the head coach by slipping one game closer to .500. At this point, the NCAA Tournament isn’t even in the rearview mirror. The NIT may not even be within sight after this home loss.AdvertisementThis is placeholder textPaul Schwedelson (13-7)Staying awakeSyracuse 71, Wake Forest 64The collective eyes of the Orange’s fanbase are right around that point late at night when they get heavy and it’s hard to keep them open. After a long day of work, it’d be easy to just let the eyelids shut and dream of a better season in 2017-18. But for at least another few days, Syracuse gives its fans a reason to keep their eyes open and watch this season. Wake Forest has won its last two, but lost four of five before that. The Demon Deacons don’t pose many dangerous threats outside of power forward John Collins. If SU can stay out of foul trouble (Collins draws 7.5 fouls per 40 minutes per Kenpom.com, which ranks 17th nationwide) and limit Collins, Syracuse should do just enough to squeak by. Comments Facebook Twitter Google+