Heir supply

first_imgWould you like to read more?Register for free to finish this article.Sign up now for the following benefits:Four FREE articles of your choice per monthBreaking news, comment and analysis from industry experts as it happensChoose from our portfolio of email newsletters To access this article REGISTER NOWWould you like print copies, app and digital replica access too? SUBSCRIBE for as little as £5 per week.last_img

Read More »

EIOPA responds as PensionsEurope echoes common framework fears

first_imgPensionsEurope has called for a “period of legislative calm” in a follow-up position paper on EIOPA’s proposal for a common framework for risk management, with the association saying it was “strongly opposed” to EIOPA’s call for national authorities to take regulatory action based on the common framework tool.The European Insurance and Occupational Pensions Authority (EIOPA) issued its proposal in April.Reactions from the industry in the immediate wake of the announcement were positive about EIOPA’s decision to drop its work on solvency but negative on the proposal for a common framework, to be used for risk assessment and transparency for defined benefit (DB) pension schemes.PensionsEurope issued a brief statement at the time, saying the common framework was “costly” and “unnecessary” and that it would comment in more detail at a later stage.  Since then, the German occupational pensions association, aba, has raised concerns about EIOPA’s proposal, in particular its fear that the supervisory authority could yet make a move that would effectively lead to solvency requirements for Institutions for Occupational Retirement Provision (IORPs) – the frequently made holistic-balance-sheet-through-the-back-door argument.This is based on EIOPA’s having called for national supervisors to be provided with “sufficient powers to act in response to the conclusions of the standardised risk assessment”.PensionsEurope’s latest reaction to EIOPA’s proposal appears to echo aba’s argument.Janwillem Bouma, chair of the European pension fund association, said IORP II, the new EU occupational pensions legislation, “contains a thorough framework for pension funds’ future risk management and assessment” and that IORPs regularly carry out “essential” risk management processes.“Now it is time for a period of legislative calm in order that pension funds can concentrate on delivering adequate, safe and affordable pensions and retirement provisions for their members and beneficiaries,” said Bouma.Matti Leppäla, secretary general of PensionsEurope, welcomed EIOPA’s decision to “refrain” from introducing EU-level harmonised funding or capital requirements, as this would have “significant negative impacts”.He added: “We are therefore strongly opposed to requiring national competent authorities to act upon the results derived from a risk management and transparency tool using the common framework because this would be introducing a holistic balance sheet through the back door.”Leppäla said the IORP II Directive “stresses that the further development at the EU level of solvency models, such as the HBS, is not realistic in practical terms and not effective in terms of costs and benefits, particularly given the diversity of IORPs within and across member states”.This means no quantitative capital requirements should be developed for IORPs at the EU level, he said, noting that they could make employers less willing to provide occupational pension schemes.“PensionsEurope calls for policymakers and EIOPA to respect this,” he said.EIOPA: ‘Further work can be done’Asked whether EIOPA planned to formulate guidelines or rules for Article 29 of IORP II that would bind national authorities to act on the results of a risk management using the common framework, a spokesperson at the authority told IPE it was “convinced” the recommendations it made in its April 2016 opinion paper would “ensure a consistent application of the principle of market-consistency”.“Guidance for establishing the common framework should, as far as possible, be provided at European level,” added the spokesperson.“However, further work can be done to develop additional simplifications and European-wide guidance that facilitate the proportionate application of the common framework.”last_img read more

Read More »

Former service station site in Batesville set for redevelopment

first_imgBatesville, In. —The City of Batesville has been awarded $114,500 for clearance and demolition of a vacant and dilapidated service station by the Indiana Office of Community and Rural Affairs.The proposed project includes removing a blighted former location of Feller’s Service Station, clearing the site, and bringing the property one step closer to redevelopment.last_img

Read More »

It’s a brave new world in Clipperland

first_imgL.A. as in Lives Again …You remember the postseason. Came in spring when Shaquille O’Neal was rounding into playing shape and setting aside his differences with Kobe Bryant, or, after he left, making up rap lyrics about him.Courtside was awash in movie stars and studio heads. Phil Jackson lived for the second Sunday in May when he would tell the press, “Happy Mothers Day, all you mothers.”Not that you need me to tell you, but this isn’t like that. With Blake Griffin and their Lob City highlight package, the Clippers are nobody’s idea of a bland team but they don’t have high-profile feuds or, in fact, high-profile anything.The movie star they showed on the scoreboard TV screen Saturday was Morris Chestnut, not Jack Nicholson or Denzel Washington. The former athlete they showed was Dave Winfield, a baseball player for those whose memories don’t go back that far, not David Beckham. The rapper was Jazzy J, not Snoop Dogg.Saturday?The Lakers played Sundays, not Saturdays. As arch-fan Jimmy Goldstein said before the game, “The biggest game in Clipper history and they’re a warmup for a fight.”The victory, on the other hand, was a the maraschino cherry on the sundae of a classic game, the one the Clippers waited their whole challenging existence for. Newsroom GuidelinesNews TipsContact UsReport an Errorcenter_img The game-winning shot, Chris Paul’s running, or limping, half-hook, was the one the gods owed him for playing so well for so long and so bravely on a pulled hamstring.If anyone wants to know what CP3’s legacy is now, I don’t know what the bottom line will be, but he just created a lasting memory.As for this moment, it’s the community’s to savor, if it can pull its head out of Laker woes long enough to recognize that the real team in town at the moment just did something remarkable.Lakers teams were judged according to whether or not they won a title.This Clippers team should be judged by another standard. It was all it could be and more, against the odds, amid drama and, finally, emerged victorious.No one expected them to win this series, coming out as underdogs in Game 1 on their floor, rallying from 2-1 and 3-2 deficits, both on the Spurs’ floor.No one in his right mind expects the Clippers to win a title. Winning another series would be enough of an achievement with Paul limping into action and only Austin Rivers, a shooting guard until he got here, backing him up.Nevertheless, if 56-win Houston is hardly a relief, San Antonio was the Clippers’ worst nightmare, not just because of the Spurs’ experience and heritage.The Spurs were as deep as the Clippers were shallow.For the series, San Antonio’s bench outscored the Clippers reserves, 299-156.The average Spurs starter played an average of 29 minutes. The average Clipper starter had to go 37.Worse for the Clippers, Coach Gregg Popovich could put DeAndre Jordan on the free-throw line, shutting down their offense (as in Games 2 and 5, if not in Game 6 when it backfired, slowing down Pop’s Spurs when they were rolling).Before Game 6 when J.J. Redick scored 19 points and even Matt Barnes, shooting 29 percent for the series, went 3 for 3 from the floor, it was a miracle the Clippers could even compete.At full strength, the Clippers go eight deep, their starters plus Rivers, Glen Davis and their lone threat off the bench, Jamal Crawford.Crawford is a force of nature when he’s hot and a snowball rolling downhill when he’s not. Before Games 6-7, he was mostly in snowball mode.That made seven.With Barnes throwing up bricks for the first five games, that made six.With Redick unable to get into the offense, that made five.Rivers and Davis are role players so as far as front-line Clippers, that left three.With Popovich putting Jordan on the line, or making the Clippers take him out as Doc Rivers did in Game 7 — after which the Spurs punished the Clippers on the offensive boards—that left two.With Paul tweaking his hamstring in Saturday’s first quarter and again in the third, that should have left Blake Griffin to carry the load by himself, although that’s not how it worked out.After all these years, it’s a Brave New Clipper World. Enjoy it while it lasts.last_img read more

Read More »