UK pension fund shuns PPF protection to secure full buyout

first_imgThe buyout was arranged in conjunction with the sale of the firm – with the insurer committed to providing benefits on par with the Pension Protection Fund (PPF).The scheme’s deficit in relation to MIRA’s valuation was such that it was likely to cause bankruptcy, pushing the scheme into the PPF, according to LCP, which worked on the deal.The Pensions Regulator, which has a statutory requirement to protect the PPF, supported the deal.Chris Martin, independent director of the scheme’s trustee board, said: “Proceeding with the transaction provided the best outcome for members that was realistically achievable.“The alternative would have been to fall into a PPF assessment process, which would have prolonged the uncertainty, added to costs and depleted assets available to provide benefits to members.”Michelle Wright, partner at LCP, said the trustee board put members’ interests first rather than follow the path of least resistance.“It is highly unusual for trustees to compromise a statutory debt and render their scheme ineligible for the PPF, but no other course of action would have provided the certainty of benefits above PPF compensation with all the protections of a regulated insurance company,” she said.The UK bulk annuity market is gathering pace over the third quarter, with Rothesay Life annoucing a £1.6bn insurance buy-in, pushing total written business to more than £4bn.Aaron Punwani, partner at LCP, said the deal was subject to positive market pricing for schemes and that any further delay would have caused volatility in what the trustees were able to secure. The UK MIRA Retirement Benefits Scheme has been fully insured by Pension Insurance Corporation (PIC) as its parent was sold off to a Japanese technology company.The scheme will now be subject to a £70m (€98.4m) bulk annuity buyout from PIC using its share of the sale of its parent MIRA, a UK research and engineering firm.The company will also end its participation in the Universities Superannuation Scheme (USS), where it was a contributing employer for some of its research employees.USS has taken a share of the sale proceedings to cover MIRA’s commitments to funding its members’ benefits.last_img read more

Gamboa officially named PNP chief

first_imgLieutenant General Archie Gamboa has been named the new chief of the Philippine National Police. President Rodrigo Duterte appointed Gamboa, saying the latter has shown sincerity over the past three months he served as officer-in-charge of the organization. GMA NEWS “We have the PNP chief, I’m going toappoint you as the regular PNP but you and Secretary [Eduardo] Año and I willhave a long, long talk first,” he addressed Gamboa in a speech in Davao City. MANILA – After months of being anofficer-in-charge, Lieutenant General Archie Gamboa has been finally appointedas the permanent Philippine National Police (PNP) chief. “Ipinakitamo sa akin ‘yung sincerity mo and I want you to leave somethingthat you will be remembered by the country,” the Chief Executive added. President Rodrigo Duterte announced Gamboa’sappointment on Friday evening, saying the latter showed his sincerity inimplementing the changes in the PNP.center_img The PNP welcomed the President Duterte’spronouncement to appoint Gamboa as its new chief. “Under the able leadership of PoliceLieutenant General (Archie) Gamboa, we assure the public that the PNP remainscommitted to intensify the campaign against criminality, illegal drugs andcorruption,” the PNP said in a statement. Gamboa was one of the shortlisted toreplace former PNP chief Oscar Albayalde, who resigned ahead of his retirementin November over allegations he intervened to lower the penalty for 13 of hissubordinates involved in a controversial drug raid in 2013./PNlast_img read more

William Richard Theobald, 94

first_imgWilliam Richard Theobald, 94, Greensburg, passed away on Thursday, June 25, 2020 at the Aspen Place Health Campus in Greensburg with loved ones at his side. Born, June 4, 1926 in Rush County, Indiana, he was the son of Harry and Lois Ione (Wiley) Theobald. Bill graduated from Greensburg High School in 1944. He served as a Fireman 1st class in the Navy from 1946 – 1947. He returned to Decatur County and farmed several farms along with working at the Greensburg Post Office, where he retired July 4, 1987.  He also had worked at the Decatur County Sherriff’s Department. He was married to Mary L. Mobley on October 25, 1965 and she survives. He is also survived by one son, Keith Theobald, Lawrenceburg; two daughters, Marilyn Theobald, Lawrenceburg, Barb Dougherty, Greensburg; step son, Dan Mobley; step daughter, Mary Ann Barnett; brother, Tom Theobald; sister, Margaret Ann Linville; grandchildren, Heather Looby, Phillip Looby, William Dougherty, Brandon Dougherty, Bryan Dougherty, Keshia Theobald-Van Gent, Jacob Theobald, Becky Redfern, Todd Barnett, Ian Mobley, Andrew Mobley, Chris Mobley, Pat Mobley, Jenny Mobley, Jennifer Connally, Melissa Mobley; Great Grandchildren, Marley Dougherty, Joshua Johnson, Ethan Johnson, Presley Mobley, Liam Mobley, Kiersten Mobley, Hailey Mobley, Isaac Mobley. He was preceded in death by his parents and two stepsons, Mike & Tom Mobley. Visitation will be at Porter-Oliger-Pearson Funeral Home on Sunday, June 28, 2020 from 2 pm to 3 pm following CDC guidelines for social distancing. Funeral Services will start at 3 pm on Sunday at the funeral home with Rev. Jerran Jackson officiating. Burial will follow at Union Baptist Cemetery. Online condolences can be made to the family at www.popfuneralhome.comlast_img read more

Sheens has tough decisions ahead

first_img The Kangaroos beat Ireland 50-0 in Limerick on Saturday night to confirm their inevitable topping of Group A and now move on to a last-eight meeting with the United States. Questions abound as to what side Sheens will select for that clash, with the coach having fielded different line-ups for all three games so far. Tim Sheens’ rotation policy has left him nursing a selection headache as Australia march towards the business end of the World Cup. Variation has been most notable in the playmaking positions of full-back and half-back and Sheens admits he has given himself a problem. “We had some timing issues and I blame myself for that because I have changed the halves, had two full-backs and given the halves a couple of runs. They’re as cranky as hell about that and I know they’re all competitive,” he said after a nine-try win against the Wolfhounds. “But we have led our pool and I think we can play better, we will improve that. We have got here and played well as a team.” On the side which will face America, he added: “It’s hard to say, I didn’t get any injuries so I have to get close to picking our best 17 on the next game. It’s a difficult one to say and it’s real headache for me because we have so many guys playing well. We have a real couple of contentious positions.” The game was heralded as a landmark one for Irish rugby league, seeing as it was held in the heart of rugby union country at Munster’s Thomond Park. A crowd of 5,021 showed up to witness it – a record for the sport in Ireland – but not all were impressed. One Irish reporter put it to Sheens that his side had played a game in which they did not have to try, but the coach was having none of it. “They broke a sweat, don’t you worry,” he said. “The key for us was to get no injuries so we have achieved what we did.” Sheens was unhappy that so many Irish fans opted to take in a union Test in Dublin, though, adding: “It’s a shame everyone went to Dublin. It would have been nice to get a nice night with a few more people.” Aside from allowing them to plant their flag in Limerick, the evening served only for Ireland to conclude a winless campaign. They have been nilled in two of their three games – this clash and against England – and rarely got in Australia’s 20-metre zone. Coach Mark Aston had told them to live the dream on the eve of the game, but in reality it was more of a nightmare. “It was always going to be tough. We were playing high-quality opposition,” he said. “But I’m proud of what we served up. They had double the sets we had and the penalty count played a big part. It’s hard enough playing the best in the world without not getting the bounce of the ball and the rub of the green. “But we stuck in, had a dig and showed character.” Aston has previously voiced his frustrations about a lack of players to select from and with the chance a number of his older charges could now retire from the international game, the pool may get shallower still. The coach is remaining upbeat, though, and insists he will continue to find a solution. “We’d like a level playing field and we only got together three Saturdays ago,” he said. “There are 48 development officers for rugby union in this area alone. How can we get them to play rugby league? But we will be smart and do what we can. “Tonight we needed to make sure we were loud and proud and we were.” Press Associationlast_img read more

Lewis Hamilton renews contract with Mercedes through to 2020

first_imgBrackley, July 19: British Formula One driver Lewis Hamilton of Mercedes signed a two-year contract extension with Mercedes, the racing team announced Thursday.When he completes this new contract extension in 2020, the four-time world champion Hamilton will have completed eight seasons with Mercedes, the longest he has stayed with a racing team, reports Efe.”This contract extension has basically been a formality since Toto (Wolff) and I sat down during the winter, so it’s good to put pen to paper, announce it and then get on with business as usual,” Hamilton said in a statement published on the club’s official website.”I’m very confident that Mercedes is the right place to be over the coming years,” Hamilton added.Meanwhile, Mercedes F1 racing team boss and former racing driver Toto Wolff praised Hamilton saying: “There is not much about Lewis as a Formula One driver that hasn’t been said already – he is one of the all-time greats and his track record speaks for itself.””But what I enjoy most about working with him is getting to know the man inside the racing helmet, his relentless drive for self-improvement, his emotional intelligence as a team member and his loyalty to those around him” Wolff added.Hamilton, 33, also stressed that he has never been happier with any other team like he is with Mercedes and that both he and Mercedes have always been, “on the same wavelength both on and off track – and I am looking forward to winning more in the future.”On Jul 8, Germany’s Sebastian Vettel (Ferrari) took advantage of a bad start by Hamilton from pole position to lead the early stages of the 52-lap race at the Silverstone circuit, preventing the latter from a record sixth win at the British Grand Prix.Mercedes said in a statement that since Hamilton joined the team in 2013 he had won three world championships and 44 Grands Prix.The team added that since making his F1 debut in 2007, every single Grand Prix Hamilton had driven in had been powered by Mercedes-Benz engines.Hamilton’s career total of 65 F1 wins placed him second on the all-time list behind Michael Schumacher, the team said. IANSlast_img read more

Swiss open World Cup criminal probe into ex-FIFA official Valcke and Qatar businessman

first_imgZURICH, Switzerland (Reuters) – Swiss prosecutors have opened a criminal investigation into Jerome Valcke, the banned former FIFA secretary general, and Nasser Al-Khelaifi, the chief executive of Qatar’s beIN Media, over World Cup broadcasting deals.The Office of the Attorney General of Switzerland (OAG) said yesterday it suspected Valcke accepted “undue advantages” in connection with the award of media rights for the 2026 and 2030 competitions from Al-Khelaifi.Valcke was Sepp Blatter’s right-hand man when the latter ran FIFA, the Swiss-based world soccer body. Al-Khelaifi is also president of French club Paris Saint Germain.Barry Bercke, Valcke’s U.S. lawyer, declined to comment. BeIN Media denied any wrongdoing and said it was cooperating with officials.“Following a request by the office of the Attorney General of Switzerland (OAG), the beIN SPORTS offices in Boulogne-Billancourt (France) were searched this morning,” read the beIN statement.“The employees on site cooperated with the authorities until the end of the search. beIN MEDIA GROUP refutes all accusations made by OAG. The company will fully cooperate with the authorities and is confident as to the future developments of this investigation,” the statement concluded.The OAG also said it was investigating an unnamed businessman in the sports-rights sector and said it had suspicions about bribery, fraud, criminal mismanagement and forgery among the three.Prosecutors interviewed Valcke yesterday, while authorities in France, Greece, Italy and Spain searched properties in various locations, the OAG said.French prosecutors said they had searched beIN’s offices in Paris yesterday. In Greece, a judicial source said: “Today, prosecutors participated in searches at residences. The operation is led by Swiss authorities.”“It is suspected that Jerome Valcke accepted undue advantages from a businessman in the sports-rights sector in connection with the award of media rights for certain countries at the FIFA World Cups in 2018, 2022, 2026 and 2030 and from Nasser Al-Khelaifi in connection with the award of media rights for certain countries at the FIFA World Cups in 2026 and 2030,” the OAG said.The OAG had already said last year that Valcke was suspected of criminal mismanagement and other offences. He has denied any wrongdoing.Valcke is serving a 10-year ban from football after he was found guilty by FIFA’s former ethics judge Hans-Joachim Eckert of misconduct over the sale of World Cup tickets, abuse of travel expenses, attempting to sell TV rights below their market value and destruction of evidence.After being sacked from his post in January 2016, he was initially banned for 12 years, which was reduced to 10 by FIFA’s own appeal committee last June. He has denied wrongdoing and is now appealing at the Court of Arbitration for Sport (CAS).Al-Khelaifi heads the Qatari ownership of Paris St Germain which in August paid the world record transfer fee of 222 million euros for Brazilian forward Neymar.FIFA awarded Qatar the hosting of the 2022 World Cup after a vote in 2010.last_img read more

Syracuse squanders lead against No. 2 Boston College in 4-3 loss

first_img Published on November 4, 2017 at 7:19 pm Contact Eric: erblack@syr.edu | @esblack34 UPDATED: Nov. 5, 2017 at 12:22 p.m.On Saturday, without fail, a Boston College fan yelled, “You know it’s coming!” towards the ice. No matter the situation, the shout rang down from the top row of the bleachers, advising each team that the Eagles were about to score and mount a comeback. By the time the game ended, the fan’s prophecy had been proved true.For the second straight year, Syracuse took a 2-0 lead in the first period against a top-10 ranked Boston College team, only to see its lead vanish in a disastrous second period and eventually disappear for good. The Orange (1-7-1) experienced déjà vu against No. 2 Boston College (8-0-1) on Saturday at Tennity Ice Pavilion, scoring the first two goals of the game before getting outscored 4-1 the rest of the way to fall, 4-3. Almost 10 months ago, during an afternoon matchup in Chestnut Hill, Massachusetts, against the then-No. 6 Eagles, Syracuse suffered the same fate thanks to a second-period collapse. It’s been an all too familiar result for the Orange, which has struggled with finishing games this season.“Close but no cigar, that’s the old saying,” head coach Paul Flanagan said. “We’re getting a little sick of that.”Goals by Stephanie Grossi and Savannah Rennie, each player’s first of the season, spotted the Orange a 2-0 lead halfway through the first period. Syracuse nearly escaped the period unscathed, but with 1:35 left in the opening stanza, the nation’s leading scorer, Daryl Watts, put Boston College on the board. Watts, a freshman, entered today’s game leading the country in both goals and assists and didn’t disappoint against the Orange, tallying one each on Saturday.AdvertisementThis is placeholder textSyracuse began the second period stronger than last year, scoring a goal off a Lindsay Eastwood rebound with 15:24 left. It took just 18 seconds for the Eagles to respond, notching a goal after a faceoff win to cut into SU’s lead and make the score 3-2. Nearly 10 scoreless minutes ensued, and it appeared that Syracuse had regained its hold on the game and its late-game woes. Then, the Orange lost control.A Boston College power play that began with 7:13 left in the second period was almost thwarted thanks to a strong defensive effort by the Orange, but eventually the Eagles capitalized. Goalie Abbey Miller was faced with shot after shot as Syracuse struggled to clear the puck out of its zone, stopping six attempts in total through the first minute and 40 seconds of the power play. Boston College’s seventh shot ricocheted off Miller’s stick-side post before the following shot, its eighth of the advantage, found the back of the net. The goal tied the game at three, and just over a minute later the game was untied after Boston College’s third goal of the period.“I thought we competed well,” Miller said. “We had a lot of passion on the ice. We did a good job getting a good jump on them early, but we’ve just got to be playing the full 60 minutes.”The Orange, which Eagles’ head coach Katie Crowley told Flanagan was “the best team” Boston College had played this season, Flanagan said, fell behind 4-3, a deficit it would never recover from. Despite three power plays in the third period, Syracuse managed just three total shots on goal, and was held scoreless in the final 35 minutes of the game.Struggles with holding onto a lead responding to an opposition’s comeback have plagued the Orange this year, and it may be a mental issue, Lindsay Eastwood said.“We may get down on ourselves a little bit,” the redshirt sophomore defender said. “We just have to keep that energy the whole time, so we can bounce back when we get scored on.”Whether the problem is mental, physical or just bad luck, Syracuse has a week to remedy it before it opens conference play against Penn State. Before the Orange figure things out, it might continue to lose close games it had a chance to win.“There were good things today,” said Flanagan. “But more than anything, it’s just understanding that fine line, how close we really are. We have to move forward.”This post has been updated with appropriate style. Comments Facebook Twitter Google+last_img read more

Defection from Galway footballers

first_imgJames Kavanagh has decided to step away from the inter-county game.The forward says work and family obligations have left him unable to commit to Kevin Walsh’s Galway side for 2015.Kavanagh suffered an injury-plagued 2014 having transferred from his native Kildare at the start of last year.last_img

Photos: Ghana picks 2 more medals at African Senior Championships

first_imgAn average performance from Elizabeth Dadzie and Jordan Yamoah have earned Ghana two more medals to make it 4 at the day 3 of the Africa Athletics Championship.Jordan Yamoah maintained his position as number 3 in Africa when he managed to win bronze in Pole Vault. Jordan Pole jumped 5.10m.Young sensation, Elizabeth Dadzie, also put up a splendid performance to grab bronze in heptathlon with 5730 points.In the 200m event on Saturday, Emmanuel Dasor clocked a time of ( 20.97) and Martin Owusu-Antwi (21.02) in the semi-finals but both sprinters did not advance to finals.However, Janet Amponsah will contest in the 200m final on day 4.Also on day 4, potential medalists based on rank coming, long jumper, Nadia Eke (Ranked 2nd) and Javelin thrower, John Ampomah (ranked 4th) will compete in their respective event while. Janet Amponsah will also compete in women’s 4X400m. –Follow Joy Sports on Twitter: @JoySportsGH. Our hashtag is #JoySportslast_img read more

Our MMA Fighter Roberto Soldic fights in Russia before Vladimir Putin

first_imgMMA fighter Roberto Soldic, also known as the Knight from Vitez, will have the match of his career on Saturday the 18th of June in Russia.He will fight for the championship belt against Yaroslav Amosov, undefeated Ukrainian fighter, who has an impressive record of 16 wins without defeat, in Krasnodar at the “KREP Fighting Championship” in the category up to 77 kg.This is a true martial spectacle that will be broadcasted by Russian state television, and organizers are promising that a special guest to appear will be Russian President Vladimir Putin.“This will be the toughest match of my career. This is a lot of temptation for me. The opponent will have great support from the audience and probably judges, but I believe in myself and my team that was always getting me ready successfully for all temptations,” said Soldic.To recall, Soldic achieved a big victory in Sombor against an experienced Montenegrin Vaso Bakocevic called the Psychopath who was knocked down in the 3rd round. In a great match, fantastic Knight led the fight, and the Psychopath miraculously survived the second round in which he was beaten.Soldic is part of a team of the University of Fighting Dusseldorf, one of the best camps in Europe, as proved by the success of its fighters.(Source: klix.ba)last_img read more