PLSA taskforce to tackle ‘Gordian Knot’ facing DB pension funds

first_imgThe UK’s Pensions and Lifetime Savings Association (PLSA) has launched a taskforce to tackle the problems faced by defined benefit (DB) pension schemes and come up with solutions and recommendations for the UK government. The former deputy chair of the Bank of England’s working group on procyclicality by pension funds and insurance companies will chair the taskforce.It counts Stephen Soper, the former head of DB and interim chief executive of the UK pensions regulator, among its seven other members. Soper has been senior pensions adviser at PwC since September. Joanne Segars, chief executive of the PLSA, announced the launch of the initiative at the association’s investment conference in Edinburgh today.“The difficulties facing defined benefit schemes are much talked about, and they often seem too complex or enormous to address – but those problems aren’t going away any time soon,” she said.The taskforce will “tease out” the detail of the challenges facing DB schemes and set out possible solutions, she added. “Some of those solutions may be radical, but, if we work together, I am confident we can find the right answers.” The taskforce, which comprises industry experts and academics, will seek views and evidence from schemes of all sizes, as well as sponsors, regulators, government and intermediaries.It intends to report its initial findings in the summer and has been tasked to come up with recommendations for the UK government by October, with a full report to be published at the PLSA’s annual conference that month.Ashok Gupta, chair of the new taskforce, said it would aim “to cut through the Gordian Knot” facing UK pension schemes. “There is broad consensus the pensions sector should provide long-term sustainable outcomes for members and act as a powerful engine of growth to the economy,” he said. “It is clear however, that for some time pension schemes have been grappling with a wide range of challenges, including scheme funding, changing regulatory requirements and an uncertain macro-economic environment.“These have hampered their ability to deliver both commonly agreed objectives.” The other members of the taskforce are:Duncan Buchanan, partner, Hogan Lovells and president, Society of Pensions ProfessionalsFrank Johnson, PLSA DB Council and former managing director of investments at RPMI RailpenJackie Peel, PLSA DB CouncilPaul Trickett, chairman of trustees of the Legal and General Mastertrust and Zurich UK pension schemeKevin Wesbroom, senior partner, Aon HewittLesley Williams, PLSA chairlast_img read more

Odfjell Tanker Spills Oil in Rotterdam after Collision

first_imgSome 217 tons of heavy fuel oil (HFO) were spilled at the Port of Rotterdam from the chemical tanker Bow Jubail after the ship collided with a jetty.Bow Jubail made contact with the jetty and accidentally ruptured the hull, the vessel’s operator, Odfjell, said. The incident occurred on June 23 at about 13:40 local time while the tanker was on its way to the assigned berth for loading.The company added that mitigating actions were immediately taken to limit the spill, both by the vessel’s crew and by resources from shore.“The leakage was stopped, and there is no risk of further spills,” Odfjell informed.The 37,499 dwt vessel was not loaded with cargo at the time of the incident, and there were no reports of injuries to the personnel.Bow Jubail, which is currently moored at the Botlek terminal, has a total personnel of 29, of which 27 Filipinos and two Scandinavians.“Odfjell regrets the unfortunate incident and takes this matter very seriously. Together with GARD, Odfjell cooperates closely with Dutch Authorities to ensure that necessary resources are available in taking the required actions and mitigate consequences of the oil spill.”last_img read more

Cricket News KC Cariappa, Sandeep Warrier added to Kolkata Knight Riders squad for IPL 2019

first_img For all the Latest Sports News News, Cricket News News, Download News Nation Android and iOS Mobile Apps. On the other hand, KC Cariappa made a grand entry into the Indian Premier League during the IPL 2015 auctions. Despite not having played any form of top-level cricket, Cariappa, who at that time was playing for the Bijapur Bulls in the Karnataka Premier League, was snapped up for a whopping Rs 2.4 crore from his base price of Rs 10 lakh. In his debut, he managed to pick up the wicket of AB de Villiers against Royal Challengers Bangalore but did not get many games.He was then picked up by Kings XI Punjab but failed to put in an impressive display. Now, he is back to where it all began for Cariappa. Kolkata Knight Riders won the IPL in 2012 and 2014 and they will open their campaign against Sunrisers Hyderabad at the Eden Gardens on March 24. highlights KC Cariappa was snapped up for Rs 2.4 crore in IPL 2015 by KKR.KKR will play Sunrisers Hyderabad in their opening game of IPL 2019.KKR have won the IPL twice in 2012 and 2014. New Delhi: KC Cariappa and Sandeep Warrier have been drafted into the Kolkata Knight Riders squad for the 2019 edition of the Indian Premier League in place of Kamlesh Nagarkoti and Shivam Mavi. Nagarkoti, who played two List A games after the Under-19 World Cup, suffered a serious back injury which ruled him out of the 2018 IPL and has still not recovered from the injury. The latest reports state that the recovery for the pacer will take close to three months. The Rajasthan pacer is yet to play a match in the IPL. Mavi, who did play couple of games in the previous edition for Kolkata Knight Riders in 2018 and had put in an impressive display in the domestic scene for Uttar Pradesh, has suffered a stress fracture on his back and will not be fit for close to six months.Kolkata Knight Riders have included Kerala pacer Sandeep Warrier. The 27-year-old was the standout bowler for Kerala in the Ranji Trophy season claiming 44 wickets from 10 matches, his best returns in his six-year domestic career. Warrier’s bowling was instrumental in Kerala’s maiden entry into the semifinals of the Ranji Trophy. In the Syed Mushtaq Ali, he took a magnificent hat-trick against Andhra and became the first player to take a hat-trick in the 2019 edition. This will be the second IPL team for Warrier, having been part of the Royal Challengers Bangalore franchise from 2013 to 2015 but he did not get a game.last_img read more