UK’s PPF consults on changes to key valuation assumptions

first_imgThe new regulations are due to come into effect by April 2017.A PPF spokeswoman acknowledged that the proposed changes to the long service cap would entail higher costs for levy payers, by way of increased compensation costs, but added that “the increase in liabilities of the proposed changes would be smoothed over many years, meaning we expect no jump in levies”.PPF actuarial valuation update The PPF’s consultation is about the actuarial assumptions used for section 143 valuations, which determine a scheme’s eligibility for the PPF if its sponsor goes bust, and section 179 valuations, which determine a scheme’s underfunding.The level of underfunding, in turn, determines the levy a scheme should pay to the PPF.It said the most significant changes it was proposing were to use separate discount rates for pensioners and non-pensioners post retirement and yield indices that have durations that better match average liability durations, including the introduction of a new index-linked Gilt yield.It also proposed updating mortality assumptions.The current assumptions have been in effect since 1 May 2014, based on a review of bulk annuity market pricing carried out in December 2013.Since then, Solvency II regulations for insurers have come into effect, with the PPF taking this into account in addition to buyout pricing as at the end of May 2016 and the immediate impact from the Brexit vote in the UK’s EU referendum in late June.“We used this evidence base,” the PPF said, “for the purpose of resetting the section 143 and section 179 valuation assumptions.”It builds this evidence base in discussion with bulk annuity providers.The cumulative impact of the proposed changes would be to reduce the value of liabilities under section 143, mainly because of the changes to the mortality assumptions.The overall impact is a 5% reduction for pensioner liabilities, and 3% for non-pensioner liabilities.The changes to the section 179 assumptions would improve the aggregate funding position of schemes eligible for the PPF, as tracked by the fund’s 7800 index.The PPF said the aggregate funding ratio would increase from 76% as at 31 August 2016 to around 79%, and that around 150-200 schemes would move from deficit to surplus.The overall deficit of schemes with shortfalls (5,042 out of 5,945 as at the end of August) would fall from £489bn to around £430bn, according to the PPF.The PPF spokeswoman said the fund did not expect the changes to have a material effect on the overall level of levy bills for schemes.“Schemes will not necessarily pay higher or lower levies because of them,” she said.The fund said the assumptions used to measure underfunding in the levy formula would remain fixed until the next triennial valuation period (2018-19 to 2020-21), so that the overall impact on levy for the last year of the current triennium was “expected to be minimal”.The consultation closes on 31 October.The intention is for changes to be introduced from 1 December 2016.,WebsitesWe are not responsible for the content of external sitesLink to PPF consultation The UK’s lifeboat fund for defined benefit pension schemes, the Pension Protection Fund (PFF), is proposing to amend assumptions for key valuations to reflect changes in bulk annuity pricing, which would have the effect of improving schemes’ aggregate funding position captured by the PPF’s 7800 index.Separately, the UK government launched a consultation on a proposal to increase the PPF compensation cap for long-serving members of pension schemes.It is proposing an increase of 3% for each full year of pensionable service above 20 years, subject to a new cap of double the standard maximum.The current cap is £37,420 (€43,909).last_img read more

Woman yields 4 sachets of ‘shabu’

first_imgFour sachets of suspected shabu valuedat around P15,000 were seized from resident Virginia Filoteo, a police reportshowed.  Bacolod City – Police nabbed a woman in a buy-bust operation in Barangay3. Filoteo was arrested after she soldsuspected illegal drugs to an undercover officer for P200 on Nov. 9, the reportadded. center_img The suspect was detained in the lockupcell of Police Station 8, facing charges for violation of Republic Act 9165, orthe Comprehensive Dangerous Drugs Act of 2002./PNlast_img

JCD Lady Eagles Basketball Team Achieves Milestone

first_imgCongratulations to The Jac-Cen-Del Lady Eagles Basketball program on achieving an amazing milestone this past Saturday (11-16) by winning their 500th game in the Girl’s historic program.The Sports Voice-Country 103.9 WRBI salutes The Lady Eagles.Submitted by JCD Coach Scott Smith.last_img

Kaieteur/ISL retain Budh-Dave Anandjit memorial title

first_imgBy Frederick HalleyTORONTO, Canada – Two -time champions, Kaieteur Sports Club, teamed up with International Sports Club (ISL) to retain honours in the third annual Budh-Dave Anandjit memorial cricket match, played recently at the Ashtonbee ground, Scarborough.With victory very much in their sights in fading light, the Kaieteur/International side were declared winners after reaching 157 for one in 20 overs, replying to Southerners 164 for eight in the allotted 25 overs. Satyanand Sarju, the only player to be dismissed, led the way with an attacking 48, which included two sixes and four fours, while other worthwhile contributions came from Joyd Anandjit who slammed two sixes and five fours in 43, before retiring while Chinta Anandjit’s 39 (retired) was laced with two sixes and a four.The lone wicket for Southerners was claimed by skipper, Hardat Ramcharran, for 13 Runs. Southerners had earlier won the toss and opted to take first strike, reaching a challenging 164 for eight in 25 overs. Siew Deonarine hit a top-score of 54 (one six and four fours) retired and received admirable support from Neil Roopal with 28 (two fours) and Terry Mathura, who retired on 23 with three fours. Bowling for Kaieteur/ International, Ompaul Singh, Omesh Dass and Nate Anandjit claimed two wickets each.Prior to the commencement of the game, both teams and spectators observed a minute’s silence in memory of the late Bud-Have Anandjit. The game was once again organised by Kaieteur’s Vish Jadunauth, Bay Khemraj and Omesh Dass and among those in attendance were Liz Anandjit, the late Anandjit’s wife and his elder brother, popularly known as “KP”.Budh-Dave Tewari Anandjit, the former long-standing stalwart executive and member of the Scarborough Cricket Association (SCA) passed away on July 22, 2014 at the age of 53.Anandjit, who was the brother of Davteerth Anandjit, the former president of the Guyana Cricket Umpires Council (GCUC), served the Scarborough Cricket Association (SCA) with distinction for over two decades, having joined the body in 1990.Prior to that, he was a member of the Raiders and Ramblers Cricket Clubs and a founding-member of International Sports Club (ISL) in 1988.During his sojourn in the SCA, Anandjit served in various capacities, but will be fondly remembered for his association with the development of several talented youth cricketers. As a Level Two coach, Budh-Dave concentrated heavily on teaching the youths the game of cricket in the SCA and Toronto & Districts (T&D).Anandjit was also a Level Two umpire and officiated in several games in the SCA and the Ontario Softballl Cricket League (OSCL) over the years. He also played for Golden Touch in the OSCL tournaments.The late Guyanese was also credited with being the first player to hit six sixes in an over in Scarborough while his club ISL achieved the unique distinction of winning three consecutive Premiere League titles. He was also part of the winning combination when Kaieteur captured the title.Born at Wash Clothes, Mahaicony Creek, East Coast Demerara, Guyana, Anandjit later moved to Courbane Park, Annandale and attended Queen’s College in Georgetown before he migrated to Canada in 1983.The union between himself and Liz Anandjit produced three children in Pretima, Jodh and Jaya Anandjit and apart from Davteerth, his other siblings are Bram, Silla, Subhas, Gyan, Monsranie, Tara, Kulwant, Chinta, Nate and ‘Chano’.last_img read more

Tammy Abraham: Makes a U-turn on England?

first_imgWhich contradicted Pinnick, who had claimed then that: “I had a very honest and productive discussion with Tammy and his father last week. It has been a long process but I can tell you authoritatively that he has agreed to play for Nigeria and not England. Clearly, he understands he stands a better chance playing for the Super Eagles. With his talent, he has the ability to fight for a place in the Nigeria squad,” Pinnick had said.Two years on, Abraham has now refused to rule out the possibility of switching his international allegiance to Nigeria in spite of  having made two appearances for the Three Lions in friendly matches but the caps earned against Brazil and Germany do not tie him down to England for the rest of his career.The 21-year-old has not been invited to the senior national team of England for close to two years but remains a key member of the U21 team.Speaking to ACL Sports on the possibility of representing Nigeria, Abraham said: ‘’Anything is still possible. I have not ruled it out completely but we will see!’’Abraham has recently been subjected to racist abuse by Chelsea fans after his penalty loss against Liverpool in the Super Cup but his manager, Frank Lampard had come to his defence.Lampard offered his support to the striker, saying: “Obviously Tammy is more than disappointed – who wouldn’t be?“I am disgusted by a so-called Chelsea fan. Tammy asked me to take the fifth penalty because he wanted to stand up on a big night when the world was watching.“Moments afterwards, somebody sitting behind a keyboard or a phone has said the most disgusting things possible.“I don’t know how it’s allowed; it’s too easy. Something needs to be done, as well as obviously changing mind-sets completely.“I’m so angry for Tammy and angry for us as a club, because that’s not what we’re about. The club does a lot of work against discrimination at all levels and it’s a setback when these things happen.”“Tammy is always desperate to score and that’s one of the things I love about him. He’s hungry, he wants to score in training, in five-a-sides, in shooting practice,” said Lampard.After firing Aston Villa back into the Premier League, the 21-year old declared his intention to the egg heads of Chelsea he was ready to lead the line for The Blues next season and when asked if he believed he was ready to lead the line for the Blues this season, Abraham said: “I do. I am still young, I am still improving.“The aim is to be at the highest level and playing the best football, and if Chelsea say they need me there, I will put 100 per cent in.“Every player wants to start. Obviously, it is always difficult at a club like Chelsea because they have got world-class players. But, for me, it is about believing in myself and just keeping doing what I do. I do believe in myself, so wherever I am I believe I will score goals.”Abraham joined Chelsea at U-8 level and progressed through the clubs academy system. He was part of the Chelsea youth side which recorded back to back triumphs in both the UEFA Youth League and the FA Youth Cup in 2015 and 2016.  In the 2016 edition of the UEFA Youth League, Abraham pitched in with a return of eight goals in nine matches, making him the tournament’s second highest goal scorer. He carried his form over in to the FA Youth Cup and scored the winning goal in Chelsea’s victory over Manchester City. During the 2014–15 and 2015–16 seasons he scored 74 goals in 98 matches across all competitions for Chelsea’s various youth sides.His form at youth level caught the attention of interim manager, Guus Hiddink, who invited him to train with the senior team at the back end of the 2015-16 Season.Since assuming office as the President of the NFF, Pinnick had never hidden his intention to woo players with Nigerian background who have featured only in age-group competitions for foreign countries.“The initial plan was to take our players in the various clubs, but now, what we are trying to do is what we call VIP scouting – talking to these young players that are playing abroad to play for their father land.I am yet to see a Nigerian that is regretting being a Nigerian. No Nigerian, even if they have four or five passports, they are always excited being Nigerians. I can assure you that we shall get them to play for us at appropriate time,” Pinnick had said.However, former national team head-coach, Chief Adegboye Onigbinde did not subscribe to the idea of wooing players with Nigeria background to don the national team colours, berating the NFF for always going after already-made stars abroad instead of developing the abundant talents in Nigeria. He wondered why the federation would wish to reap where it did not sow, saying that Abraham was born and developed in England and should be obliged to play for England.“Yes, we should beg them since there is no meaningful, functional developmental programme at home. It’s the football federation’s fault. If we have a functional development programme, no player would be in position to take the country for a ride. Ideally, the nucleus of the national team should be home-based. That is what I have always said, but nobody seems to be interested in listening to my advice,” a furious Onigbinde said.It however remains to be seen if Abraham has finally made a U-turn on England.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram Two years ago, then on loan to Swansea, the Nigeria Football Federation President, Amaju Pinnick met with Tammy Abraham in England on the possibility of donning the colours of the Super Eagles especially with Nigeria just one leg to Russia 2018 World Cup. His verdict was, “I want to carry on playing for England.” However, having falied hugely in the pecking order for a place in the English national team, the Chelsea striker is not ruling out the possibility of switching his international allegiance to the three-time African champions“I can confirm I met the President of the NFF given he is a friend of my father. However, any suggestion that I have made a decision to change my international representation is incorrect and wide off the mark. I have informed the FA that I remain available for selection for England.”These were the words of Abraham two years agolast_img read more

Gold Cup legend dies

first_imgThe horse was put down after suffering pelvis and neck injuries as the result of a fall.Kauto Star, who had been retired since 2012, also won the King George the Sixth Chase at Kempton a record five times.last_img

Malta Gaming Authority signs MoU with ESIC

first_imgThe Malta Gaming Authority (MGA) has entered into a collaborative Memorandum of Understanding (MoU) with the Esports Integrity Coalition (ESIC). Ian Smith, ESICThis was announced today and is ‘in the interests of protecting and maintaining the integrity of esports and esports betting’.The aim of this MoU is to foster cooperation between the two entities to avoid the manipulation of esports events and competitions. The MGA, in collaboration with its licensed operators, will provide information on suspicious betting patterns to assist ESIC with its investigations or insider betting connected with esports events and competitions. ESIC Integrity Commissioner Ian Smith said: “We are delighted that the Malta Gaming Authority has agreed to work with us in making esports a safer wagering environment. “The MGA is a very highly respected regulator of sports betting and it has been a pleasure developing this information sharing mechanism with them. Adding the experience and vital information of our other partners in the information exchange to the Authority’s intelligence database and vice versa will undoubtedly strengthen all our efforts considerably.”Joseph Cuschieri, Chairman of the MGA stated: “I am very pleased that we signed this MoU with ESIC. Keeping abuse and crime out of sports betting is high on our agenda and the MGA will always be at the forefront to collaborate in such matters both locally and internationally”.Currently ESIC members include betting operators, regulators, tournament operators and more. These include Betway, ESL, Unikrn, Sportradar, DreamHack, ESP, FirstBlood, GameCo, Pinnacle, Intel and more. If you’re interested in learning more about integrity and esports betting, ESIC’s Chairman Kevin Carpenter will be speaking on a panel alongside ESL UK MD James Dean and Eric Konings of Kindred at Betting on Esports in London in September (13-15). Dom Sacco of the British Esports Association will moderate. Esports Insider says: This is another step in the right direction for ESIC as it expands the partners it works with and in doing so, especially with an organisation like the MGA, enhances the important work it’s able to do. Disclaimer: As a part of SBC Global, Esports Insider is organising the Betting on Esports Conferencelast_img read more

Tornado damages homes north of West Branch

first_imgAddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisWest Branch Township — An EF1 tornado touched down in central Ogemaw County on Tuesday evening.Two homes were badly damaged off of Mud Lake Road due to the 100 mph winds from the tornado. The tornado lasted for 2 minutes from 8:53 p.m. until 8:55 p.m, traveling .17 miles with a width of 40 yards.Debris was scattered around the two homes which withstood the brunt of the tornado.AddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThis Tags: Damage, EF1 Tornado, Homes, Mud Lake Road, Ogemaw County, Tornado, West Branch, West Branch TownshipContinue ReadingPrevious Firefighters “Fill-The-Boot” for muscular dystrophyNext What’s Trending for August 29last_img

NBA free agency: LA Lakers agree to deal with Timofey Mozgov

first_imgThe Lakers did not waste any time addressing the biggest hole on their roster.Even if it cost the Lakers plenty of money. Even if it involved pursuing a player that had a recently limited role. In a move that reflected the Lakers’ urgent need at center and a rising NBA salary cap, the Lakers agreed to terms on Thursday night with Cleveland center Timofey Mozgov on a deal worth $64 million through four years, according to league sources. The deal, first reported by The Vertical, cannot be signed until the NBA moratorium ends on July 7. That marks some hefty change for Mozgov, who averaged only 6.3 points on 56.6 percent shooting and 4.4 rebounds last season with the Cavaliers. He also made $4.95 million last year. While plenty of attention centered on LeBron James and Kyrie Irving in guiding Cleveland to the 2016 NBA championships, Mozgov played a combined 25 minutes in the NBA Finals because of injuries. Yet, the Lakers wanted him so badly that general manager Mitch Kupchak reached out to Mozgov when free agency began at 9:01 p.m. PT on Thursday, according to league sources.After all, the 7-foot-1 Mozgov showed promise in the 2014-15 season when he averaged 10.6 points and 6.9 rebounds in 46 games. Lakers assistant coach Brian Shaw has liked Mozgov’s game after coaching him with the Denver Nuggets (2013-15). And the Lakers lacked a starting center after deciding not to retain Roy Hibbert, who posted a career-low in points (5.9) and anchoring a defense that ranked 27th in points allowed (106.8). Other front-court candidates included Miami’s Hassan Whiteside and Atlanta’s Al Horford. Whiteside had narrowed his choices down between Miami and Dallas, according to The Vertical. As of Thursday, Horford did not indicate any interest with the Lakers, according to league sources. Newsroom GuidelinesNews TipsContact UsReport an Errorlast_img read more

Genesis Open picks, sleepers for daily fantasy golf contests and betting advice

first_imgThe Genesis Open features one of the most stacked fields — and, thus, most stacks PGA DFS and betting fields — that we have seen all season long and is the final event of the PGA Tour’s “West Coast Swing”. That means that these will be the last time we see any more poa greens for awhile after next week’s WGC-Mexico Championship.The event is played at the classic Riviera Country Club, which is one of my personal favorite layouts that we’ll see all season. Riviera is long at 7,300 yards for a Par 71, with the Par 4s being particularly lengthy (the majority top 450 yards). The course is made even longer given the brutal kikuyu-grass rough that is incredibly sticky and difficult to get up and down out of. Sergio Garcia (45/1)Garcia made headlines a few weeks ago with his on-course antics in Saudi Arabia, leading to his disqualification from the event. That incident — and the fact that he is making his first start on the PGA Tour this season — are helping discount him in both the DFS and betting markets. Odds of 45/1 on DraftKings Sportsbook make for great value on a player who’s ball-striking game is a nice fit for Riviera. Sergio has played great over the last few months with finishes of T3, T6, T9, and seconnd over his four starts prior to his adventures in Saudi Arabia.Dart Throws: Aaron Wise (150/1), James Hahn (250/1), Jason Dufner (350/1) MORE DFS: Lineup Builder | StrategyI hope you enjoyed the recent run of “easy” birdie-fest events that we’ve had so far this season because we almost certainly won’t be seeing easy scoring conditions this week. Riviera consistently ranks inside of the top 10 on tour in terms of difficulty, with winning scores typically hovering around -10.Distance off the tee is important at virtually every modern day course, but is especially advantageous at a layout like Riviera with its combination of raw length and brutal rough that makes it difficult to find the green from off the fairway outside of 180 yards on approach shots.This event tends be a little more a grind with the main scoring opportunities coming on the Par 5s, all of which are reachable in two shots and should set up plenty of eagle opportunities throughout the week. Because of this, I’m weighting scrambling and stroke gained: around the greens a little heavier than usual, with par being a good score on a lot of Riviera’s Par 4s and 3s.There’s plenty of strategy that goes into putting together a winning DFS lineup and a winning betting tickets, and the best place to start is RotoQL’s DFS tools and the BetQL Mobile App. Our RotoQL PGA Lineup Optimizer offers a massive advantage when you’re building DFS lineups, and our BetQL Trending Picks and Public Betting tools offer a big edge when you’re making bets, regardless of bankroll size.I’m always there to help, too, so check me out on Twitter (@DFSBenj) for even more NFL, NBA, MLB and PGA daily fantasy content and gambling advice.Key StatsDriving DistanceStrokes Gained: ApproachBall StrikingScramblingPar-5 ScoringGenesis Open picks (Daily Fantasy Golf)DFS Core Plays to Consider:  Top End: Dustin Johnson, Justin Thomas (Cash), Bryson DeChambeau, Xander Schauffele (GPP)Mid-Range: Cameron Smith, Sergio Garcia (GPP), Adam Hadwin (Cash), Jason KokrakValue Plays: Sung Kang (Cash), Keegan Bradley, J.T. Poston, Harold Varner, Scott Brown (GPP)Genesis Open betting adviceOutright Bets to Consider*odds via DraftKings SportsbookRory McIlroy (16/1)If you want to dip into the top end for an outright bet, I love the value on McIlroy at 16/1 on DraftKings Sportsbook. I was considering putting McIlroy in my DFS core plays, and he still very well may be in there if ownership projections have him coming in significantly lower than Dustin Johnson. McIlroy has been in excellent form to open the season with back to back top-five finshes at Tournament of Champions and Torrey Pines. Rory has a nice track record at this event with two top-20 finishes, and he has both the distance off the tee and the iron play necessary to contend at this event.Marc Leishman (40/1)I love the Australians this week, as most of them grew up playing on the same kikuyu grass type that we have here at Riviera this week. Leishman is my favorite of the 40/1 range and over and is a player that I always want to target at tracks that force players to pound driver off the tee. Leishman has missed the cut here in each of the last two seasons but has flashed some upside at this event with a T5 in 2016. Leishman enters this event off the heels of four top-five finishes and a win since October.Cameron Smith (40/1)I’m not big into betting on players who don’t have much of an established track record of winning, but I’m willing to ride Smith at 40/1 this week on an layout that will really showcase his elite short game. Smith has an excellent, albeit limited, track record at Riviera with T6 and T28 finishes here over the last two seasons. Smith snagged a top-10 finish at another poa grass course at Torrey Pines and won the Australian Open back in late November, which is played at a course that features a similarly thick kikuyu grass rough.last_img read more