German foundations weathering financial crisis well, survey shows

first_imgMost German foundations have come through the financial crisis relatively well so far, according to a survey from the Association of German Foundations (AGF).Nearly 40% of the foundations surveyed managed to maintain their investment income in 2012, while around 25% have actually increased their earnings.Only one-third saw a fall in income over the same period.The survey was carried out to investigate the effect that continuing low interest rates has had on foundation income, with 250 foundations responding to an online questionnaire last July about their most recent financial results. Hans Fleisch, secretary-general at the AGF, said: “Many foundations have found a way round the crisis by increased fundraising.“Another strategy has been to bring greater professionalism to investing, including the creation or revision of investment guidelines.“Results show that the better the foundation’s knowledge of investments, the higher its returns.”But he warned: “Because of continuing low interest rates, expectations for this year are still subdued.“And the longer the period of low interest, the thinner the air for foundations.”For the third year in a row, investment returns have been very low.In both 2012 and 2011, average returns on assets were 3%, down from 3.5% in 2010.A similar survey in 2008 revealed average returns of 4.4%.However, Fleisch said it was striking that foundations with a higher endowment ­– €1m or above – could usually generate significantly higher returns.For 2012, these foundations reported returns as high as 4.3%.“Larger foundations are more likely to possess in-house professional expertise, which can add a few basis points to income,” Fleisch said.“Furthermore, some investment solutions are not possible if you’re small.”He said most of the return had come from equities – largely German stocks, which had done well because of the performance of the domestic economy.Fleisch estimates the assets of German foundations to be worth €100bn.More than 60% of total foundation assets in Germany are held in conservative assets, largely government bonds, he added.However, he said there has been a noticeable shift over the past year towards real estate, particularly the booming Berlin market.Around 10-15% of total assets are currently in real estate, including commercial and residential property, forestry and agriculture.Very little is in alternatives.The survey showed that while 61% of the larger foundations have an investment policy document, this is true for only 46% of the smaller foundations.Fleisch said that more foundations were now planning to create guidelines, while many of those with a policy already were revising it to allow more investment risk – for example, by permitting a greater percentage of assets to be held in equities.However, some German states restrict risky assets to a specific percentage of the portfolio, or prohibit ‘speculative’ investing.German federal law says the total book value of a foundation’s endowment capital must be maintained over the medium term.Meanwhile, mission-related investing is, for most foundations, still in the future – only one-fifth of trusts that have set guidelines are planning to connect the foundation’s purpose with its investment policy.Only half the foundations responding to the survey said they were planning any concrete measures to deal with the financial crisis.But 68% of larger foundations are planning to improve effectiveness though cooperation with other parties.Fleisch said the economic crisis had not dampened the enthusiasm for creating foundations – each year, approximately 600-700 new ones are formed in Germany.last_img read more

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Austria’s derivatives cap hindering would-be SRI investors, VBV warns

first_imgThe €2.1bn fund is one of 10 providers in Austria that are managing money from the mandatory severance pay scheme into which every employer has to pay part of its employees’ salaries.Almost all of these Vorsorgekassen are committed to a 100% sustainable investment portfolio.According to Herndlhofer, this creates even more problems when it comes to derivatives.“As an investor applying sustainability criteria, we are never close to any benchmark, which means we are even more constricted in our hedging opportunities,” he said.He argued that regulations regarding Vorsorgekassen should be amended to take into account the limited universe under sustainability criteria.“We do not want to use derivatives for speculation but for hedging,” he said, adding that he could “understand” the FMA’s motive in capping derivative allocations to prevent excessive hedge fund investments.The asset management head also noted that, for Vorsorgekassen, any breach of regulations did not just result in a reprimand but in penalties, as these vehicles are regulated under the legal framework for banks.Another issue Herndlhofer would like to see resolved in Austria is that of real estate investments for Vorsorgekassen.He said it was unclear whether a real estate fund should be counted towards the AIFM allocation in the portfolio or towards the real estate allocation.“The harmonisation of European regulation was actually very much cut to fit existing Austrian legislation, but it should rather be geared towards investment reality,” Herndlhofer said.Further, Vorsorgekassen can only invest in real estate funds involved in OECD and EEA countries – and have set this focus down in their prospectus.“Not many funds explicitly state this regional focus, and no other investors have to demand this limitation,” Herndlhofer pointed out.He says this represents a “major handicap” when investing in the asset class. Austrian rules concerning derivatives are impeding severance pay funds seeking to embrace socially responsible investment (SRI) principles, the VBV Vorsorgekasse has warned.According to Austrian law, severance pay funds, or Vorsorgekassen, can only hold up to 5% of their portfolios in derivatives, and for the calculation of this allocation, they must employ a ‘commitment approach’ – similar to other institutional investors – as defined under the ESMA’s Committee of European Securities Regulators (CESR) guidelines.Risk exposure via derivatives is calculated according to the underlying market value of the hedged asset in comparison to the positions in the portfolio, and this net exposure has to be reported in the derivatives allocation of the fund. Günther Herndlhofer, head of asset management at VBV, told IPE: “That means, because we are not a benchmark investor, that parts of any derivatives we use count directly towards our derivatives allocation, while with a simple hedging approach we could offset it against investments in our portfolio.”last_img read more

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Authority publishes six frameworks for holistic balance sheet

first_imgEIOPA said IORPs would have one year to secure funding to the required level, using financial assets to reach Level A, and using additional sponsor support should the requirement include SCR.Schemes with no hedge-able liabilities would have one year to transfer risks to an insurer or another IORP.EIOPA said even schemes with unlimited sponsor support would still have to reach Level-A funding using financial assets.It also stressed that IORPs would not be allowed to recognise pension protection schemes, or the ability to cut benefits in the case of a failed HBS.The second model proposed IORPs holding financial assets to cover Level-B best estimates, where schemes would be given an “extensive time period” to recover if assets fell below the threshold, and member states allowed to impose additional requirements.Level B refers to calculating liabilities on a near risk-free basis but accounting for the expected return on scheme assets.Similarly, the proposal sets out both a minimum Level-B funding level and this level plus additional SCR. However, both levels can be reached through the formalisation of a recovery agreement with the sponsor and the IORP, rather than using strict time periods.IORPs where sponsors bear risk would be required to hold SCR. However, the strength of the sponsor could reduce this to zero.Weaker sponsors may face SCR, although EIOPA said the impact would be limited where national regulators already imposed risk-based buffer requirements. The third HBS framework splits out the options based on pillars one and two of the IORP Directive.Pillar one looked at the certainty of schemes providing benefits, while pillar two looked more at IORPs’ expected response to future situations.For the pillar-one proposal, schemes would be required to hold SCR but with flexible recovery periods. The HBS for the pillar-two model would be more of a risk-management tool, rather than include capital requirements.However, in both pillar proposals, schemes could use sponsor support and pension protection schemes to reduce SCR or demonstrate suitability against future scenarios.The fourth framework mirrors that of the first. However, the HBS can include the reduction of benefits for retirees, as well as in the event of a sponsor default. It can also use sponsor support and backing from a pension protection scheme to reduce SCR.EIOPA said, in national systems where pension arrangements were completely specified, the security of the schemes would be enough to absorb SCR.It added that there could be upheaval where national arrangements were not completely specified, as well as where this led to IORPs lacking the assets or support to manage the HBS or stress tests.The fifth framework mirrors that of the third in using both pillars one and two of the IORP Directive.However, the pillar-one minimum capital requirement level does not follow the SCR, but rather dictates that schemes should hold financial assets to cover Level-A technical provisions.It also states that EU member states could impose additional buffer requirements and allow IORPs to negotiate recovery periods rather than set them out in legislation.The pillar-two option focuses on Level-A technical provisions and an SCR based on a risk margin.However, it allows the reduction of benefits and using sponsor support, as well as a pension protection scheme to prove sustainability.The pillar-one requirement, EIOPA said, would interfere with national systems by creating a harmonised approach. Pillar two would affect national systems with unsustainable pension promises and weak sponsor support.The sixth framework for the HBS suggests IORPs, under a pillar-one system, would be subjected to the valuation standards, minimum-funding requirements and recovery periods as set out in the current IORP Directive, but supplemented through national regulation.In the pillar-two system, IORPs would once again be required to assess the HBS and SCR as a risk-management tool.National regulators would have to force IORPs and sponsors with insufficient assets, sponsor support and pension protection schemes to cover SCR or reduce benefits to increase the certainty of meeting promises.EIOPA said pillar-one proposals would essentially leave the status quo among national markets.However, pillar two would see the HBS valued on a market-consistent basis and schemes accounting for a “comprehensive set of risks”.The proposals from EIOPA come as part of a 111-question consultation regarding the implementation of the HBS.An EIOPA spokesman said: “EIOPA is undertaking this work on its own initiative in its role as independent adviser to the European political institutions.“The consultation paper proposes improved definitions and methodologies to value the holistic balance sheet, covering areas such as the valuation of sponsor support, the benefit-reduction mechanisms and discretionary decision-making processes and the definition of contract boundaries.”The consultation runs until 13 January 2015.,WebsitesWe are not responsible for the content of external sitesLink to consultation paper The European Insurance and Occupational Pensions Authority (EIOPA) has launched its consultation into the six proposed models for its holistic balance sheet (HBS).In addition to consulting on definitions behind pension promises, sponsor support and contract boundaries, EIOPA will look to the European industry to define how any HBS supervisory frameworks could work in practice.If the first proposal, EIOPA said schemes would be faced with two requirements – either full funding on a Level-A basis, or Level-A funding plus additional solvency capital requirements (SCR).Level-A technical provisions are calculated by discounting liabilities on a near risk-free basis.last_img read more

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​Wednesday people roundup

first_imgAon Hewitt, SEI Investments, Mercer, Standard Life, Allenbridge, Aberdeen Asset Management, Society of Pension Professionals, Spence & Partners, Psigma Investment Management, UBS, RobecoSAM, bfinance, AxiomaAon Hewitt – Ed Tomlinson has been appointed to lead the UK defined benefit delegated sales team. He joins from SEI Investments Europe, where, as regional director, he was responsible for its client acquisition activities. Before then, he worked for BNP Paribas and Invesco.Mercer – Peter Kane has been appointed as a principal in the consultancy’s Glasgow office. He joins from Standard Life, where he was corporate relationships director. Before then, he worked at Hymans Robertson as a partner and new business director.Allenbridge – Anthony Fletcher has been appointed as a senior adviser. He joins from Aberdeen Asset Management, where he was responsible for investment strategy and tactical asset allocation across all fixed income asset classes for a number of benchmark-driven and total return portfolios. Society of Pension Professionals – Hugh Nolan, director at Spence & Partners, has been appointed president, effective 1 June. He succeeds Duncan Buchanan, partner in the London pensions team of Hogan Lovells, who has been president since 1 June 2014. Before joining Spence, Nolan was chief actuary at JLT Employee Benefits.Psigma Investment Management – Andrew Wauchope has been appointed to the charities team at Psigma. He joins from UBS, where he was head of charities. Before then, he was responsible for looking after charities and private clients at Laing & Cruickshank and Gerrard Vivian Gray.RobecoSAM – Rocco D’Urso has been appointed senior relationship manager for index products. D’Urso joined from Stoxx in November 2015.bfinance – Mark Brownlie has been appointed CFO. He joins from software business The Foundry. Before then, he worked at Bigmouth media/LBi, latterly as group head of business support and internal control.Axioma – Sunay Shah has been appointed head of multi-asset class solutions for the EMEA region. He joins from HighQ, where he was head of financial services for North America. Before then, he was vice-president for strategic sales at S&P Capital IQ.last_img read more

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Pensions Caixa 30 gains 4.2% despite hedge fund drag

first_imgPensions Caixa 30, the €5.8bn employees’ pension scheme of Spain’s Caixabank banking group, posted a 4.2% return for 2016.This compared with 3.1% for the previous year, beating the Spanish average return of 2.7%. It also took the scheme’s average annual return for the three years to 31 December 2016 to 5.4%, and 7.3% for the five-year period.However, the fund – whose portfolio is managed by Vidacaixa – said the return was below benchmark.In its commentary on the results, Pensions Caixa 30 said its alternatives allocation had suffered from the poor performance of hedge funds, which lost 3.2%, the only asset class to lose money. At end-2016, hedge funds formed 3.8% of the portfolio. Overall, the alternatives section of the portfolio still managed to post a 6.5% return. The best performers were commodities, which returned 18.5%, high yield fixed income (15.3%) and North American equities (14.9%). Private equity and emerging market fixed income also enjoyed strong performances, Pensions Caixa 30 said.Pension Caixa 30’s control commission has decided to raise the scheme’s benchmark equity exposure for 2017 from 30% to 32%, while renewing the use of options to hedge against volatility and market falls.To balance this move the benchmark weighting for fixed income is to be lowered from 50% to 48%, reducing exposure to rising interest rates. The benchmark weighting for alternatives will remain at 20%.However, the scheme said it retained wide margins for its benchmark weightings, allowing the investment managers to tackle predictable (and more frequent) market swings.It added: “We will complement this with new currency hedges using options, given that interest rate differentials between the euro, dollar, and sterling have increased the cost of traditional hedging tools.”Pensions Caixa 30 received the award for best Spanish corporate scheme at IPE’s annual awards ceremony in Berlin in December.last_img read more

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Mandate roundup: NEST makes ‘strategic’ high yield bond move

first_imgNEST has appointed JP Morgan Asset Management for a high yield bond mandate that forms part of the defined contribution pension scheme’s “retirement date” funds.The mandate involves NEST acting as the seed investor for JP Morgan’s High Yield Opportunities Fund.The UK government-sponsored scheme for auto-enrolment will initially allocate £40m (€47m) to the fund, which represents roughly 3% of NEST’s total portfolio (around £1.7bn).John St Hill, deputy chief investment officer at NEST, said the mandate was a long-term strategic move for the pension fund. “With long-term interest rates at current low levels we believe that adding high yield bonds to the portfolio will enhance returns for our members,” he said. “Diversifying our members’ portfolios across a range of asset classes is the best way to manage risks and deliver returns.”He said NEST looked for an active manager and was impressed by JP Morgan’s approach to risk management, as well as their commitment to integrating environmental, social, and governance issues into their investment processes.BNP Paribas lands Italian custody services mandateItaly’s €1.3bn pension fund for public transport employees has awarded a custody and depositary mandate to BNP Paribas Securities Services.BNP Paribas will provide Fondo Pensione Priamo with custody and transaction settlement services and will verify the fund’s asset value and monitor regulatory limits as agreed with asset managers.Also in Italy, the pension fund for Fiat’s middle-management, Fondo Pensione Quadri e Capi Fiat (FPQ), is seeking managers to run its balanced equity and bond funds and its guaranteed fund.FPQ had €567m of assets under management at the end of December, with around €413m in the balanced bond fund, €66m in the balanced equity fund, and €89m in the guaranteed fund.One mandate each may be allocated for the equity fund and guaranteed fund, and up to three for the bond fund.The mandates are expected to be for five years, with the possibility of an extension. Willis Towers Watson is helping with the search.last_img read more

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People moves: PGGM names temporary CEO; Mercer-JLT merger latest [updated]

first_imgPGGM, Mercer, JLT, AP Pension, Skandia, AFM, Amundi, Lazard, Wells Fargo AM, BPL Pensioen, PDN, Barnett Waddingham, CFA Institute, Sumitomo Mitsui Trust Asset Management, BNY Mellon, MJ HudsonPGGM – The supervisory board of Dutch asset manager and pension provider PGGM has named Kees Beuving as temporary chief executive.Beuving is to act as co-CEO alongside Paul Boonkamp, who is also chief financial and risk officer, while CEO Edwin Velzel recovers from illness. Velzel’s absence is expected to take a few months, the company said.Beuving has previously held the CEO role at both Fortis Bank Netherlands and Friesland Bank. Since 2014, he has been a member of the supervisory board at BNG Bank and the executive chair of VSB Vermogensfonds. Mercer/JLT – Consultancy giant Mercer has made a number of appointments as it integrates JLT Group’s operations following its $5.6bn takeover last year. The appointments will take effect when the deal is approved by financial and competition regulators.Mark McNulty, currently managing director of investment solutions at JLT, will become European head of clients for Mercer’s fiduciary management business – a newly created position. He will be responsible for client strategy, management and servicing, Mercer said in a statement.Malcolm Reynolds will become client leader for Mercer’s UK administration arm, working with Rich Tuff to combine the two companies’ administration arms. Reynolds is currently managing director of JLT UK Administration Services, while Tuff is UK and Ireland administration leader at Mercer.Steven Robinson, managing director of trustee and corporate consulting at JLT, will move to lead Mercer’s mid-market client business, including responsibility for defined benefit scheme advice.Other appointments include Karen Phillips, currently managing director of JLT’s wealth management operations, who will become head of Mercer’s UK financial planning business, and Teresa Beach, managing director of JLT Technology Solutions, who will lead the joint UK technology operations and provide support to the integration effort.AP Pension/Skandia Denmark – Morten Halborg, managing director of Skandia Asset Management and investment director at Skandia Denmark, is to exit the company at the end of February following its acquisition by AP Pension last year.From 1 February, AP Pension’s investment director Ralf Magnussen will take on responsibility for investments across AP Pension and Skandia.Halborg has worked at Skandia Group in Denmark for almost 15 years, the company said in a statement, including involvement with “virtually all aspects of asset management”.Bo Normann Rasmussen, chair of the board of Skandia Asset Management, said AP Pension had “a natural ambition” to develop areas such as responsible and sustainable investment, but “the timing was not right”.Pensions Infrastructure Platform (PIP) – The UK-based infrastructure business – developed by the country’s pension fund trade body the PLSA – has appointed Andy Clapp as head of asset management. He was previously at Dalmore Capital, one of PIP’s external managers, and has 15 years’ experience advising and investing in infrastructure assets.AFM – Martin van Rijn has been appointed as supervisory chair at communication watchdog Autoriteit Financiële Markten (AFM) as of 24 May. He is to succeed Paul Rosenmöller who plans to stand for a seat in the Dutch senate. Van Rijn – a former chief executive at PGGM and state secretary for health, wellbeing and sport – is currently a member of AFM’s supervisory board.Wendy de Jong, a lawyer and corporate economist in the financial sector and partner at consultancy GovernanceQ, will join AFM’s supervisory board. She sits on the supervisory boards of Ambulance Amsterdam, Topfonds Gelderland, DSM Pensioenfonds and Dutch Venture Initiative. She plans to resign from the two latter positions.Amundi – Europe’s largest asset manager has hired Ashley Fagan, head of institutional for the UK and Ireland at iShares, BlackRock’s exchange-traded fund (ETF) business. At Amundi she will be head of ETF, indexing and smart beta development for the UK and Ireland. She will also become the company’s global head of strategic accounts co-ordination alongside her responsibilities for strategy and business development, Amundi said in a statement.Fagan worked at iShares for 10 years in a number of roles, and was previously at Barclays Investment Bank’s collateralised debt obligation arm. Separately, Amundi has also appointed Julien Fontaine as head of partnerships and Pascal Duval as head of retail solutions. Both are members of the asset manager’s executive committee. Fontaine joined Amundi in 2014 as CEO of its Japanese business, before being appointed head of retail marketing a year ago.Duval joins after two years operating his own research and advisory company, Duval Capital.Lazard Asset Management – Jennifer Anderson has left UK master trust TPT Retirement Solutions to join Lazard as co-head of sustainable investment and ESG, based in London. Nikita Singhal has been hired as the other co-head, and is based in New York.At TPT, Anderson was an investment manager and led the pension provider’s responsible investment, ESG and climate change strategies. She previously worked in analyst roles at Citigroup and Jupiter Asset Management. She has been a board director for the Institutional Investors Group on Climate Change since 2015. Singhal was previously a portfolio analyst with ClearBridge Investments, focusing on the renewable energy sector, and has also worked at the Heron Foundation and the International Finance Corporation. Wells Fargo Asset Management – The US asset manager has hired Matthias Scheiber as global head of portfolio management for its multi-asset solutions business.He joins from Schroders, where he was in charge of its institutional mandates. He has previously worked at Aethra Asset Management, ABN Amro Asset Management and Raiffeisen Bank.At Wells Fargo, Scheiber will be responsible for “developing and managing outcome-oriented multi-asset investment solutions”, the company said.BPL Pensioen – Jack Buckens has started as chairman at BPL Pensioen, the €17.7bn Dutch scheme for the agricultural sector. He succeeded René le Clerq who led the pension fund for 10 years. Between 1994 and 2016, Buckens had several management positions in the insurance sector, including six years as chief executive at Interpolis.Buckens is chairman of the supervisory board at the €199bn healthcare scheme PFZW, and until the end of 2018 was interim chair of the €8.7bn Pensioenfonds Hoogovens.PDN – The €7bn pension fund of Dutch chemicals giant DSM has named Mila Hoekstra as member of its supervisory board. She succeeds Henriëtte de Lange, who has been appointed Ombudsman for Pensions, succeeding Piet Keizer.Hoekstra also sits on several other supervisory boards, including the €3.9bn Pensioenfonds TNO, Heineken’s €3.6bn Dutch pension fund, the €3.9bn Dutch merchant navy scheme.Barnett Waddingham – The UK consultancy has poached Ian Mills from Redington as a senior investment consultant for defined benefit pension schemes. At Redington, Mills was a managing director in the investment consulting team from 2017, and has also worked at LCP.CFA Institute – The global association of investment management professionals has appointed Kazim Razvi as director of financial reporting policy for the EMEA region. The institute said he would work on policy positions and best practice guidelines for financial and corporate reporting.He was previously global head of accounting research and policy at Fitch Ratings, and has also worked at Moody’s and EY, and is currently a member of the European Financial Reporting Advisory Group’s pension advisory panel.Sumitomo Mitsui Trust Asset Management (SMTAM) – Akiyoshi Nagashima has been appointed chief investment officer at Japan’s biggest asset manager. He has worked for the group for more than 30 years, most recently as head of Sumitomo Mitsui Trust Bank’s equity investment department.The appointment follows SMTAM’s restructure last year, when the company merged its retail and institutional asset management businesses. SMTAM runs more than $550bn (.BNY Mellon – Linda McMahon will join the custody giant on 18 February as head of UK trust and depositary. She was previously head of State Street’s trustee business in the UK.In her new role, McMahon will be responsible for depositary activities including client relationship management, service delivery, strategy and compliance.MJ Hudson – The UK-based asset management consultancy has launched a legal services subsidiary in Milan, MJ Hudson Alma. Alessandro Corno has already joined as a founding partner, having previously worked at Gatti Pavesi Bianchi, DLA Piper and Jones Day. Marco Zechini will join in March from US law firm Orrick’s Rome office.The new office will focus on fund formation and financial regulatory mandates. Matthew Hudson, senior partner and founder of MJ Hudson, said Italy had “long been on our radar” and indicated that his firm would look to add other regional teams across Europe where possible.last_img read more

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Germany’s lifeboat scheme ready to face new occupational liabilities

first_imgMoreover, the support for Pensionskassen promises is significantly lower because, unlike for example in the case of direct promises, the PSVaG only pays for the part of the pension benefit that has been cut and not for the full pension if an employer is insolvent, Brambach and Melchiors explained.The PSVaG, however, has not made its own calculation on the numbers of pensioners and employers that will fall under its protection in the future, they added. The full PSVaG protection will be granted to those entitled from 2022.The new regulation requires companies to contribute to the equalisation fund set up by the PSVaG of an amount calculated in 9‰ (promille), which takes into account the rate for 2021, set at 3‰ (promille), and an additional contribution of 1.5‰ (promille) for the years 2022-2025, as reported.In its reply, the government highlighted two mechanisms in the Betriebsrentengesetz – a law that protects Pensionskassen in case of an employer’s insolvency – that aim to reduce the contributions burden for the employers.On the one hand, contributions can be spread over five years; on the other the equalization fund, which is worth approximately €3.1bn, can be used.The legislator decided the amount of employers’ contribution to the PSVaG based on the assumption that risks related to pension promises defined through Pensionskassen are lower compared to other ways to run occupational pensions, the board members said.Therefore, the contribution into the PSVaG amounts on average to 20% of a normal contribution, they added.The PSVaG considers this rule, and the increase in contributions resulting from the new obligation, to be appropriate in view of liabilities.“The employer has one more good argument to make to the employees to support this form of retirement provision with a high level of security,” the board members concluded.To read the digital edition of IPE’s latest magazine click here. The Pensions-Sicherungs-Verein VVaG (PSVaG), the mutual insurance association for German occupational pension schemes, will be able to secure employer-financed occupational pensions under new rules in the future if a company goes bankrupt, board members Marko Brambach and Hans Melchiors told IPE.The German government recently provided a snapshot of what the PSVaG will face under the new rules, which will be required to cover company pensions organised also through Pensionskassen.In a reply to a parliamentary inquiry of the right-wing party Alternative for Germany, AfD, the executive said the new form of insurance for company pensions is likely to affect three million pensioners and 20,000 employers, with a Pensionskassen total assets worth €111bn.“For direct promises, the risk for pensioners is qualitatively lower, because the PSVaG steps in only if the employer is insolvent and the Pensionskasse reduces its benefits,” the board members added.last_img read more

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AFL great Brendan Edwards taking this Gold Coast home to auction

first_imgHawthorn Football Club legend Brendan Edwards is selling his beachfront apartment in Main Beach.AFL legend Brendan Edwards has put his Main Beach unit on the auction block.Edwards played for Hawthorn from 1956 to 1963 when the league was known as the VFL and is considered a pioneer of the circuit training that for many years gave Hawthorn the fitness edge on its rivals.AFL legend Brendan Edwards with granddaughter Addison in 2017. Supplied.He went on to establish a chain of health clubs in Melbourne and on the Gold Coast.His two-bedroom apartment in Golden Sands on Main Beach Pde includes two bedrooms, two bathrooms, open plan living areas and a huge private terrace space overlooking the beach.More from news02:37International architect Desmond Brooks selling luxury beach villa16 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days agoThe living area. Edwards commissioned architect Desmond Brookes of DBI to refurbish the property, with the redesign using the lavish use of sand blasted Tasmanian Oak panels, Italian marble, sand blasted glass doors and purpose built joinery.The apartment has been extensively renovated.Golden Sands was built in 1981 and proudly stands as a Main Beach landmarkheralding the times when buildings were spacious and strong.Ill health has forced Edwards to sell his property.PRDnationwide Robina are taking the property to auction on June 30.Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:50Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:50 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p270p270pAutoA, selectedAudio Trackdefault, selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenAFL stars kicking property goals00:50last_img read more

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Nielsen Rd at Little Mulgrave has room for farm, cattle, kids

first_imgLot 1 Nielsen Road, Little MulgraveFOR 11 years, Russell Frost has lived in a tranquil oasis but still inside a respectable commute to Cairns City where he works.Lot 1 on Nielsen Rd at Little Mulgrave sits on 58ha at the end of Orchid Valley, straddling a creek and enough paddocks to run cattle or horses, and accommodate a cottage which rents at a premium through Airbnb. Lot 1 Nielsen Road, Little Mulgrave“I’m a local and I bought it for the privacy and peace and quiet, and to run some cattle,” Mr Frost said. “It is still not so far away that I can’t go to the city every day, though.“We’ve got swimming holes, you can go fishing out here. You can catch freshwater fish like sooty grunter. They’re good eating but we just release them.“You can camp and have all the animals you want out here – horses, cattle, dogs, whatever.”Mr Frost said the property and its five-bedroom, two-bathroom, two-car garage homes was “perfectly suited” for a family with kids, or someone who would like to grow crops.“There is enough space for kids with dirt bikes and ponies. It’s either that or someone can have a farm. We have got an irrigation licence so they can grow bananas and paw paws,” he said. More from newsCairns home ticks popular internet search terms3 days agoTen auction results from ‘active’ weekend in Cairns3 days agoLot 1 Nielsen Road, Little MulgraveWith a desire to travel the world, Mr Frost said he needed to free himself of assets, and believes the Airbnb property on the grounds was a great drawcard.“I’ve only just started doing it this year and I’ve got people coming Monday from Western Australia to escape the drought,” he said.“It’s really popular. They come here mainly because of the river and they don’t have to be in the city all the time.”Selling agent, Cairns Property Office’s Robyn Hawley-Whitton, said the property had enormous potential.“There is more than 2km of river frontage with a cantilevered deck overlooking pristine swimming holes and camping spots on a sandy beach,” she said.“The solid, large, rendered block home has massive living areas and renovated bathrooms, laundry and kitchen.” Lot 1 Nielsen Road, Little MulgraveThere are also two points of access to the property and an abundance of native wildlife, including platypus, can be sighted within the 40-minute drive to Cairns CBD and 10 minutes drive to shopping centres and schools.Little Mulgrave is also convenient to the Tablelands with tourists and visitors able to take the Gillies Range Rd up to the Far North’s spectacular and popular farming and agricultural locality. Lot 1 Nielsen Road, Little MulgraveThe kitchen has been installed with top-of-the-range appliances and a wall of pantries and granite bench tops and the sprawling main bedroom has a walk-in robe and a bathroom with a bespoke glass window overlooking the forest.The home is also airconditioned and has a security system and water tank.The separate cottage has been rented at $495 per night with some clients booking for two weeks at a time.last_img read more

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