UK pension schemes should beware bulk annuity ‘capacity crunch’

first_imgThe bulk annuity market is poised to experience a “capacity crunch” in the medium-term, according to consultancy Hymans Robertson, which has pointed to a shortfall of at least £65bn (€76bn) in 10 years time, as growing demand from UK defined benefit (DB) schemes outstrips insurers’ supply. The consultancy forecast that annual demand for bulk annuity buy-ins from UK private sector DB schemes will grow threefold by 2026, to £350bn.It added that the predicted demand will exceed the capacity in the market, at least over the medium-term.James Mullins, head of buyout solutions at Hymans Robertson, said: “To give a sense of the scale of the mismatch, if we were to assume a 5% increase in insurer capacity year-on-year, then in 10 years that would equate to £225bn of supply.”This would amount to a £125bn shortfall.“Even when taking a more optimistic year-on-year growth of 10% over the next ten years we’d still be looking at a £65 billion shortfall,” added Mullins.Such a “capacity crunch” could arise despite “plenty of supply” at the moment, according to the consultancy.This has implications for pricing, which is currently “keen”, it said.“[W]hen we reach the point that demand to transact buy-ins outstrips supply from insurance companies, insurers will inevitably offer better pricing to the pension schemes that have already completed a buy-in,” said Mullins.The consultancy’s findings are based on an analysis of all DB pension schemes sponsored by FTSE350 companies, which it then scaled up to cover all UK private sector DB schemes.It said that DB pension schemes and insurance companies will look to buy gilts of more than £300bn over the next 10 years.UK pension funds’ unwilligness to part with gilts was said to be behind the Bank of England recently failing to meet its buying target for long-dated government bonds as part of its quantitative easing (QE) programme. Hymans Robertson also surveyed all insurers active in the bulk annuity market as at the end of June 2016, asking them about their appetite and capacity for deals over the next 12 months.This included Prudential, which Hymans Robertson noted has since confirmed that it will be withdrawing from the bulk annuity market.This leaves seven insurers active in the market, although Hymans Robertson expects new entrants, not least because strong demand from pension schemes makes it “an attractive source of business for insurers”.The findings were presented in the consultancy’s first annual risk transfer report.last_img read more

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Williams races into Auckland final against Pegula

first_img Loading… Instead, it was the 25-year-old Pegula, the world 82nd-ranked player who won her only WTA title at the Washington Open last year, who came out on top. The unseeded Pegula was broken twice when losing the first set before adopting an aggressive approach that fifth-seed Wozniacki had no answer for. She wore the Dane down in the second set and then won every game in the third. Read Also: ATP Cup: Battling Djokovic leads Serbia into final “I knew if I was going to play defensive I was not going to win that battle, she’s like the best in the world at that, so I had to step in and take my chances and trust my game,” said Pegula, the daughter of NFL Buffalo Bills owner and natural gas magnate Terry Pegula. “Caroline’s had an amazing career and I know she’s retiring so I’m glad I got to play her before she retires and I’m happy to get the win and really excited to be in the final.” Wozniacki has one chance left to win a title in Auckland when she partners Serena Williams in the doubles final on Sunday. FacebookTwitterWhatsAppEmail分享 Serena Williams delivered a masterclass in her semi-final at the WTA Auckland Classic on Saturday, needing only 43 minutes to down rising star Amanda Anisimova and set up a showdown against Jessica Pegula.center_img The unsung and unseeded Pegula stunned Caroline Wozniacki in a three-set semi-final 3-6, 6-4, 6-0. Serena Williams needed only 43 minutes to down rising star Amanda Anisimova and set up a showdown against Jessica Pegula Top-seed Williams, at her imperious best, rapidly eliminated third-seed Anisimova 6-1, 6-1. It highlighted the gulf between the 38-year-old, the women’s tennis figurehead for the past two decades, and the next generation of players led by the 18-year-old Anisimova. The mother of two-year-old Olympia said she had been working hard to juggle tennis and motherhood as she targets a 24th Grand Slam at the Australian Open later in the month. She was all power and precision as she dominated the centre of the court and moved the teenager around, running down Anisimova’s drop shots and blunting opportunities for the young player to unleash her telling forehand. “I was definitely in the zone today. I knew I was playing a really great player and an even better person and I knew I had to come out serious,” Williams said. “It feels really good. I’ve been working hard for a couple of years, my daughter’s only two, I tend to be really hard on myself but considering everything, I’m doing pretty good.” Former World number one Wozniacki, who has announced she will retire after the Australian Open, arrived at her penultimate tournament determined to win in Auckland at her seventh attempt to add to her 30 WTA titles. Promoted ContentA Guy Turns Gray Walls And Simple Bricks Into Works Of ArtHere Are The Secret Origins Of Famous Foods6 Ridiculous Health Myths That Are Actually True7 Action Movies That’ll Give You An Adrenaline Rush11 Most Immersive Game To Play On Your Table Top11 Strange Facts About Your Favorite TV Shows7 Universities In The World Where Education Costs Too Much7 Theories About The Death Of Our UniverseYou’ve Only Seen Such Colorful Hairdos In A Handful Of Anime14 Hilarious Comics Made By Women You Need To Follow Right NowBest & Worst Celebrity Endorsed Games Ever Made8 Best 1980s High Tech Gadgetslast_img read more

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Program provides permanent housing for homeless vets

first_imgHousing Authority of the City of Gary Indiana Partnering VA Medical Facility Chicago HCS Public Housing Agency Cincinnati 5 Indiana Housing and Community Development Authority $34,755 Washington D.C. — To help end veteran homelessness, the U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of Veterans Affairs (VA) today awarded $239,745 to provide a permanent home to an estimated 46 veterans experiencing homelessness in Indiana.  The rental assistance announced today is provided through the HUD-Veterans Affairs Supportive Housing (HUD-VASH) Program, which combines rental assistance from HUD with case management and clinical services provided by VA.HUD-VASH reduces veteran homelessness because it provides funding for both the housing and supportive services that are essential for ending homelessness for veterans, many of whom are living in unsheltered locations. These vouchers are critical tools in helping communities effectively end homelessness among veterans.“We have few responsibilities greater than making sure those who have sacrificed so much in service to their country have a home they can call their own,” said HUD Secretary Carson. “The housing vouchers awarded today ensure homeless veterans nationwide have access to affordable housing and the critical support services from the VA.”   “The brave men and women who have served in our armed forces and their families have made incredible sacrifices to protect our freedoms. We must uphold our obligation to support those who have answered the call of duty,” said HUD Midwest Regional Administrator Joseph P. Galvan. “While, we have made great strides in reducing veteran homelessness in half nationally since 2010 and by almost 20% in Indiana, these housing vouchers will help continue this trend by providing safe and affordable housing in conjunction with vital wrap-around services from the VA. We are proud to support those who have served.”Since 2008, more than 93,000 vouchers have been awarded and approximately 150,000 homeless veterans have been served through the HUD-VASH program. More than 600 PHAs administer the HUD-VASH program, and this most recent award includes 22 additional PHAs, increasing HUD-VASH coverage to many communities. Rental assistance and supportive services provided through HUD-VASH are a critical resource for local communities in ending homelessness among our nation’s veterans.In the HUD-VASH program, VA Medical Centers (VAMCs) assess veterans experiencing homelessness before referring them to local housing agencies for these vouchers. Decisions are based on a variety of factors, most importantly the duration of homelessness and the need for longer term, more intensive support in obtaining and maintaining permanent housing. The HUD-VASH program includes both the rental assistance the voucher provides and the comprehensive case management that VAMC staff offers.Veterans participating in the HUD-VASH program rent privately owned housing and generally contribute no more than 30 percent of their income toward rent. VA offers eligible homeless veterans clinical and supportive services through its medical centers across the U.S., Guam, Puerto Rico and the Virgin Islands. Amount Indianapolis Housing Agency Indianapolis 5 Indianapoliscenter_img HUD-VASH AWARDS $52,506 21 $24,487 5 Housing Authority of the City of Lafayette 10 Number of Vouchers $25,150 Indianapolis $102,846 Indiana Housing and Community Development Authoritylast_img read more

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Victory for VanDeest at Marshalltown

first_imgMARSHALLTOWN, Iowa (July 8) – Racing at the Marshalltown Speedway on Friday night shared the Central Iowa Fairgrounds with the county fair.Chase Rudolf took the Karl Chevrolet Northern SportMod lead as the green flag flew, and was looking strong.  By lap five, he had 12th starting Jared VanDeest to contend with but continued to keep his lead.VanDeest was relentless, however, pestering Rudolf until finally making it pay off at lap 12, when he grabbed the lead. VanDeest was able to distance himself from the pack in the final handful of laps, and took the checkers and the win. Eleventh starting Cory Rose was runner-up and Rudolf was third.The 15-lap IMCA Sunoco Hobby Stock event went to Adam Armstrong.  Armstrong, who has been racing a SportMod this season, jumped back into his Hobby Stock for the night and made the switch seem effortless.  He had the lead at lap seven, and then pulled away the remaining laps to take the easy win. Leah Wroten started ninth and took the runner-up spot. Gene Nicklaus took third.There was fast and furious racing in the IMCA Sunoco Stock Car 20-lapper. Todd Reitzler led the race immediately but suddenly at lap two there was the 99D of Damon Murty on his tail.  Murty, who had started 12th, flew around the topside and began dogging Reitzler.Donavon Smith had also made big advances, getting to third and pressuring both Reitzler and Murty.  At lap nine, Reitzler’s night turned into a nightmare, when his car appeared to dig into the entry of turn one, and then he took a huge ride as the car rolled.  Thankfully, Reitzler emerged from the car unhurt.When racing picked back up, Murty was now the leader with Smith in second.  Murty returned to his topside run, Smith trying the low line, but it was all Murty’s race from there on out, as he crossed under the checkers first once again.  Smith kept the runner-up spot and third went to 10th starter Steve Meyer.No one should have been disappointed with the 20-lap Xtreme Motor Sports IMCA Modified fea­ture action. Trent Jackson and Jimmy Gustin wowed the crowd with lap after lap of close racing before Jackson took the checkers ahead of Gustin and Jacob Murray.last_img read more

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Magic Murphy inspires DCU

first_img Press Association Murphy claimed a magnificent nine-point haul, many of them spectacular efforts from play. The Dubliners led by 0-7 to 0-6 at half-time, and pushed on with the wind in their backs in the second half. Dean Rock also weighed in with quality scores, and while James Kielt and Donal O’Hare kept the Belfast side in touch, they were unable to cope with the brilliance of All-Ireland winning skipper Murphy. Donegal star Michael Murphy was in stunning form as DCU overwhelmed Queen’s University to set up a Sigerson Cup quarter-final clash with UCD.last_img read more

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Bale fee was not enough – Sherwood

first_imgTottenham got a world-record fee for Gareth Bale but head coach Tim Sherwood cannot help feeling they were short-changed. After a marvellous few years at White Hart Lane, the 24-year-old last summer swapped north London for Real Madrid in a record-breaking 100million euros (£85.3million) deal. The gargantuan fee raised more than a few eyebrows but Bale has not wilted under the pressure brought by the price tag. Press Association The winger has shone in his debut campaign in Spain and so far netted 20 goals, the latest being Wednesday’s outstanding solo strike that secured Madrid the Copa del Rey crown at the expense of Barcelona. The strength, speed and composure shown by Bale in scoring left onwatchers open-mouthed and reinforced Spurs head coach Sherwood’s belief that Tottenham should have got more money for him. “His fee looks cheap now,” Sherwood said. “If he is going to deliver them the European Cup – which it looks like he might – then that looks good business [for Madrid]. “To have Cristiano Ronaldo and Bale – he’s a freak of nature what you see there. “When he was running on the track he’d run past three old ladies eating a hamburger and come back on the pitch, and still be fastest to the ball. “Look at his goal, he was playing against Barcelona, he’s had a great season.” Sherwood sent Bale a text message after Madrid’s win saying ‘Well done mate, keep it going’, but laughed as he revealed he did not get one back. It is no surprise given the number of well-wishers, which included the world’s best player present and past, Cristiano Ronaldo and Zinedine Zidane, at the end of a game that left those connected with Spurs wondering what could have been. This season has been a tumultuous one at White Hart Lane and Champions League qualification is now almost certainly beyond them. “Give me Gareth Bale and I think we might have been realistic challengers for the top four this season,” Sherwood said. “You saw what Gareth did – eight winning goals last season out of 21 goals and nine assists. If you put them on to our season it would have a different complexion. “Speculation was rife at the time – nearly as long as the speculation surrounding me. “He certainly dealt with it and I think to be fair, he wanted to go. Once a player wants to go, it is very difficult to keep him. Unless you are Liverpool of course.” last_img read more

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Goodbye ‘Dilscoop’! Dilshan to retire after Australia series

first_img(REUTERS) – Sri Lanka’s Tillakaratne Dilshan will quit international cricket after the ongoing limited overs series against Australia, the swashbuckling opener announced yesterday.“I have decided to retire from the ODIs after the third match in Dambulla (on Sunday) and will play the two Twenty20s and then retire completely,” Dilshan told local media.After the conclusion of the five-match ODI series, Sri Lanka and Australia will play two Twenty20 matches on September 6 and September 9.Inventor of the famous ‘Dilscoop’ ramp shot, Dilshan played the last of his 87 Tests in 2013 before quitting the longer format with 5 492 runs and 39 wickets.A wily off-spinner and one of the most agile Sri Lankan fielders even at the age of 39, Dilshan scored 22 and 10 in the first two one-dayers of the ongoing five-match series against world champions Australia.“I, together with my committee, wish to extend our sincere appreciation and wish him the very best in his future endeavours,” Sri Lanka Cricket president Thilanga Sumathipala said in a statement.According to media reports, the former captain was persuaded to retire as Sri Lanka builds a new team under Angelo Mathews with an eye on the 2019 World Cup.Dilshan made his one-day debut against Zimbabwe in 1999 and went on to play 329 ODIs, amassing 10 248 runs that included 22 hundreds, with an 86-plus strike rate.He has also scored 1 884 runs in 78 Twenty20 Internationals and was Sri Lanka’s top scorer in this year’s World Twenty20 in India.last_img read more

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La Liga: Real Madrid are Champions after victory over Villarreal

first_imgReal Madrid won their first La Liga title in three years with a game to spare as they edged past Villarreal at an empty Alfredo Di Stefano Stadium.Karim Benzema fired between the legs of Sergio Asenjo and added a controversial second from a retaken penalty.In bizarre fashion, Sergio Ramos had rolled the first attempt for Benzema to smash in but the effort was disallowed.Vicente Iborra pulled one back but it mattered little to Real as the club wrapped up their 34th Spanish title.Zinedine Zidane’s side have won all 10 of their matches since Spanish football restarted in June.They head into the final day of the season with an unassailable seven-point lead over second-placed Barcelona. Source: BBC SPORTSlast_img read more

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Australia to arrive first at FIFA World Cup

first_imgAustralia will be the first team to arrive in Brazil for this year’s FIFA World Cup, the organizing committee said.The Socceroos will disembark May 28, 15 days before the opener between Brazil and Croatia, reported Xinhua.The committee’s competition manager Frederico Nantes outlined organizational details for the June 12-July 13 tournament during the FIFA World Cup Workshop in the southern city of Florianopolis.Twenty coaches from the 32 competing teams are attending the two-day event ending Thursday, according to FIFA.Australia will begin their World Cup campaign against Chile June 13 in the western city of Cuiaba.Ange Postecoglou’s team will then meet the Netherlands June 18 in Porto Alegre and defending champions Spain five days later in Curitiba. Under FIFA rules, teams must arrive at the World Cup at least five days before their first group match.last_img read more

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Oceanport $33M Referendum

first_imgOCEANPORT — The Oceanport School District is asking voters to weigh in on a $33 million bond referendum Dec. 10 to improve facilities at the Wolf Hill and Maple Place schools. According to business administrator Valery Petrone, the district has spent $1.7 million on required maintenance over the past 10 years. Frank A. Messineo, principal and owner of Solutions Architecture, said the district has a 2 percent cap on the budget that they cannot exceed, which makes it hard to fund large-ticket items like fixing leaking roofs or removing asbestos tiled flooring. “It’s an ongoing fight and we can never really catch up. And the referendum is our one best chance to do something like that,” he said. “And by allowing the district to finance these over many years, the cost is spread out and debt service aid is available.” If the referendum passes, both schools will receive new fire sprinkler systems; fire alarm systems; secure vestibules and lockdown capabilities; safety glazing on lower level windows; camera systems; new windows; new roofing systems; flooring; classroom furnishings; mechanical, electrical and plumbing upgrades; new lighting fixtures; parking improvements; and gym renovations, among other features. “Our buildings are rather aged and they are in serious need of upgrade and repair,” said Anne R. Facendo, the Oceanport superintendent. “The Wolf Hill Elementary School, which services pre-K through grade four, is 108 years old.” She also said the median age of the two combined facilities is 81.5 years old and the district’s last referendum was in 1996. The vote will be held Dec. 10 from 2 to 8 p.m. in Oceanport and in Sea Bright. The full presentation is available on the school website at oceanport.k12.nj.us. Wolf Hill School will see a new media center, cafeteria and connecting courtyard; six new classrooms will be added; toilet facilities will be renovated in pre-K and kindergarten classrooms, as now required by law; a new bus drop-off loop will be added; ADA-compliant spaces will be renovated; and more. According to the proposal, Wolf Hill School’s estimated 14,800-square-foot expansion will help accommodate the influx of children entering the Oceanport School District from the new housing developments at former Fort Monmouth. Because Sea Bright is a sending district to Oceanport schools, its residents will weigh in on the vote and the costs as well. If approved, the average Sea Bright homeowner can expect an extra $4.93 a month, or $59.19 a year, on their tax bills. He also said that bond rates are at a historic low, making this a good time to have a referendum. “But they’re not going to stay there forever so we want to try to take advantage of this,” he said. School board member Meghan Walker said a demographic study showed enrollment is steadily declining. However, 720 residential units are being built at the former fort. Projections show that once those children enter the school system, the demographics will about mirror the student population today. At a referendum presentation at a recent Sea Bright council meeting, a resident asked about the projections of student populations over the next five to 10 years. At Maple Place School, the science, technology, engineering, art and math (STEAM) wing will be renovated with science labs, computer labs and more. There will also be renovations to the cafetorium, locker rooms with individualized showers, media center and guidance and physical therapist/occupational therapist rooms. According to the district, 81 of the 720 total residential units are “dedicated to Acute Care, which will produce no school age children, leaving 639 units.” Of the 639 units, 116 have already been built and are occupied. As a result, the district gained 20 new students. With this in mind, the district anticipates it will receive 109 students once the rest of the residential units are built. If the referendum is approved, the district anticipates receiving 34 percent of the total 40 percent it will be eligible for in state aid, to off-set costs. In that case, the average homeowner in Oceanport would pay an additional $43.32 a month, or $519.85 per year, on their tax bills.last_img read more

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