Compensate younger members for subsidising retirees: Swiss consultancy

first_imgIn pension funds without surplus assets, the high conversion rate has led to cross-financing of pension payouts from active members’ assets. In addition, the same active members are expected to retire with a lower conversion rate – meaning lower pension payouts.“One generation financing the other because returns are too low is not intended but necessary to a certain extent because otherwise we would have to amend the conversion rate every year,” Baumann said. Instead, he suggested allowing variable pension payouts above a certain minimum income threshold, a subject gaining interest in Switzerland after last year’s move to grant more investment choices and variable pensions for so-called “1e plans” for higher earners.Baumann emphasised that “solidarity was the spine of the second pillar”, without which supplementary pensions could be organised privately via insurers.At the VPS conference, Patrick Spuhler, founding partner of pension consultancy Prevanto, said it could make sense to have a different conversion rate for women. Despite the fact that women live longer, they usually “cost less” after they have died as their husbands more often than not have died before them.“With men, marriage is ‘worse’ for pension funds as they usually have younger wives who are eligible to a widow’s pension,” Spuhler observed.He cited statistics that showed both married men and women live longer than the average after age 65, but life expectancy has improved the most for divorced retirees.While delegates at the conference agreed it might not make sense to have different conversion rates for different situations, Spuhler argued that trustees should still “know about solidarities as well as cross-financings happening within a pension plan and manage them”. Swiss pension funds should consider measures to compensate members that are missing out due to the country’s high minimum conversion rate, according to consultancy c-alm.Switzerland has twice failed to pass measures lowering the conversion rate, which is used to calculate pension payouts from accrued assets in the mandatory part of the second pillar. The rate is currently 6.8%, but experts have argued that it should be well below 6% given the low interest rate environment and expected weaker investment returns.“A Pensionskasse should know the history of the separate generations of retirees and allocate free resources to create compensation for those that do not profit,” argued Roger Baumann, partner at c-alm, during a seminar for pension fund representatives organised by the VPS publishing group in Zurich.He added: “A general approach no longer makes sense as we have seen major differences before and after the crisis.”last_img read more

Gambling bill watered down

first_imgDominion Post 17 June 2013A bill aimed at reducing the negative side effects of gambling has been heavily watered down.Maori Party MP Te Ururoa Flavell’s Gambling Harm Reduction Amendment Bill was reported back from the commerce select committee today.But many of the original changes have been cut back, with the Greens suggesting the bill had been “hamstrung” by vested interests.The original bill intended to ensure the proceeds from poker machines were returned to the communities where they were made. That would have given local authorities more control over gambling operations.The committee did away with the planned 80 per cent return of proceeds to the local community.Instead, amendments would allow for regulations to prescribe the distribution of proceeds based on the geographical area of the pokies.“As long as national or regional organisations are not disadvantaged,” the committee said in its report.The committee also ruled out imposing the use of pre-commitment, player tracking, or other harm-minimisation devices.“We believe it would be premature to mandate specific approaches.”And it ruled out forcing territorial authorities to review Class 4 licenses every three years, saying it would be “unduly expensive”.It also ruled out removing horse racing from the list of charitable purposes that could receive money from the proceeds of gambling, saying they were nonprofit organisations which provided facilities to community groups at low or no cost.“We consider the removal of funding would have an adverse effect on communities and racing-related economic activity.” Labour reserved its decision on supporting the bill. read more

Religion may become extinct in nine nations, study says

first_img Tweet Sharing is caring! Share FaithLifestyle Religion may become extinct in nine nations, study says by: – March 22, 2011 Sharecenter_img 48 Views   no discussions Share By Jason PalmerA study using census data from nine countries shows that religion there is set for extinction, say researchers.The study found a steady rise in those claiming no religious affiliation.The team’s mathematical model attempts to account for the interplay between the number of religious respondents and the social motives behind being one.The result, reported at the American Physical Society meeting in Dallas, US, indicates that religion will all but die out altogether in those countries.The team took census data stretching back as far as a century from countries in which the census queried religious affiliation: Australia, Austria, Canada, the Czech Republic, Finland, Ireland, the Netherlands, New Zealand and Switzerland.Nonlinear dynamics is invoked to explain a wide range of physical phenomena in which a number of factors play a part.One of the team, Daniel Abrams of Northwestern University, put forth a similar model in 2003 to put a numerical basis behind the decline of lesser-spoken world languages.At its heart is the competition between speakers of different languages, and the “utility” of speaking one instead of another.“The idea is pretty simple,” said Richard Wiener of the Research Corporation for Science Advancement, and the University of Arizona.“It posits that social groups that have more members are going to be more attractive to join, and it posits that social groups have a social status or utility.“For example in languages, there can be greater utility or status in speaking Spanish instead of [the dying language] Quechuan in Peru, and similarly there’s some kind of status or utility in being a member of a religion or not.”Dr Wiener continued: “In a large number of modern secular democracies, there’s been a trend that folk are identifying themselves as non-affiliated with religion; in the Netherlands the number was 40%, and the highest we saw was in the Czech Republic, where the number was 60%.”The team then applied their nonlinear dynamics model, adjusting parameters for the relative social and utilitarian merits of membership of the “non-religious” category.They found, in a study published online, that those parameters were similar across all the countries studied, suggesting that similar behaviour drives the mathematics in all of them.And in all the countries, the indications were that religion was headed toward extinction.However, Dr Wiener told the conference that the team was working to update the model with a “network structure” more representative of the one at work in the world.“Obviously we don’t really believe this is the network structure of a modern society, where each person is influenced equally by all the other people in society,” he said.However, he told BBC News that he thought it was “a suggestive result”.“It’s interesting that a fairly simple model captures the data, and if those simple ideas are correct, it suggests where this might be going.“Obviously much more complicated things are going on with any one individual, but maybe a lot of that averages out.”Source: BBC Newslast_img read more

Coronavirus stops Ighalo, others from kicking-off China Super League

first_imgRead Also: Coronavirus: China women’s football team quarantined in AustraliaThe all-electric Formula E series is also due to hold a race in Sanya, southern China, on 21 March and Formula E says it is also “closely monitoring” the situation in tandem with local authorities.In a statement, the China Football Association said their move to postpone the “2020 season national football competitions at all levels” was taken to help with the “prevention and control of the pneumonia epidemic of the new coronavirus infection, and to protect the health of the majority of fans, media, players, coaches, game officials, clubs and district staff”.FacebookTwitterWhatsAppEmail分享 Ex-Premier League players like Yaya Toure, Marouane Fellaini, Oscar, Marko Arnautovic and Salomon Rondon, were due to kick-start the new campaign from 22 February to 31 October. However, a new starting date for the season has not yet been announced, with weeks to commencements of hostilities.Oher sporting events in China have also been affected by the crisis.The men’s alpine skiing World Cup races in China, scheduled for 15 and 16 February in Yanqing, have been cancelled.The 2020 World Athletics Indoor Championships, due to be held from 13-15 March in Nanjing, have been pushed back 12 months after World Athletics sought advice from the World Health Organisation.Formula 1 says it is “monitoring” the effects of the outbreak in China in the context of the country’s Grand Prix in Shanghai from 17-19 April. Former Super Eagles forward Odion Ighalo and other stars plying their trade in the China Super League have been handed an extended vacation due to the escalation of the coronavirus, which has claimed at least 170 lives.Advertisementcenter_img Loading… Promoted ContentMind-Bending Technology That Was Predicted Before It Appeared7 Ways To Understand Your Girlfriend Better8 Most Interesting Sylvester Stallone Movies7 Interesting Facts About GoT Star Maisie WilliamsCan Playing Too Many Video Games Hurt Your Body?From Enemies To Friends: 10 TV Characters Who Became Close14 Hilarious Comics Made By Women You Need To Follow Right NowBirds Enjoy Living In A Gallery Space Created For Them8 Interesting Unknown Facts Of Sasha Obama5 Of The World’s Most Unique Theme ParksWho Is The Most Powerful Woman On Earth?A Soviet Shot Put Thrower’s Record Hasn’t Been Beaten To This Daylast_img read more

US judge blocks multi-billion transfer to border wall

first_imgJudge DavidBriones, of U.S. District Court in El Paso, Texas, issued the injunction in a21-page ruling. The ruling is asetback for Trump, whose administration has vowed to build at least 450 milesof wall along the border by November 2020, when the U.S. presidential electionwill take place. Trump has argued the wall will deter illegal border crossings,a major focus of his presidency. A section of border fence is pictured by the U.S.-Mexico border in the Rio Grande Valley near Hidalgo, Texas, United States on Oct. 7, 2019. REUTERS A JusticeDepartment spokesman said the administration would appeal the ruling. (Reuters) WASHINGTON – Afederal judge on Tuesday issued a permanent injunction barring President DonaldTrump’s attempt to transfer $3.6 billion in military construction funds tobuild a wall on the U.S.-Mexico border.last_img read more

Bulldogs Middle School Harriers Win Tri-Meet

first_imgThe Batesville Middle School Boys won their cross country meet against St. Mary’s and South Ripley on Tuesday.  Lyle Oesterling won the boys race followed by Eli Loichinger, 3rd, Will Sherwood, 4th, Jake Chapman, 5th, Emi Lopez, 6th, Talan Rowlett, 7th, Tacoma Nicholas, 10th, Carter Walsman, 11th, Cole Pride, 13th, and Mason Jones, 15th.The Batesville Middle School Girls won their meet against St Mary’s.  Ava Hanson won the girls race, followed by Emma Weiler, 2nd, Sophie Myers, 3rd, Megan Allgeier, 4th, Madelyn Pohlman, 5th, Kaylynn Bedel, 6th, Cora Deputy, 7th, Josie Meyer, 8th, Ella Rowlett, 9th, Ava Powner, 12th, Kenzie Cox, 15th, Addyson Weiler, 16th, and Abby Hartz, 17th.Boys. Batesville 19, South Ripley 45, St. Mary’s 81.Girls. Batesville 15, St. Mary’s 50.Courtesy of Bulldogs Coach Derek Suits.last_img read more

Bayern Munich consider reviving bid for Chelsea winger Hudson-Odoi

first_img Loading… Bayern Munich are considering to revive a bid for Chelsea winger, Callum Hudson-Odoi. According to Sky Deutschland, Bayern made another move last summer but couldn’t lure him away from Stamford Bridge and Hudson-Odoi eventually committed his future to the club, signing a huge new contract worth around £50m over five years. But Bayern have not been deterred in their pursuit and are set to make another offer for the winger. It is claimed there has already been contact from the recently-crowned Champions League winners to Hudson-Odoi’s representatives.Advertisement read also:Man Utd ponder shock move for Chelsea winger Hudson-Odoi They have not yet made official contact with Chelsea but would be interested in an initial loan move with an option to buy. It is also reported that Juventus and RB Leipzig are keeping tabs on Hudson-Odoi. FacebookTwitterWhatsAppEmail分享 center_img Promoted Content6 Incredibly Strange Facts About Hurricanes6 Extreme Facts About Hurricanes10 Most Praised Historical MoviesWhich Country Is The Most Romantic In The World?Rihanna Is Getting Her Own Museum In BarbadosCan Playing Too Many Video Games Hurt Your Body?You’ve Only Seen Such Colorful Hairdos In A Handful Of Anime10 Risky Jobs Some Women DoWho Is The Most Powerful Woman On Earth?Birds Enjoy Living In A Gallery Space Created For ThemBest Car Manufacturers In The World7 Mind-Boggling Facts About Black Holeslast_img read more

Voss Memorial win worth $1,000 to Zevenbergen

first_imgElijah Zevenbergen was the $1,000 IMCA Sunoco Stock Car winner at Arlington Raceway’s Joe Voss Memorial. (Photo by Sarah Moriarty)ARLINGTON, Minn. (Aug. 27) – Elijah Zevenbergen led from start to finish to pick up the $1,000 winner’s check at Arlington Raceway’s Joe Voss Memorial for IMCA Sunoco Stock Cars Saturday night.Zevenbergen had strong challenges, first from Chad Schroeder and then from Derek Green.Green suffered a flat tire and went into the work area on the red flag that waved after Adam Re­vier got too high on the backstretch, went over the cushion lost control barrel rolled several times down the track.Revier was OK but his car was damaged. After that restart, the race was all Zevenbergen. Matt Speckman worked behind him but had to settle for second ahead of Dean Cornelius.Green made his way back up to fourth. Wisconsin traveler Shawn Wagner finished fifth, earning the hard charger bonus plus a new front bumper by passing 12 cars.The Stock Cars also raced a “tough guy” challenge in memory of Voss with the top 10 cars from the feature racing 10 laps. The car scored last on each lap had to leave the track. The winner was Green of Granada, who had started seventh. He picked up $500 from Pro Haulers for the win.Team Porter Corner celebrated a pair of wins as father Chad and daughter Kyren won the Xtreme Mo­tor Sports IMCA Modified and Mach-1 Sport Compact features.Michael Stien motored to the IMCA EMI RaceSaver Sprint Car checkers and Eric Bassett re­peated as the Karl Chevrolet Northern SportMod winner. Cory Probst collected another IMCA Sunoco Hobby Stock win.Feature results – 1. Elijah Zevenbergen; 2. Matt Speckman; 3. Dean Cornelius; 4. Derek Green; 5. Shawn Wagner; 6. Brent Uecker; 7. Matthew Schauer; 8. Jeff Holstein; 9. David Moriarty; 10. Kevin LaTour; 11. Chuck Winter; 12. Ryan Grochow; 13. Pete Alexander; 14. Dan Mackenthun; 15. Travis Schurmann; 16. Chad Schroeder; 17. Adam Revier; 18. Shaun Bruns.last_img read more

Randall “Randy” I. Givan

first_imgRandall “Randy” Irving Givan, 76, of Milan passed away Friday, January 10, 2020 at his home.  Randy was born Wednesday, July 7, 1943 in Milan, the son of the late Charles and Mabel (Lower) Givan.  Randy served his country in the U.S. Army.  He was a truck driver; was of the Baptist faith; a member of the Moores Hill American Legion Post #209 and Veterans of Foreign War.  His hobbies included: shooting guns; horses; and he loved his animals.Randy is survived by sons: Colton “Domi” Givan of Cincinnati and Tim Garcell of Oregon; daughter Heather Givan of Cincinnati; sister Connie McMullen; and four grandchildren.  He was preceded in death by his parents; brother Larry Lee Givan; brother in-laws William Sauer and Glenn McMullen.A service celebrating his life will be held 11 AM Friday, January 17 at Sibbett-Moore Funeral Home in Moores Hill with Pastor Tom Holt officiating.  Burial will follow in Mt. Sinai Cemetery, with full military rites provided by the Moores Hill American Legion Post #209.  Family and friends may gather to share and remember him 9 – 11 AM Friday also at the funeral home.  Memorials may be given in honor of Randy to the American Cancer Society.  Sibbett-Moore Funeral Home entrusted with arrangements, 16717 Manchester Street, Box 156, Moores Hill, IN 47032, (812)744-3280.  You may go to to leave an online condolence message for the family.last_img read more

Memorial held for USC student killed in crash

first_imgStudents came together Monday to remember Sandy Roberts, a USC student who died Saturday night after a car crash in Kern County, near Bakersfield, Calif.Remembered · About 150 students gathered at USC Hillel on Monday night for a memorial service in honor of Sandy Roberts, a sophomore majoring in cinema-television production, who died in a car accident in Kern County Saturday night. – Tim Tran | Daily Trojan The School of Cinematic Arts and USC Hillel both offered services in honor of Roberts, hoping to give his friends and fellow students a venue to reminisce and grieve.Roberts, a sophomore majoring in cinema-television production, was riding in a car driven by Nicole Deane, also a sophomore majoring in cinema-television production, when the car lost control and veered into oncoming traffic. Both Deane and Roberts were transported to Kern Medical Center, where Roberts was pronounced dead.In response to requests from Roberts’ friends, USC Hillel held a memorial service Monday night, inviting the entire USC community.Roberts participated in FreshFest, an involvement program for Jewish freshmen, and was always a part of USC’s Jewish community, said Cameron Roth, student president of Hillel.“We’re doing this for his friends,” Roth said. “We wanted to set up a place for them to feel comforted.”As part of the memorial service, Hillel offered students a chance to read psalms or poetry and to share their stories and memories of Sandy.Roth said the event was taped, so it could be shared with Roberts’ family.The School of Cinematic Arts also reached out to students Sunday night, informing them of the accident and offering counseling services. And the school hosted a gathering for students in need of support from their classmates and counselors.Deane, the car’s driver, remains in the hospital in stable condition.USC officials encourage anyone affected by Saturday’s accident to contact a counselor at (213) 740-7711.last_img read more