Mid-sized pension funds to ‘disappear’, former ABP director predicts

first_imgThe current consolidation trend, with hundreds of smaller schemes throwing in the towel, is merely the start, he said. Berendsen, currently a senior partner at consultant Deloitte, said pension funds with less than €10bn in asset under management were unlikely to survive over the long term.“In addition, pension providers that carry out the administration for less than 100,000 participants lack the scale to keep on investing in new systems,” he said. According to Berendsen, who was involved in the division of the old-style ABP into the current pension fund and its provider APG in 2008, small improvements in the system will merely increase complexity, thereby hindering proper governance at pension funds.“We need to design a couple of basic pension plans, also accommodating the AOW, for the large sectors,” he said. “This way, the AOW could gradually be changed from pay-as-you-go to capital-funded, and would remain affordable despite the population ageing.”Berendsen said he also expected that politics would take the initiative.“The pensions sector is too busy implementing a deluge of new legislation,” he said. “Compare it with the review of the care system – that was also an initiave from politics. Although it took longer than one four-year term of Parliament, it has been completed.”Berendsen recommended a basic scheme that would be mandatory for all working people.“This would also serve the increasing number of self-employed, who are hardly accruing a pension,” he said.“For earnings of more than 150% of the average income, people should take care of a pension themselves.”The big advantage of a simple pension plan is that it is more sustainable than the current system, with its hundreds of different pension arrangements, Berendsen said.“It would cause an enormous drop in costs,” he added. “In the current system, it is very difficult to cut costs further. It would be only possible with the large-scale introduction of standardised schemes.” Average-sized pension funds are destined to disappear in the Netherlands once the smaller ones have been liquidated, according to Ton Berendsen, former member of the executive board at the €309bn civil service scheme ABP and its provider APG.Berendsen predicted only “a handful” of pension funds, including the state pension AOW, would remain, carrying out basic, mandatory pension arrangements.In an interview in financial news daily FD, he argued that the Dutch pension system’s current problems could not be solved with minor improvements.“The system must be changed to tackle problems such as the financing of the AOW, as well as the growing group of self-employed without a pension,” he said.last_img read more

Federation President Commends Jacob Esuene Sports Club as Teenage Tourney Ends

first_imgIn the Under 10 Boys event final, Emmanuel Ogbemi of Edo State defeated Bright David Monday of Jacob Esuene Sports Club by three sets to two with Udeme Esuene and Mitchel Ibanga Okon, both of the host club emerging joint third.Delight Temple of Jacob Esuene Sports Club won the Under 15 Girls category by winning all three straight sets against Edo State’s Osas Ogbemi. Both Emediong Usoro of the host club and Bayelsa State’s Victory Lucky came joint third.In the Under 15 Boys category, Monday Anthony of Delta State won 3-0 set to leave Harold Whyte of Bayelsa State as first runner-up, and both Treasure Temple of the host club and Edo State’s Timothy Albert were joint third placed winners.The Under 20 Male category produced Miracle Amadi of Charlie’s Club Port Harcourt as the champion beating Victor Effiong of 13 Brigade, Cross River State, while both Isaiah Friday and Junior Joseph placed third.In all, 10 clubs from the South-south region competed at the inaugural edition of the tournament. They include: Canaan Club Calabar, Uyo Club, Shell Club Port Harcourt, Port Harcourt Club, Benin Club and Police Officers’ Mess Squash Club Benin.Others are: Yenagoa Sports Club, NAK Club Calabar, NNPC Squash Club Warri and Government House Squash Asaba and the host club.In line with the rules of the World Squash Federation, the organisers upgraded participants who fell short of their desired category to the next age grade.To guarantee the safety and security of the children, there was a 24-hour police coverage at the hotel where they camped while nurses and first aiders were present at the tournament venue with a rapid response medical unit available overnight.Prizes included squash rackets, for all medal positions in the age grade.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram The President of the Nigerian Squash Federation, Boye Oyerinde and Akwa Ibom State Commissioner for Youth and Sports, Sir Monday Ebong Uko have commended the organisers of Jacob Esuene Sports Club Squash tournament for their commitment to the grooming of young squash talents.Oyerinde and Uko, who was represented by the acting Permanent Secretary in the Ministry, Lawrence Iquaibom, urged other organisations to emulate the example of Jacob Esuene Sports Club Squash section, Eket in developing the interest of young enthusiasts in the sport.At the end of the intensive three-day tournament, God’s Finger Temple of Jacob Esuene Sports Club beat Kelechi Onyekaozuru from Bayelsa State in the final of the Under 10 Girls competition, while Favour David Monday also of the host club picked the bronze medal. Boye Oyerinde last_img read more