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

Sasol in SA’s largest BEE deal

first_img26 March 2008South African petrochemical company Sasol this week announced the final terms of a broad-based black economic empowerment (BEE) deal which, if approved, will see 10% of the company’s shares, currently worth approximately R26-billion, placed under ownership of previously disadvantaged individuals and groups.“Sasol is truly committed to South Africa’s transformation and wants to make broad-based economic empowerment a reality,” Sasol CEO Pat Davies said in a statement on Tuesday.“We will make a difference by creating significant economic opportunity for more than one million potential beneficiaries ranging from individuals to rural women’s groups who can invest in Sasol.”In terms of the transaction, 3% of shares will be transferred to black South Africans, 1.5% to selected BEE groups, 4% to Sasol employees and 1.5% to the Sasol Inzalo Foundation.Reaching outSasol said it was working with the National Empowerment Fund to identify ways of reaching as many black South Africans as possible, especially those in lower income groups.The black public invitation is designed to meet the needs of different investors through two invitations, one being funded where a small cash contribution is required and one being a cash purchase alternative, with both accommodating investors ranging from individuals, companies, partnerships or trusts, to informal groups such as stokvels, church groups and families.“Sasol has set itself the goal of reaching as many people as possible and hopes that anywhere from 100 000 to 200 000 shareholders will participate through this invitation,” Davies said.Selected BEE groups fall into two categories: those currently involved in Sasol’s business as suppliers, customers, franchisees and unions; as well as groups focusing on broader empowerment objectives such as community upliftment projects and women’s groups.A comprehensive process to identify appropriate partners for this category is nearing completion, with 86 BEE groups having already accepted an invitation to participate.Developing skillsWhen the transaction was first announced in September 2007, the company said it would target communities near its operations in Sasolburg and Secunda, as well as women’s groups as beneficiaries of the empowerment deal.The deal will benefit almost 27 000 Sasol employees, 60% of whom are black, while the Sasol Foundation will be created to contribute to growing South Africa’s skills particularly in science and technology.“This Foundation is an extension of Sasol’s long-standing tradition of giving back to the community through, among others, artisan training programmes, bursaries, co-operation agreements with tertiary institutions and other sponsorships,” said Sasol Executive Director Nolitha Fakude.Sasol added that its commitment to broad-based BEE was already evident in other initiatives throughout the group, ranging from significant equity ownership transactions at subsidiaries such as Sasol Oil and Sasol Mining.SAinfo reporterWould you like to use this article in your publicationor on your website?See: Using SAinfo materiallast_img read more

Ernie Els joins golfing legends

first_imgNot content with merely being a golfinggreat, Els also has a golf developmentfoundation, a project that raises fundsfor autism, a course design company and a successful wine farm.(Image: Ernie Els) Despite his imposing height of 1.91m,Els is known for his genial personality.(Image: Wikimedia Commons) MEDIA CONTACTS • Duncan WoodsBrand manager, Els Group (SA)+27 21 881 3588 RELATED ARTICLES • SA to host world’s richest golf event • SA golf prodigy wins British Open • Sun City golf courses still top notch • Reviving sport in SA schoolsSource: SouthAfrica.infoSouth African sporting great Ernie Els was inducted into the World Golf Hall of Fame on Monday. He joins the legendary Gary Player, who entered the Hall in 1974.The other members of the 2011 Hall of Fame class were Jock Hutchison, Doug Ford, Jumbo Ozaki, Frank Chirkinian, and former US president George Bush.Nicknamed “The Big Easy” because of his wonderful swing, Els was elected in his first year on the ballot. That’s not surprising as he has won 62 titles so far in his career, including two US Opens and one British Open title. Much like Player, he has enjoyed success around the world.Success around the worldEls has won 15 times on the PGA Tour, 21 times on the European Tour, 18 times on South Africa’s Sunshine Tour, and recorded eight other wins besides. He has also played in the Presidents Cup six times, represented South Africa in the Dunhill Cup in nine consecutive years, and in the World Cup five times.He topped the European Tour’s Order of Merit in 2003 and 2004. He has also won the World Matchplay Championship a record seven times. Gary Player is tied with Seve Ballesteros for the second most wins, with five.Long before he turned professional, Els began making his mark and his name first sprung to prominence in 1984 when he won the 1984 Junior World Golf Championship in San Diego by beating home town golfer Phil Mickelson in the final. It has indeed been a long journey.Impact beyond the golf courseHis impact, however, extends beyond his achievements on the course. South African golf is going through a purple patch at present, with Charl Schwartzel the current Masters champion and Louis Oosthuizen the British Open champion. Both of them were members of Els’ junior golf foundation, now known as the Ernie Els and Fancourt Foundation.Oosthuizen told Helen Ross on the PGA Tour website: “If it weren’t for Ernie Es, I would not be where I am today. It’s as simple as that.“I spent several happy years at Ernie’s foundation and whenever I wanted help since I have been out on Tour, Ernie has happily given it. I could not have found a better role model.”‘A great inspiration’Schwartzel said: “Ernie has been a great inspiration and friend to me for years. He is always happy to give his time and expertise, and I have been the grateful beneficiary of his generosity.”It is not only the younger generation of South African golfers that appreciates what Els has done. Gary Player, too, was full of praise for him.“I was so pleased to hear the news that Ernie has been selected to be inducted into the World Golf Hall of Fame,” he said. “Ernie certainly deserves this recognition, as he epitomises a ‘world’ golfer.“He is a credit to the game and an ambassador for the sport. Ernie has been a wonderful friend over the years and I am very fond of him and his family.”Champion for autismApart from his excellence as a golfer and the opportunities he has created for youngsters through his foundation, Els is also striving to make a difference in the lives of people who have autism, or who are affected by it.Duncan started with the Ernie Els Wines team in 2003, and has recently re-joined the group as Ernie Els Group Brand Manager focussing on the South African market.His son Ben is autistic and Els has used his profile to raise money for charities devoted to the condition, whilst also establishing the Els for Autism Foundation.In 2009, he hosted the first annual Els for Autism charity golf event, which featured many PGA Tour and Champions Tour players. That year, he raised $725 000 (R4.9-million) for the Renaissance Learning Center, a non-profit school for autistic children, near his residence in West Palm Beach, Florida.The pace of fund raising at the charity golf event has been maintained, and after it was recently held for a third time the money raised by it had topped $2.2-million (R14.9-million).Els Center for ExcellenceEls, along with his wife Liezl, has established the Els Center for Excellence which, it is planned, will combine the Renaissance Learning Center with a research facility. It is a $30-million (R203-million) project and the couple has committed $6-million R41-million) of their own money to it.To top things off, mention must be made of Els as a successful golf course designer, with top class layouts in Asia, Europe, the Middle East, the Americas and southern Africa. They include, among others, the Savannah course at Mission Hills in China, the re-design of Wentworth in England, The Durrat al Bahrain in Bahrain, The Els Club in Dubai, Hoakalei in Hawaii, and Oubaai in South Africa.last_img read more

10 months agoCrystal Palace rocked as Zaha receives near £400,000-a-week offer

first_imgTagsTransfersAbout the authorPaul VegasShare the loveHave your say Crystal Palace rocked as Zaha receives near £400,000-a-week offerby Paul Vegas10 months agoSend to a friendShare the loveCrystal Palace have been rocked by a stunning offer made to Wilfried Zaha.The Daily Mail says Zaha has been offered a staggering £11million a year to move to China next month.The Crystal Palace striker is a target for Super League side Dalian Yifang, who are prepared to make the Ivory Coast international one of the best-paid players in the world.They propose to pay Zaha a minimum of £44m — after tax — over four years. The winger could earn an extra £2.5m a year in bonuses and the club will fund first-class travel that will allow him to return regularly to the UK. The package would be worth around three times his current contract, under which he is reported to earn £130,000 a week.Dalian Yifang, who are coached by former Real Madrid player and manager Bernd Schuster, will make a formal offer to Palace once the transfer window reopens. last_img read more

Mens basketball Ohio States Big Ten championship hopes fading in final stretch

Ohio State redshirt junior forward Keita Bates-Diop shot 5-of-17 from the field in the Buckeyes’ 74-62 loss to Michigan on Feb. 18 in Ann Arbor. Credit: Jacob Myers | Managing Editor for ContentANN ARBOR, Mich. — The path to a Big Ten championship always seems to go through Michigan for Ohio State. The 2011-12 and 2012-13 teams suffered losses in Ann Arbor, Michigan, that ultimately dashed any outright regular-season conference title hopes.The same likely happened Sunday at the Crisler Center.After vanquishing the Wolverines in a 20-point comeback at home on Dec. 4, the eighth-ranked Buckeyes didn’t have the same formula for a victory against their rival the second time around, losing 74-62 to No. 20 Michigan, therefore falling a game behind first-place Michigan State in the Big Ten standings.In October, it isn’t likely many people predicted back-to-back road games against Penn State and Michigan in February to be the most challenging stretch of conference play for the Buckeyes. It was equally difficult at the time to foresee the position in which the team was in coming into this stretch — leading the Big Ten with four games to play.However small those odds were, that was Ohio State’s reality. But it has proved a burden for one of college basketball’s biggest surprise teams of the season.“If you’re a college player and you go into a couple games on the road against good teams, and you expect it to be easy, or you expect not to deal with some adversity — we haven’t had a whole lot of that through the Big Ten season, but everybody goes through that,” Ohio State head coach Chris Holtmann said. “This is what we’ve signed up for. That’s what they signed up for when they signed up to play in the Big Ten. This is what we signed up for to coach in.”Back-to-back, double-digit losses in the home stretch of the season has put Ohio State in a position where winning its final games against Rutgers and at Indiana would not be enough to win the outright conference crown without a pair of losses from the Spartans and a loss by Purdue.Holtmann continued to stay quiet about the team’s prospects of winning the conference following his team’s latest defeat. But it’s clear there have to be adjustments moving forward when opponents get their second or third look at an Ohio State team that doesn’t overwhelm any team with athleticism, size or shooting.“If this beats us down, shame on us,” Holtmann added. “We’ve had a heck of a start and we got to figure out a way to make steps toward playing better.”Michigan is a sound defensive team with enough offense to possibly win the conference tournament in two weeks in New York, as well as make it past the first weekend of the NCAA Tournament. And Penn State has multiple NBA-caliber players, including potential Big Ten Player of the Year Tony Carr, and a legitimate shot to sneak into the field of 68 in March.Those losses are explainable, but they hurt nonetheless.“Like I said last [game] when we played Penn State, we’re either going to learn from it or it’s going to keep happening, and tonight it did,” senior forward Jae’Sean Tate said. “They came out more physical. They made the right plays and they got the win. It’s the same thing. We got to learn from this one.”Ohio State last swept Michigan in the regular season in the 2010-11 season, which featured arguably the best team the program has ever had and the No. 1 overall seed in the NCAA Tournament. This season, everything had been going right for the Buckeyes. To think they were possibly about to achieve something that hadn’t been done since that team would’ve added to the lunacy of trying to explain this team’s successes.But there is a feeling that reality is now setting in for Ohio State.Teams are beginning to pressure junior C.J. Jackson and redshirt senior Andrew Dakich at point guard, a known weakness for the Buckeyes. With the exception of Tate, Holtmann said the team is struggling to play through physicality in the half-court offense, which starts with Big Ten Player of the Year contender Keita Bates-Diop, who has shot 9-of-28 from the field the past two games.It’s not the end of the road for Ohio State. It remains one of the best teams in the conference and deserving of a strong seed in the NCAA Tournament, but this stretch has been realized as a potential killer to a regular-season title.“We got to continue to have the same mindset,” Tate said. “Hope it works out. If it don’t, it doesn’t. At the end of the day, we’re just trying to look at the game in front of us.” read more

Former Borough HR Director Receives 150000 In Settlement

first_imgBrown received her diagnosis on May 24, 2018 and notified Mayor Pierce on June 13, 2018, after being approved for intermittent medical leave from the borough. According to court documents, Pierce’s response to the news about her diagnosis included inappropriate comments that implied her diagnosis was “not a big deal.” Brown has since been hired by the city of Kenai as its Director of Human Resources. Facebook0TwitterEmailPrintFriendly分享A settlement has been reached in a discrimination lawsuit filed against the Kenai Peninsula Borough and Borough Mayor Charlie Pierce in an order granted on June 7 in Kenai superior court. Former borough Human Resources Director, Sandra Brown, was awarded $150,000 dollars in the lawsuit after she stated she experienced disability discrimination following her diagnosis with terminal breast cancer. Brown claims that in the months after notifying Pierce and the borough about her diagnosis, Pierce excluded her from meetings pertaining to her job, publicly humiliated her, and rescheduled her performance evaluation on dates when Brown had approved medical leave, according to charging documents. On Sept. 28, 2018 Brown was called in for a meeting with the Borough Attorney and the Borough Chief of Staff. According to Brown she was notified in the meeting that she was ‘terminated effective immediatly’.last_img read more