Dutch pensions industry warns of FTK’s impact on indexation

first_imgIt also pointed out that other elements of pension plans, including contribution levels, the distribution of possible benefit cuts and risks within the investment policy, should be taken into account as well.Pension funds, it said, should be allowed to tackle those elements in a way that best suits them, and calculations of the impact of the new regulations should be made for individual pension funds to see whether their concerns are warranted.ABP, the country’s largest pension fund, said it was still worried about the limited options in the nFTK for indexation of pensions to keep up with inflation.It said it aimed to provide pension benefits that kept pace with the average salary developments in the public and education sectors, although it has yet to calculate the implications of the new rules for its participants, it said.Senior citizen interest groups have also expressed concerns about the limited possibilities for indexation.According to one such organisation, ANBO, the new rules “limit the possibility pensions will be raised to keep up with rising prices”.It added: “It will also become harder to make up for lost indexation incurred in the past.”ANBO director Liane van der Haan said: “Millions of Dutch citizens have seen the buying power of their pensions decrease by 12% over the past six years. In addition, dozens of pension funds have had to cut benefits.“Now the chance of indexation will be further decreased because state secretary Jetta Klijnsma is raising the capital buffer requirements.”The only certainty Klijnsma can offer with the current draft legislation is that younger participants will certainly face lower pensions, and seniors will have less buying power, according to two other senior groups, KNVG and NVOG.Leo Witkamp, director at PNO Media pension fund, criticised the solvency buffer requirements at the annual FD Pension Pro IPN conference last week.He said the nFTK had taken a wrong turn and that, in its current form, it would lead to unchecked buffer accumulation.Regarding the required buffer level, an explanatory note attached to the draft legislation states that the capital requirement will increase from 21.7% to 26.6% on average.Pension funds will not be allowed to grant indexation unless they have a funding ratio of 110% or higher. The Dutch Pensions Federation has said it is pleased pension funds will be given more time to implement the country’s new financial framework regulations but worried the new rules will fail to promote a fairer balance between generations.In its response to the new financial assessment framework (nFTK) submitted to Parliament yesterday, it said the proposal might improve intergenerational balance at the macroeconomic level but not necessarily at the level of individual pension funds.It argued that the “new rules of the game” could actually lead to “skewed” outcomes.The organisation said striking a fair balance between generations was about more than indexation alone.last_img read more

German club insist on Arsenal midfielder

first_imgHertha Berlin have tabled a bid for Arsenal midfielder Granit Xhaka. Xhaka The Switzerland captain has already agreed personal terms with the Bundesliga outfit, which have offered €25m to the Gunners to sell, says Blick. However, Arsenal boss Mikel Arteta has stated he is reluctant to lose Xhaka midway through the season.Advertisement Arteta’s claims have been dismissed by Xhaka’s camp, which believe it’s all a tactic to drive up his price. His agent, Jose Noguera, said last week: “We agreed with Hertha, he has already asked for approval from coach Arteta and club boss (Raul) Sanllehi.” But for the moment, everything is in limbo given Arteta’s comments. FacebookTwitterWhatsAppEmail分享 Loading… center_img Promoted ContentTop 10 Most Romantic Nations In The World7 Facts About Black Holes That Will Blow Your MindCouples Who Celebrated Their Union In A Unique, Unforgettable Way2020 Tattoo Trends: Here’s What You’ll See This YearWho Is The Most Powerful Woman On Earth?5 Of The World’s Most Unique Theme ParksBest & Worst Celebrity Endorsed Games Ever MadeTake A Look At The Celebs Who Lost Their Money And Why6 Of The Best 90s Shows That Need To Come Back ASAP7 Ways To Understand Your Girlfriend Better9 Most Epic Movie Robots We’ve Ever Seen14 Hilarious Comics Made By Women You Need To Follow Right Nowlast_img read more

Texana adding IMCA Modifieds to Saturday shows

first_imgEDNA, Texas (Feb. 26) – Interest generated by a Modified race held at Edna last fall led to the IMCA division being sanctioned there this season. IMCA Modifieds join Saturday programs at Texana Raceway Park beginning with opening night on March 30. Another 13 events are scheduled at the 5/16-mile clay oval through season championship night on Sept. 28. Located approximately 100 miles southwest of Houston, Texana Raceway Park will field a strong group of local Modified drivers while getting cars from the San Antonio, Corpus Christi and Houston areas. “This is another great addition to our South Central Region,” noted IMCA Vice President of Operations Jim Stannard, “and a great track for RaceSaver Sprint Car events as well.” Specials on the 2019 schedule are the Aug. 30-31 Jim Scribellito Memorial, held in honor of the former Shady Oaks Speedway promoter, and the Oct. 25-26 Aaron Hudgeons Memorial.  Texana, which was sanctioned in 2005 and 2006, will be part of IMCA’s Razor Chassis South Central Region for Modifieds and will also host a number of IMCA RaceSaver Sprint Car events. “There was a lot of interest. We polled the drivers and it was unanimous that they wanted to go with IMCA,” said promoter Rachel Densman, who purchased the track two years ago with her husband Kenny, a former Modified driver. “IMCA is a well-known organization. We like the rules and we like that our drivers will be eligible for point funds.”last_img read more