However, he emphasised that the growth objective was “not a question of being aggressive” or competing against other countries, but about growing the second pillar and taking a part of the additional assets. The EU’s latest triennial pension adequacy report, published last year, showed that Europe faced “a major challenge… to avoid retirement poverty”, he said.According to PensioPlus, 19 cross-border pension vehicles have been established in the country. Information maintained by FSMA, the Belgian financial markets supervisor, showed these pension funds were active in countries including Cyprus, Greece, Ireland, the Netherlands, Spain and Switzerland.According to FSMA, at the end of 2017 the total balance sheet of pension funds in Belgium stood at €35bn, up 18% from the year before. Asset transfers from foreign pension scheme providers played a big part in this growth.Speaking to IPE’s sister title Pensioen Pro, Neyt said there were a number of countries that could transfer pension funds to Belgium using cross-border rules introduced under IORP regulations. This was despite new restrictions brought in last year in the Netherlands in an attempt to raise the bar for such transfers.Aon last week relaunched a plan to switch the Pensioenfonds Aon Groep Nederland to Belgium – although it must now obtain the backing of at least two thirds of its members. Credit: Joaquin Aranoa Brussels, BelgiumInvestment returnsBelgian pension funds lost 3.2% on their investments in 2018, PensioPlus reported, although this result was more than offset by performance in the first quarter of 2019.The association said stronger financial market conditions at the beginning of this year meant investments run by domestic pension funds had gained 2.2% by the end of February.PensioPlus also suggested that the 2018 result was a snapshot of “little significance”, with pension funds’ investment performance needing to be analysed over the long-term. Over 34 years Belgian pension funds’ invested assets had gained 4.4% a year net of inflation, it reported.Funds were also in a “very strong” funding position as at the end of 2018, PensioPlus said: based on figures from the end of 2017, the short-term funding ratio was 137% and the long-term funding ratio was 114%.Every year PensioPlus surveys domestic pension funds about their investment performance and asset allocation. The latest survey captured 63 workplace pension funds with €22.6bn in assets under management, representing 64% of the sector. Belgium’s workplace pension fund association would like to see the country’s schemes hold a collective €100bn assets under management by 2025 – more than twice as much as they currently manage.Philip Neyt, president of PensioPlus, told IPE the objective was not “far-fetched”. Inflows into Belgian pension funds were still larger than outflows, and there was also scope for the second pillar sector to grow further in the public sector, where many employees – as opposed to civil servants – did not have access to workplace pension funds. In addition, a growing population of mobile Europeans would appeal to pan-European pension funds, which were also attractive to multi-national corporations from an efficiency and oversight perspective, according to Neyt. Belgium has emerged as the primary domicile of choice for pan-European schemes.Neyt said that pan-European pension funds in Belgium currently accounted for around 25% of the sector’s €40bn in assets under management, with the expectation that this would increase to around half by 2025.
*Each player to pocket $95,000 as champions of Egypt 2019Femi SolajaIn a bid to motivate the Super Eagles players to win the African Cup of Nations in Egypt, a massive $95,000 bonus each awaits the players from the group stage matches up till the final match if they lift the cup on the 19th of July at the 80,000 capacity Cairo International Stadium.The massive pay is way higher that what the winning team to the last appearance of Nigeria at the edition in South Africa where the Late Stephen Keshi tutored side won the cup for the third time. Already the players are guaranteed $10,000 for their 1-0 win over Burundi last Saturday in Alexandria and the same pay await the team should they beat Syli Stars of Guinea tomorrow afternoon at the same venue and could get a total of $30,000 should they maintain a perfect score in the last group match next week at same venue.A top official of Nigeria Football Federation (NFF) informed ThisdaySport yesterday evening that it was an agreement the board had reached with the players before it left Asaba training camp before the departure to Ismailia for final preparations.“At the last World Cup finals in Russia, we never had any problem over payments because everything was stated in black and white. Although the team didn’t make it to the knock out phase, the take away from the Mundial was that absolute peace reigned all through our stay in Russia,” the official said last night .Although the football federation has been in the news for wrong reasons over payment to it teams that have participated in global tournaments lately, the gesture bestowed on the senior national team may have been to thread with caution knowing fully well that the tournament in Egypt is a good image laundry to the country.Should the team win its Round of 16 match early next month, each of the players will pocket $12,500 and the quarter final win will reward the players with $15,000 each and semi final progress will lift each player to $17,500 and a in the final match will give the player a whooping $20,000 each as match bonus.Aside the players’ jumbo pay, the Technical crew are not left behind in the largess. The team Head Coach will collect double of the players rewards while his assistants namely goalkeepers trainer and assistant coach Alloy Agu and Imama Amapakabo will collect 75% of coach’s reward.The Backroom Staff which included the team’s Media Officer, Curator, Secretary are all guaranteed of 75% of what the players received in the progression scale.Should Nigeria win the cup for the fourth time, the conversion rate will reward each of the players with N34.2 million while Head coach will collect N68.4 million.Aside the match bonuses, the players are also entitled to $100 per day as camp allowance and all through to the final match next month would amount to six weeks in camp.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram