PLSA supports auto-enrolment, discrepancies review in Parties’ manifestos

first_imgThe UK’s Pensions and Lifetime Savings Association (PLSA) has stated it supports the pension pledges in relation to expanding auto-enrolment to low-income and self-employed workers in the Labour Party manifesto.Nigel Peaple, director of policy and research, said the PLSA is also “very strong supporters of the creation of a publically run, non-commercial dashboard, although we are open-minded to others being created in the future provided a comprehensive consumer protection regime is in place”.According to PLSA research, less than 50% of all savers are on track to achieve an adequate income in retirement, and for those that only have a defined contribution pension plan, only 3% of savers are likely to achieve this outcome. Just 23% of people are confident they know how much they need to save for retirement, an issue the new PLSA Retirement Living Standards seeks to address by starting a national conversation about saving.“Our Hitting the Target report (2018) recommended raising minimum automatic enrolment contributions to 12% by 2030 with consideration given to moving to a 50/50 employer/employee split. This will improve pension adequacy and help more people achieve a better income in retirement,” said Peaple. Nigel Peaple at PLSA: ”More must be done to encourage further saving in workplace pensions”Conservative Party on pensionsIn contrast, Peaple supports the Conservative Party’s manifesto commitment to conduct a review into the discrepancies between net pay arrangements and tax relief at source for pensions.He said: “The discrepancy means automatic enrolment contributions for savers who earn between £10,000 and £12,500 are more expensive for those on net pay arrangements. It is our view that this can be fixed by adjusting the data gathering system used by HMRC.”He was pleased with the Conservatives’ pledge to reintroduce the Pension Schemes Bill, which includes important measures to discourage reckless behaviour by a small minority of scheme sponsors, as well as a provision for the creation of a consumer-focused pensions dashboard.Peaple stressed that the initial dashboard must be non-commercial and no others should be introduced until a rigorous consumer protection regime is in place.However, he was disappointed that the manifesto did not include any commitments to extend the scope of pension automatic enrolment to include younger workers, or lower paid workers with multiple jobs, and the self-employed, which the Labour manifesto does.“The manifesto also fails to commit to raising the minimum contribution levels for automatic enrolment from the current level of 8%,” Peaple said. “More must be done to encourage further saving in workplace pensions, which represent very good value for money for savers versus other types of savings vehicles,” he added.However, Peaple said that he was “extremely concerned by the significant negative implications Labour’s plans to nationalise water and energy utilities, train companies, Royal Mail and parts of BT Group could have on the value of UK savers’ pensions and the wider longer-term impact on the private sector’s willingness to invest in the UK infrastructure and economy”.“Nationalisation is a complicated and cumbersome process, and would have a significant impact on UK pension funds and the savers they have a fiduciary duty to serve,” he continued.last_img read more

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LPFA’s managing director lands CEO role

first_imgThe London Pensions Fund Authority (LPFA) has named managing director Robert Branagh as chief executive officer.Branagh joined LPFA in April 2018, replacing Mike Allen who retired. Former CEO Susan Martin had moved on to join Local Pensions Partnership (LPP) in 2016, an LPFA spokesman clarified.He added that the authority was then run through the roles of managing director and chair, with no CEO. He said the announcement is a change of structure, which “effectively (re)creates the role of CEO of LPFA”.The appointment follows the recruitment of LPFA’s management team, which now includes Peter Ballard, director of funding and risk, Morenike Ajayi, commercial and finance director, and Alistair Peck, member engagement and communications, the statement said. Ballard – who has worked for trustee, not for profit, private equity owned, and insurance businesses for the last 30 years – joined the £6.1bn (€7.3bn) local government pension scheme (LGPS) in February and is responsible for overseeing all aspects of the fund’s funding policy, investment strategy, and employer covenant assessment.Ajayi joined last September, while Peck started in November, he confirmed.As for Branagh’s appointment, John Preston, who was named LPFA chair in January, said: “Robert’s new role reflects the next stage in the LPFA’s evolution.”He added that Branagh would also “lead on developing the LPFA’s strategic direction, supporting collaboration across the LGPS sector and raising our profile – particularly relating to our responsible investment and sustainability aspirations – across the industry”.The appointments also follow the successful conclusion of pooling by LPP and the setting out of a new strategic direction for both the pool and the fund over the next three to five years, LPFA stated.The LPFA, with over 90,000 members, 142 actively contributing employer, together with Lancashire County Council, is a shareholder of LPP – a pensions service provider for LGPS and other public sector pension funds.last_img read more

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FRR faces liability changes in COVID-19 social security debt plan

first_imgThe government’s plan also involves extending Cades’ lifetime – the debt amortisation date – from 2024 to 2033.The link with FRR is a function of this postponement. Following a major pension reform in 2010, FRR has since 2011 been paying €2.1bn to Cades every year to support the amortisation of debt incurred by the social security system.The last payment is currently due in 2024, but in the draft legislation introduced last month the government is proposing that FRR be required to continue annual payments to Cades, albeit for €1.45bn rather than the current €2.1bn.The extension of FRR’s allocation to Cades is foreseen “to the extent that a significant portion of the current or future debt relates to the pension regimes”.According to the government, the proposal would see FRR making the revised annual payment until 2033 – meaning €13.05bn in extra payments – “or until reserves are exhausted”.CNIEG liability to be acceleratedA second proposed measure affecting FRR involves the bringing forward of a scheduled payment to CNAV, the national old-age insurance fund.FRR has been due to make the payment, in one or several instalments, potentially from this year, but the government wants to see it paid by the end of July at the latest.In the text of the draft legislation, the government said this was because there was a need to “rapidly improve the cash situation” in the general social security regime given pressures brought on by the COVID-19 pandemic.The payment in question represents the value of assets FRR has been managing on behalf of the CNAV since a 2005 reform of the pension scheme for the electricity and gas sector, which that year became affiliated to the general regime in France.Accrued pension rights were transferred from the Caisse nationale industries électriques et gazières (CNIEG) to CNAV, and participating employers had to make a balancing payment in cash. It is part of this that FRR has been managing for the benefit of CNAV since then.The amount of FRR’s CNIEG liability is not fixed in law, but depends on investment performance.According to the text of the bill, as at the end of April the market value was €4.9bn. The government is proposing that the value be fixed as at 29 May, and that its calculation would be subject to review by FRR’s auditors.The draft legislation has this week been reviewed by a special parliamentary committee, which has proposed amendments but none appearing to affect the changes facing FRR.FRR recently had to rein in plans to shift to a new investment model as a result of the coronavirus and president Emmanuel Macron’s decision to suspend the pension reform alongside other reforms. This week the French media have been reporting and weighing comments from Macron’s entourage that the president wanted to pick up the reform “in part”.To read the digital edition of IPE’s latest magazine click here. FRR, France’s €33.4bn pension reserve fund, faces an extra drawdown of at least €13bn plus acceleration of a scheduled liability as part of a government plan for dealing with deficits in the social security system as a result of the coronavirus pandemic.Unveiled last month with corresponding draft legislation, the government’s plan is for €136bn of social security debt to be transferred to Cades, the public body responsible for paying off such debt.According to credit rating agency Fitch, the €136bn includes €31bn in accumulated social security deficits as at the end of 2019, and projected deficits for 2020-2023 of €92bn.It also includes €13bn corresponding to one-third of French hospitals’ debt, with Fitch noting that this would be the first time that the French state would use Cades to financially support hospitals in the country.last_img read more

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Jaw-dropping architectural masterpiece with river views hits market

first_imgThe house at 15 Wordsworth St, Bulimba, is for sale.What was once a humble three-bedroom 1940s cottage has been transformed into a masterpiece.Mia Fulleylove bought the house at 15 Wordsworth St, Bulimba, nearly nine years ago with her daughter Jade.The top floor is light and bright, and has views to Hamilton and the river.MORE REAL ESTATE STORIESTogether they engaged the help of architects Vokes and Peters and created a house akin to a work of art.Curl up on the bench seats and relax.The original cottage became known as the “sleeping house” while a two-storey extension to the back of the house allows for views over the Brisbane River and Hamilton.Timber works with brick, and each zone flows seamlessly to the next.The house contrasts textures, with timber and brick mixed with a black and white colour palette keeping the senses heightened, wondering what will appear before your eyes next.There are sleek timber floors and black cabinetry.Cararra marble benchtops work with black subway tiles and exposed beams.There are twin brick courtyards, one to the east and one to the west.More from newsParks and wildlife the new lust-haves post coronavirus14 hours agoNoosa’s best beachfront penthouse is about to hit the market14 hours agoMs Fulleylove said she loves the downstairs kitchen, living and dining area, which opens to the courtyard and garden.The courtyard with the archway and fireplace is a family favourite.“The majority of family connection happens there,” Ms Fulleylove said.“The outdoor fireplace and brick archway to the northside garden is one of our favourite places for feet hanging with a bowl of comfort food on a sunny morning.“We also enjoy… being able to walk out and pick avocadoes and passionfruit off the vine for breakfast.”Character features were retained in the original cottage, or the “sleeping house”.The upstairs part of the extension has soaring ceilings with exposed beams, and feature windows that run around the bottom of the room, looking to the inside of the roof overhanging below.Even the most simple of spaces capture your attention.The house was crafted for family living, and Ms Fulleylove believed it had served them perfectly.“It has a timeless balance of modern luxury and quality whilst retaining a comforting, cosy, family environment.”This room is known as “the bathhouse” and has views into the leafy backyard.Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:51Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:51 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD576p576p432p432p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenStarting your hunt for a dream home00:51last_img read more

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Gold Coast House for Life charity home fetches almost $1 million at auction

first_imgThe House For Life at Helensvale’s The Surrounds sold under the hammer at the weekend.A GOLD Coast couple will cherish their new house more than most homeowners knowing the almost $1 million they paid for it will be donated to help sick and premature babies.Philip and Hayley Lakic claimed the keys to the Helensvale House for Life charity home at auction on Sunday after offering $986,000.They outbid 17 other registered bidders, including one interstate, with $1000 ultimately getting them over the line when the hammer came down.The Coomera couple said knowing the funds would be donated to the Mater Little Miracles, which assisted babies being cared for in the Mater Mothers’ Hospital’s neonatal critical care unit, was what encouraged them to get involved. RELATED: The Gold Coast home that will help save the lives of sick and premature babies Bidding started at $500,000. Philip and Hayley Lakic will call it home.“I think that’s what made us turn up,” Mr Lakic said.More from news02:37International architect Desmond Brooks selling luxury beach villa10 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag1 day ago“It definitely makes it more satisfying to buy.”The Mater Little Miracles was an initiative close to their hearts as Ms Lakic’s grandmother used to sell charity home tickets for the foundation in the 1970s.“I didn’t really think about it when we came here — she sort of started it all,” Ms Lakic said. “She lives in a Mater home now.” MORE NEWS: Living life in a new light Celebrity auctioneer Damien Cooley led the auction.More than 60 volunteers donated their time and resources over eight months to build the Hamptons-style house. Hundreds of people gathered for its auction on Sunday.High-profile real estate agent Damien Cooley, whose sales include those on Channel 9’s The Block, flew to Queensland for the weekend to lead the event. He was constantly asked to get involved in charity auctions but said this one was special as one of his own children had been rushed into intensive care when they were born.“It’s not often you get the opportunity to sell a house and land that’s been donated and every single dollar goes to the charity,” he said.“It’s nice when you know that every dollar is going towards changing someone’s life.” Mater foundation fundraising executive director Lesley Ray said when the home opened last month that the project was a special initiative.“We’d sincerely like to thank Plantation Homes for their ongoing support of Mater Little Miracles and Villawood Properties, which has so kindly donated the land for this year’s campaign.” Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:20Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:20 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreen6 Australian wow homes that have just sold01:20 MORE NEWS: Mansion fetches whopping $8 million The couple said it would take a while for the news to sink in but they were excited to start their family in the home. “It’s a perfect location for us,” Ms Lakic said.The four-bedroom, four-bathroom house features an open-plan design, outdoor entertainment zone and pool. It was sold fully furnished.It is the eighth home built for the Mater foundation by Plantation Homes and the inaugural year Villawood Properties has donated the land. Hundreds of people attended the auction on Sunday. It fetched $986,000, all of which will be donated to the Mater Little Miracles.last_img read more

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New Farm house sells for $8m

first_img 36A Oxlade Drive, New Farm, as seen from the river.“It’s $10,900 per square metre,” Ray White New Farm principal Matt Lancashire said.The sale capped off a stellar weekend of auctions for the inner-city agent with $15 million in auction sales recorded. This house at 36A Oxlade Drive, New Farm has sold at auction for $8m.A block acquired in a land swap with a friend 45 years ago has become the most valuable property for its size on the Brisbane River after it sold at auction on Saturday for $8 million.Every square metre of usable land at 36A Oxlade Drive, New Farm is worth as much as a bathroom renovation. Ray White New Farm principal Matt Lancashire. Picture: Annette DewThe New Farm property took out the preliminary highest sale of the day for the Ray White Group nationally. “COVID has actually done the opposite to what everyone thought,” Mr Lancashire said.“People don’t think they’re going to be travelling properly for the next three years and they want a nice house to live in. We’ve seen people significantly upgrading, not just doubling but in some cases tripling their asset value.“I’ve got more buyers in the $5 million-plus range than I’ve ever had in 15 years of selling real estate.” The property has direct river access.The four-bedroom deceased estate at New Farm had belonged to Brisbane Motor Auctions owner Peter Bettson, who acquired the 835sq m block (735sq m excluding the easement driveway) in a land swap for acreage on the Nerang River.“Dad had built a place on Bellview Crescent on the Nerang River where he had three acres,” Peter Bettson’s son, Jeff Bettson said.“That was the house he swapped for Oxlade Drive.“I can’t remember the guy’s name, we didn’t meet him but he was unwell and had to come down to get out of Brisbane.“I expect that dad’s house appreciated a little more than the other guy’s did.” The entrance to 36A Oxlade Drive, New FarmPeter Bettson passed away 18 months ago and his wife Beverley had been living in the home until she passed away in June.More from news02:37International architect Desmond Brooks selling luxury beach villa7 hours agoParks and wildlife the new lust-haves post coronavirus8 hours agoEleven bidders took the property to auction with an opening bid of $5 million and five bidders were active even after the property passed $6 million.At $7.5 million the auction was paused and the bid was negotiated to $8 million. The property was then announced on the market and sold unchallenged for that price.Mr Lancashire said the house had sold to a local New Farm buyer who was looking to land bank the property. The property is between New Farm Park and the Merthyr Bowls Club.“No it wasn’t a Seymour,” Mr Lancashire said, referring to the prolific property development family, led by Kevin Seymour, who has been snapping up riverside blocks and shaping Brisbane’s skyline for more than five decades.”Mr Bettson said he was happy his parents’ home, which is located between New Farm Park and the Merthyr Bowls Club, was not being earmarked for development. The kitchen.“We were concerned about who would buy it,” Mr Bettson said.“You need units in certain places, as long as it’s all balanced development. New Farm has a unique character and a very strong village feel. There are units around it, but there are places where you don’t need units and not many properties are coming on the market in this area.” MORE PROPERTY STORIEScenter_img Conditions now best ever for first-home buyers FOLLOW US ON FACEBOOKlast_img read more

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Abu Dhabi Companies Order Barge for North Sea OWF Construction

first_imgAbu Dhabi-based Quality Marine Services (QMS) and Zakher Marine International (ZMI) have taken delivery of the first of three offshore barges being built in a shipyard in China, with the second one slated to be deployed on North Sea offshore wind projects. The unnamed shipyard in China has been building the three barges for the two companies under a contract worth USD 350 million (approx. EUR 312 million).ZMI’s General Manager Musadaq Al Yacoub said that the second barge is expected to be sent to the North Sea, where it will work on the construction of offshore wind farms, as well as in the oil and gas sector, according to WAM – the Emirates News Agency.Following the arrival of the first barge in Abu Dhabi last week, Ali El Ali, Executive Director of ZMI, said that these barges have been designed and built to operate in stringent weather conditions in both the Middle East and Europe, and can undertake large scope of work.last_img read more

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Petrobras cleared to sell idle LNG volumes

first_imgLNG World News Staff Image courtesy of PetrobrasBrazil’s state-owned energy giant Petrobras has been granted permission to offer idle liquefied natural gas volumes in the spot market. Citing the official government gazette, Reuters reports Petrobras has been allowed to sell 6.6 million cubic meters, given the export of these volumes would not cause a supply shortage in the domestic market.The company operated three LNG terminals that helped cover the growing demand for natural gas. However, over the last two years, Brazil was hit by a recession and the domestic production kept climbing, prompting the company to put its LNG terminals in Rio de Janeiro and Ceará for sale.In December last year, Petrobras has cancelled the Golar Spirit FSRU charter deal it had with Golar LNG Partners.Golar Spirit FSRU was deployed at Petrobras’ Pecem LNG terminal until July this year.last_img read more

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Damen Dredge Pump Put to Use in South Africa

first_imgOn the Western coast of South Africa, high grade heavy mineral sediment layers are found on the seashores.Located just below a layer of fairly standard quartz sand, this heavy mineral sand can be mined. The material, which is also called HMS, has a relatively high specific gravity of 2.8T.m3 in situ.Until recently, the mining operations in the surf zone were done conventionally using excavators and trucks. Yet they have to be relocated every time the tide comes in.The DOP250 however can mine continuously when attached to an amphibious excavator. The DOP250 mines heavy mineral sand at a max dredging depth of 10 m. The heavy sand mixture is pumped in a concentration up to 25% over a distance of 250 m over a cliff of 15 m in height.On shore the processing plant separates the valuable minerals from the quartz sand and stones.last_img read more

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Oceanscan Adds R2Sonic Multibeam with INS

first_imgSwathe Services announced that Oceanscan has recently made a significant investment for an R2Sonic 2022 digital wideband multibeam system with integrated I2NS (POS MV Wavemaster) INS.The Sonic 2022 is portable, and can be integrated into AUV, ROV, or a small boat for operations with a range up to 400 meters of water.The 3000m-rated Sonic 2022 unit is fitted with the 700 kHz UHR Option, Truepix backscatter and raw water column detect. When UHR is selected, the beam width is 0.6° x 0.6° providing narrow beam widths for detail offshore site surveys such as pipeline inspections, trench mapping, cable lay operations, wreck surveys or other micro bathymetry/hydrographic applications.User-selectable frequencies from 170 to 450kHz and swath coverage from 10° to 160° are selectable on the fly, during survey operations. The latest features are also included offering 1024 soundings per ping and the new Pipeline mode.Adil Ali, Oceanscan subsea sales manager, said: “R2Sonic’s multibeam technology and products are of the highest quality and are sought after pieces of kit; these recent acquisitions will add new capability to our hydrographic survey offering. Oceanscan plans to make further investments to enhance our industry position as a leading supplier of subsea sensors and technology to the domestic and overseas subsea market.”Formal Sonic/I2NS training for three Oceanscan technicians at Swathe Services has also been scheduled in order to better support customers.James Williams of Swathe services stated: “The system we have delivered to Oceanscan offers more options than most other rental systems in the market and the versatility of these options means that high resolution data can be obtained whether mounted on a surface vessel or on deep tow and ROV systems.”last_img read more

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