Swiss second pillar guarantee rate to stay at 1.75%

first_imgSome members had proposed a lowering to 1.5% based on the calculations on the minimum expected return the commission uses as the basis for its suggestions to the government.Six members instead voted in favour of raising the rate to 2%, a demand supported by Swiss unions which have demanded a higher minimum rate for years.Over the last few years, the Swiss government has followed these non-binding recommendations almost without exception.Part of the current reform package, “Altersvorsorge 2020”, negotiated by the authorities would include a change to the approach of setting the minimum interest rate.In future, the government wishes to set it at year end based on actual returns rather than basing the rate on estimates and agreeing it in advance. Almost two thirds of the members of the BVG commission have voted in favour of keeping the Swiss second pillar’s minimum interest rate at 1.75% for 2015.The decision comes after the commission last year voted to raise the rate – which is the level Swiss Pensionskassen have to guarantee under the BVG law governing the mandatory occupational pensions sector – from 1.5% to 1.75%. However, a year ago the yield of a Swiss 10-year government bond stood at the much higer rate of 1%, compared to 0.5% at the beginning of September 2014.Nevertheless, the commission said the “on the whole satisfactory situation on the financial markets” as reason for the decision to keep the rate at the current level.last_img read more

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PKA sees early fruits of new business push with 1,800-member deal

first_img“The more members PKA has, the more robust it is, and the greater chances it has to be able to give its current and future members concrete benefits in the form of a high return, low costs, and a competitive yield on pensions.”Damgaard Jensen said PKA was a pension fund for different professional groups and had a clear aim to provide pension products that matched their demands, regardless of whether they were public sector employees, private sector staff or self-employed.Tina Christensen, chairman of the Danish Chiropodists’ Association, said there were many reasons why PKA had been chosen.“It was very important for us that PKA can offer our self-employed and private-sector employed members a voluntary and flexible pensions package tailored to their needs,” she said.“At the same time, PKA understands employees in the healthcare sector, so our 1,800 members will get a pensions package that suits them for their whole lives,” Christensen said.Back in October, PKA launched a new drive to take on thousands of new members and win private-sector pension schemes from the hands of Denmark’s big commercial providers such as Danica and PFA. It said it had developed a pension product called PKA Private, which can be tailored to appeal to a wider range of customers.The following month PKA announced it had poached Søren Bang Palfelt from PFA to lead the new business push.Tomas Frydenberg, executive director in charge of membership matters, said the Danish Chiropodists’ Association deal was an early result of PKA’s new strategy to provide pension schemes to the entire healthcare sector.He said PKA would continue this strategy in years to come and bid for other groups within the healthcare sector. PKA, the DKK250bn (€33.6bn) labour-market pension provider, has won a contract from the Danish Chiropodists’ Association (Danske Fodterapeuter) to provide pensions for its 1,800 members.PKA, which currently has around 300,000 scheme members via the three social and healthcare pension funds it runs, said it won the tender process arranged by Deloitte to provide pensions for the association’s members, beating several other pension companies.It said this was the first step on the path towards its goal of attracting more members.Peter Damgaard Jensen, chief executive of PKA, said: “We have implemented a growth strategy at PKA, which we believe is necessary in an ever more competitive sector.last_img read more

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Martha Dilk, 84

first_imgMartha A. Dilk, 84, of Versailles passed away Saturday, December 17, 2016 at the Christ Hospital in Cincinnati. She was born near Versailles on April 18, 1932 the daughter of Fred and Sophia Wichmann Boekankamp. She was married to Delbert Dilk on November 17, 1951 and he preceded her in death on January 25, 2005. Survivors include two daughters Betty Wirtz and Sandra Howlett both of Versailles; three grandchildren Chris (Bobbie) Howlett of Milan, Karen (Eric) Hubbard of Osgood, and Jeffery Wirtz of Versailles; two great-grandchildren Conner Hubbard and Anna Hubbard; one brother Paul Boekankamp of Indianapolis; and also Martha’s twin sister Mary (Harold) Koehler of Reynoldsburg, Ohio. She was also preceded in death by her parents, her brother Harold Boekankamp, and her sisters Josephine Wiefering, Wilma Schwanholt, and Elizabeth Brenner. Mrs. Dilk was a 1951 graduate of Versailles High School. She was a former employee of Delta Faucet in Greensburg, the Delaney Wood Heel Factory in Versailles, Conn Organ in Madison, and the Jefferson Proving Ground. Martha’s hobbies included reading and playing cards. Her family spoke that her favorite thing though was watching IU basketball and everything stopped when the Hoosiers were on. Martha was a member of the St. Paul Lutheran Church in Olean. Funeral services will be held on Thursday, December 22nd at 11am at St. Paul Lutheran Church with Pastor Curtis Black officiating. Burial will be in St. Peters Cemetery at Olean. Visitation will be on Wednesday from 5pm to 7pm at the Stratton-Karsteter Funeral Home in Versailles. Memorials may be given to St. Peters Cemetery in care of the funeral home.last_img read more

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