Accrual roundup: Retail scheme warns for accrual drop to 1%

first_imgIn order to keep the current pensions accrual, premiums had to be raised to 33.1%, they argued.A third option would be that contributions are raised and accrual is reduced at the same time, employers and workers said in their letter to the minister.However, they made clear that they preferred a quick elaboration of the pensions agreement through legislation.Social partners in other sectors are also worried about the impact of cost-covering contributions, with trade unions warning for a steep accrual drop at the €459bn civil service scheme ABP and asking for a “quick solution”.The €5.7bn pension fund for the cleaning sector (Schoonmaak) has urged the minister to loosen the discount rules for liabilities.It said it would have to raise contributions from 22% to 30%, if it wanted to keep accrual at the current level.A spokesman for trade union FNV, who couldn’t provide further details, said that several other sectors would address the issue in a letter to Koolmees.He added that approximately 4,000 FNV members had signed a model letter to the minister since the union had launched the initiative last week.Trade union CNV said that a petition against rights cuts, premium increase and accrual reduction on its website had been signed 24,000 times. Accrual at ING CDC scheme to drop by one quarterThe €1.6bn Dutch ING CDC pension fund plans to reduce annual pensions accrual by one quarter, as a result of declining interest rates.In a message to its participants, it stated that the current accrual rate of 1.738% would be decreased to 1.3% as of next year.André Hollenkamp, the scheme’s chair, explained that the declining interest rates had driven up the prime cost of pensions, leaving the fixed contribution insufficient for the existing accrual level.The scheme’s board further warned that next year’s accrual reduction wouldn’t necessarily be the last one.In September, it is to assess the accrual rate again. It indicated that the possibility existed of a further reduction if interest rates remained at the current low level.The scheme’s fixed premium amounts to 31.5% of the pensionable salary, and already exceeds the fiscally allowed maximum of 27% expected to be introduced in the new pensions system.In more bad news for its participants, the pension fund announced that it would not grant an inflation compensation next year.At September-end its coverage ratio stood at 110%.The ING CDC pension fund has 14,000 active participants and 359 pensioners.Earlier, the €31bn pension fund for ABN Amro announced that it would cut annual accrual by 20% to 1.48%.Several other pension funds, including the Dutch company scheme for Philips, as well as the trade unions for government staff, have warned for looming premium rises and accrual reductions in 2021.Recently, the multi-sector pension fund PGB said that its contribution had to rise by 4 percentage points to 28% next year.However, the €29bn scheme indicated that it had postponed the implementation in order to allow employers and workers breathing space for assessing the future of their pension arrangements.The developments were triggered by the introduction of a lower prescribed discount rate for liabilies next year, the new fiscal ceiling for contributions as well as the requirement of a costs-covering premium in the new pensions system. Employers and workers in the Dutch retail sector have warned social affairs minister Wouter Koolmees that the annual pensions accrual would drop to 1% of the pensionable salary if contributions remain at the current level while costs-covering.They added that premiums at the €26bn sector pension fund must rise by no less than 47% were the accrual to be maintained at 1.56%.The maximum tax-facilitated pensions accrual in the Netherlands is 1.875%.According to the social partners – employer and employee representatives – the accrual drop is necessary if the current contribution level of 22.5% remained unchanged but was made to cover costs.last_img read more

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McGinley unsure of form

first_imgVictorious Ryder Cup captain Paul McGinley admits he has no idea how he will perform when he returns to action in the Alfred Dunhill Links Championship this week. McGinley’s golf game has been on the back burner since he was made captain in January 2013, the 47-year-old’s incredible attention to detail in the role meaning he even ensured the fish occupying the tank in the team room were in European colours. A shoulder injury has also contributed to the Dubliner playing just once on the European Tour since July, but he is set to compete in the pro-am event played over the Old Course at St Andrews, Carnoustie and Kingsbarns. ” I’m not tired and I don’t feel like I want to pull away,” McGinley said after Europe’s five-point win over the United States on Sunday. “I think it’s been great. I’ve really enjoyed the ride the last 18 months. It’s been an absolute thrill and privilege and an honour. “The Dunhill is a tournament I’ve always enjoyed playing, I love playing on those golf courses. God knows where my golf game is. I feel like there’s been no work gone into my golf game the last six months. “Everything the previous captains have told me about your golf game struggling has been proved correct. The first year was not so bad. I played quite well last year to be honest. This year it’s really tailed off. “When I’ve been on the golf course and on the practice ground, my mind has been drifting. It’s not been there and I’ve not had the intensity and concentration you need to practice and play.” Four of McGinley’s team are also in the field this week, world number one Rory McIlroy, US Open champion and 2010 winner Martin Kaymer, France’s Victor Dubuisson and 2004 winner Stephen Gallacher. Vice-captain Padraig Harrington, who won the event in 2002 is also competing, as is last year’s winner David Howell, who beat American Peter Uihlein on the second hole of a play-off. “It will be lovely to come back as defending champion. It’s a real privilege and I shall enjoy every moment of it,” Howell said. “The win last year was a long time coming, seven years after my previous win and I could not have wished for a better place to do it than St Andrews.” center_img Press Associationlast_img read more

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Elnora Donnini Noland, 82, formerly of Wellington: Sept. 19, 133 – March 24, 2016

first_imgElnora Donnini NolandElnora M. Donnini Noland, formerly of Wellington, died peacefully in her sleep on Thursday, March 24, 2016 at her daughter’s home in Choctaw, Oklahoma at the age of 82.Elnora was born the daughter of Charles L. and Maude Estelle (Nelson) Martin on Tuesday, September 19, 1933 in Garfield, New Mexico.On October 24, 1951, Elnora and Faust L. “Denny” Donnini were united in marriage in Las Cruces, New Mexico. Together they celebrated 35 years of marriage before his passing in Wellington,  in 1987. She was blessed to find love again and married Al Noland. They spent his last years together before his passing in 1996.Elnora was the Finance Manager for the Sumner County Mental Health Center in Wellington, . She retired in 2000 following a 22-year career. Elnora was an avid gardener who loved nature and spending time outdoors. She was also an accomplished artist who worked in multiple medias including pottery, oils and watercolor. Survivors include her daughter, Lisa Donnini Fredline (Brian) of Laingsburg, Michigan; son, Richard Donnini (Tonia) of Dayton, Ohio; daughter, Julia Donnini Laughlin (William) of Choctaw, Oklahoma; son, David Donnini of Portland, Oregon, grandchildren: Julianna Buning, Lynda Miller, Brian Donnini, Ryan Donnini, Justin Pruitt, Sarah Donnini, Connor Donnini and Landen Laughlin, great-grandchildren: Patrick Buning, Justin Buning, Jaylyn Aprill, Drake “Denny” Buning and Aidyn Alsteen. She was preceded in death by her parents; husband, Faust L. “Denny” Donnini; husband, Al Noland and daughter, Deborah Ann Donnini. A family remembrance celebration will be held at a later date in Prairie Lawn Cemetery, Wellington, , where she will be interred next to her husband Faust “Denny” Donnini. A memorial fund has been established in her loving memory to the Garden of Memories Cemetery in the Village of Hatch, New Mexico where her parents were laid to rest. Contributions may be mailed to, or left with the funeral home. To share a memory or leave condolences, please visit www.cornejodayfuneralhome.com.Arrangements are by Cornejo|Day Funeral Home & Crematory, 1030 Mission Road, Wellington, .last_img read more

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