Pension fund for Consumentenbond narrows merger candidates to two

first_imgThe chairman said SPC’s ultimate choice could also be a hybrid arrangement split across a pension fund and an insurer, “if this were in the interest of groups of participants”.He stressed, however, that the pension fund aimed to keep its current collective defined contribution plan intact for as long as possible.This year, SPC was forced to cut the annual pensions accrual from 1.75% to 1.57%, as the initial accrual rate grew too expensive.However, Bakker suggested that a merger with PGB or PNO Media, due to their relatively low implementation costs, would allow SPC to reverse the accrual cut as early as 2016.Last spring, the pension fund of the Consumentenbond announced that it was considering liquidation, with its chairman citing surging financial and administrative costs.He also highlighted the problem of board continuity, pointing out that four of the six board members were older than 60, and that he had decided to step down at the end of this year after 10 years at the helm. SPC, the €70m pension fund of Dutch consumer association Consumentenbond, has narrowed the number of potential merger partners to two – the sector-wide scheme for the printing industry PGB and the industry-wide pension fund PNO Media.Chairman Rob Bakker, in a letter to participants, said the €20bn PGB and the €5bn PNO Media were both “attractive” candidates for the continuation of SPC’s current pension arrangements.He said both had close ties with corporate publishing – one of the core activities of the employer – as well as an investment strategy similar to SPC’s.Bakker said his pension fund also requested quotes from insurers Aegon, Nationale Nederlanden, Delta Lloyd and Centraal Beheer Achmea for taking over SPC’s pensions plan.last_img read more

Usain Bolt Receives IAAF President’s Award in Monaco

first_imgUsain Bolt presented with the IAAF President’s Award in Athletics. Sprint legend Usain Bolt was awarded the President’s Award on Friday at the IAAF awards In Monaco. Bolt, who earlier this year retired from track and field athletics, was recognized for his outstanding performances and contributions to the sport over the past decade. During his illustrious career Bolt won four gold medals at the 2008, 20012 and 2016 Olympics, and ruled as World Champion in the 100 and 200 meters.High jumper Mutaz Essa Barshim of Qatar and heptathlete Nafissatou Thiam of Belgium were named the IAAF’s world athletes of the year, after each won world titles in London this year.The 26-year-old Barshim completed an undefeated season across 11 competitions and won the Diamond League title. He became the first high jumper in history to leap 2.40 meters or higher in five successive years.The 23-year-old Thiam opened the year by taking the European indoor pentathlon title then she climbed to third on the heptathlon all-time list with a performance of 7,013 points at a meeting in Gotzis, Austria, in May.“I’m particularly excited by the young generation of talent which so dramatically came of age on the world stage in 2017. Athletics looks forward to a strong and exciting future safe in your hands,” said IAAF president Sebastian Coe.The President’s Award given to eight-time Olympic gold Bolt, who retired after taking bronze in the 100 meters at worlds, “recognizes and honors great service to athletics.”last_img read more