UBS proposes alternative approach to liability calculations

first_imgResearchers at investment bank UBS have proposed a ‘deficit repair’ approach to valuing pension deficits rather than the current International Accounting Standards model, known as IAS 19.UBS argued that the current accounting number was “not an appropriate number for valuation purposes” for defined benefit (DB) schemes. Using a discount rate linked to AA-rated corporate bond yields – as in the UK’s current approach to valuations – “inappropriately prices pension risk into fundamental equity valuations”, the researchers added.Two leading UK actuaries who spoke to IPE about the proposal agreed there was merit in UBS’ proposal.Under a deficit repair approach, DB scheme sponsors would discount their deficit recovery contribution using the sponsor’s weighted average cost of capital. Lane Clark & Peacock partner Tim Marklew said: “Depending on the company you look at and the situation, you could end up with either an upside or downside from [UBS’] approach.“One of the starting points in their analysis is that the accounting number is arbitrary. I firmly agree with that. There is no particular reason why pension schemes should be valued using the accounting measure. Tim Marklew, partner, Lane Clark & Peacock“It is based on AA corporate bonds and that is not based a robust economic reason. AA bonds are used for convenience. It is a useful starting point. It might do the job, if the pension liability is insignificant.“But if you really want to understand and value a pension liability, you need to go beyond that. And that is what UBS are attempting to do.”Aon Hewitt partner Lynda Whitney said UBS’ work was “useful” but not a replacement for current accounting methods. “There is more variability in how people approach their technical provisions and so although the cash agreement tells you what they are expecting, it says nothing about the context,” she said.Whitney also warned that UBS’ approach could result in less comparability across schemes.“It does mean you have to accept that two very similar schemes can have quite different funding plans,” she explained. “So you might have a scheme that is working on something closer to a long-term objective – say, buyout – but over a longer period than a comparable scheme with a focus on technical provisions and a shorter recovery plan.”Actuaries typically arrive at a figure for the deficit repair plan using a valuation approach, known as ‘technical provisions’, in co-operation with a scheme’s trustees, regulators and the sponsor.Technical provisions are the scheme’s own measure of its liabilities, or its own measure of its pension commitment. Each scheme, and its actuaries, will have its own way of totalling up its liabilities according to its asset portfolio, investment strategy, actuarial assumptions and the employer’s covenant.In the UK, technical provisions form the basis for the triennial funding negotiations between the scheme’s sponsor and its trustees.Under IAS 19, sponsors must project forward their liability in line with the plan’s assumptions and discount back using a AA-corporate bond rate before netting off any plan assets.Critics of this approach have argued that it tended to oversimplify a complex issue.They have also pointed to problems with a shortage of duration-matched AA corporate bond rates in the market place to be able to discount reliably .last_img read more

Lady Indians Tennis Results

first_imgEnduring 3 hours of sub-50 degree weather, the Lady Milan Indians nearly pulled off their first victory of the season against a strong Lawrenceburg team but fell just short in two matches that went the distance and down to the wire.The Lady Indians were lead by the dominating net play of Doubles Partners Margo Taylor and Megan Berger who chalked up the first Varsity WIN of the young season.Tulsi Patel played “out of her mind” , going the distance in 3 sets but falling just short at the end, playing for over 2 hours in the bitter cold. Tori Haessig and Abby Riehle mirrored Ms. Patel and played just as hard but also fell just short of stealing a victory.The Lady Indians will regroup and prepare for a solid Oldenburg Academy on 4/19 @ Batesville HS.In their first match of the year, the Lady Indians were led by the strong performances of Abby Riehle in Varsity Singles and in JV Doubles by the tandem of Delaney Bushhorn and Cheyenne McMullen. The Lady Indians were able to gain valuable court experience after a hostile and snow covered Spring practice season. The Lady Indians, however, fell 0-5 but showed grit and determination against a much larger school of nearly 4 times the enrollment. Coach Flynn and Coach Gomez are extremely proud of the girls and how they represented not only the tennis program but Milan itself!Courtesy of Indians Coach Kyle Flynn.last_img read more

NFF Reforms Committee rounds off two-day meeting in Benin

first_imgRelatedPosts Ministry reads riot act to NFA, Clubs over resumption of league Super Eagles to unveil new Nike jersey in Portugal CAF, NFF celebrate Enyeama at 38 The Reforms Committee of the Nigeria Football Federation has ended a two-day meeting in Benin City, taking a crucial step towards concluding its work and submitting its recommendations to the Congress of Nigerian Football through the NFF Executive Committee.Discussions and deliberations over the two days (Monday and Tuesday) were robust and practical, with members devoting several hours to fundamental issues of Youth Development, Women’s Football, League and Governance aspects of the Nigeria game.On Monday, a sub-committee that excluded members of the NFF Congress in the main committee deliberated on the nitty-gritty of suggestions and ideas from previous meetings in Lagos and Abuja, giving flesh to the ideas and then presenting the recommendations to the entire group on Tuesday for even more robust and fruitful discussions.The sessions were frank and dwelt on the genuine desire for making things better than they are presently, with focus on the mechanics that are needed to take the Nigeria game to higher levels of excellence.At the end, Chairman of the Committee, Barrister Seyi Akinwunmi (also the NFF 1st Vice President) commended the commitment to the cause and the candid submissions of members on the various sub-topics, and once more, promised that the NFF Executive Committee is determined to implement the recommendations as approved by the NFF Congress.Also at the two-day meeting were Hon. Chidi Ofo Okenwa, Alhaji Abba Yola, Barr. Godwin Dudu-Orumen, Dr. Kweku Tandoh, Rt. Hon. Margaret Icheen, Barr. Isaac Danladi, Barr. Poubeni Ogun, Mallam Farouk Yarma, Barr. Osasu Obayiuwana, Alh. Mohammed Nasir Saidu, Otunba Tade Azeez, Mrs Chisom Ezeoke, Mr. Isa Ladan Bosso, Mr. Godwin Enakhena and Mr. Dahiru Sadi, MFR.The Committee will submit its recommendations for the reform of Nigerian Football to the NFF Executive Committee in January 2020. Tags: NFFNFF Reforms Committeelast_img read more

GSA Shuts Down MDI

first_img House fire in Winter Harbor – October 27, 2014 BLUE HILL — On Thursday, righthander Lydia Clapp struck out 12 batters and allowed just two hits as she pitched the Eagles over the Trojans.For the Eagles, freshman Richelle Kane drove in a run with a triple and a single, Clapp had a double and a single, Mindy Carter doubled with an RBI and Stephi Davis had a single.Mackenzie Curtis and Taylor Walls each singled for the Trojans. For more sports stories, pick up a copy of The Ellsworth American. Latest Posts Latest posts by admin (see all) admin Bio This is placeholder textThis is placeholder text Hancock County Court News Nov. 3 thorugh Dec. 11 – January 22, 2015 State budget vs. job creation – January 22, 2015last_img read more

Pakistan kabaddi team awaiting India’s consent: Rana Gurmit Singh Sodhi

first_imgChandigarh: A kabaddi team from Pakistan is yet to get the green signal from the Indian government to participate in the International Kabaddi Tournament being organized by the Punjab government to mark the 550th birth anniversary of Guru Nanak Dev from December 1, a state minister said on Friday.Nine countries are participating in the tournament that will last till December 10.Punjab Sports and Youth Services Minister Rana Gurmit Singh Sodhi said over 160 players are participating and the Australian team has already reached India. The other teams are from Canada, England, Kenya, New Zealand, Sri Lanka and the US, besides the host India.Sodhi told IANS that the Canadian team has got the no-objection certificate (NOC) from the union government while the approval for the Pakistan team is still awaited and hopefully it will be given soon.“Even the Chief Minister will speak to the Central government with regard to allow Pakistan to participate,” he added.The minister said the winning team would be given a cash prize of Rs 25 lakh, while the runners-up and the team clinching the third position would get Rs 15 lakh and Rs 10 lakh, respectively.Sodhi said the opening ceremony will be held at Guru Nanak Stadium in Sultanpur Lodhi in Kapurthala district on Sunday while the closing ceremony will take place at Dera Baba Nanak in Gurdaspur district on December 10.Chief Minister Amarinder Singh would be the chief guest at the closing ceremony and will distribute the prizes. IANSAlso Read: Rs 8 cr Pro Kabaddi League prize money for season 7Also Watch: Two weeks national workshop on research methodology at Bodoland University concludedlast_img read more

Cricket Australia gambled on players’ greed and lost – Ian Chappell

first_img(REUTERS) – Australia’s cricket board gambled that greed would motivate top players into accepting a pay offer and while that bet has backfired, the parties are likely to thrash out a deal in time to avert an Ashes boycott, former captain Ian Chappell has said.Players have rejected Cricket Australia’s (CA) offer that would end a 20-year-old revenue-sharing model when the next collective bargaining agreement starts in July.The proposal offers more money than the current five-year CBA but allows only international players to share in surplus revenues, while domestic cricketers would have to settle for fixed amounts.Former Test skipper Chappell was a leading figure in Australian cricket’s most bitter pay dispute in the 1970s, which paved the way for the breakaway World Series Cricket.“I’m delighted the players are sticking together and staying strong on it,” Chappell said in comments published by Sydney newspaper the Daily Telegraph yesterday.“From afar it looks as though the board is trying to splinter the players, which I find a rather strange tactic.“Maybe the board thought, ‘You know what the players are like’. They were working on the theory of greed that you keep the top blokes happy with money and they won’t care about the rest.“It looks like they’ve picked the wrong target.”CA CEO James Sutherland raised tensions earlier this month when he told players to agree to terms by the June 30 deadline or risk being unemployed.It elicited a heated response from the Australian Cricketers’ Association, the players’ union, and opening batsman David Warner warned the board it might not have a team for the five-Test Ashes series starting in November.CA have declined to comment further on the pay dispute.Chappell said Australia’s top players could easily “do a Chris Gayle” and play as free agents in the world’s lucrative domestic Twenty20 competitions like the former West Indies Test captain did. But he doubted it would come to that. “There will be more posturing and eventually they’ll come to their senses,” he said.last_img read more

Hamilton Green Cup Knock-Out football tourney continues tomorrow

first_imgA THRILLING football double-header is anticipated tomorrow evening at the Mackenzie Sports Club ground, Linden, when the Hamilton Green Cup knock-out football tournament continues.Tournament coordinator and former national player and coach, Lennox Arthur, told Chronicle Sport the two matches are expected to generate much excitement as two teams from the Upper Demerara Football Association (UDFA) have already booked their places in the quarter-final round and tomorrow two more – Silver Shattas and Eagles United – will be looking to follow suit, but he (Arthur) is certain the two mining town teams will be hard-pressed to make it to the quarter-final round.Silver Shattas are set to face off with Riddim Squad from 19:00hrs, while Eagles United will clash with Soesdyke from 21:00hrs.The winners of the two matches will advance to the quarter-final scheduled for September 22 at the same venue where the winner of the Silver Shattas versus Riddim Squad match will come up against Police and the winner of the Eagles United versus Soesdyke game will meet Western Tigers from 21:00hrs.Tomorrow, Silver Shattas will be hoping that strikers Robin Adams and Damion Williams with support from midfielders Michael Wilson and Dexter Garraway along with defender Romel Matthews, come good. The team’s custodian is Kellon Major.Riddim Squad’s attack will be spearheaded by strikers Teon Jones and Kevin Agard on the strike line, midfielders Seon Hope, Kevin Gordon and Lyliton Ramsay, while Mark Giles, Dorville Steward and Orville Steward will marshal the defence.Already, Mahaica, Ann’s Grove, Golden Grove and Plaisance have advanced to the second round of the tournament after securing victories over their opponents when the tournament finally got underway last month.Mahaica defeated Mahaicony 3-2, Ann’s Grove beat Pele 3-1, Golden Grove got past Golden Warriors in a penalty shoot-out, Plaisance beat Cougars also in a penalty shoot-out and Buxton beat Pouderoyen in yet another penalty shoot-out.The winning team of the tournament will receive $500 000 and the Minister of Citizenship trophy, while the runners-up team will earn $250 000 and the Busta Beverage trophy.The team placing third will receive $150 000 and the John Fernandes Limited trophy and the fourth-place finishers will take home $100 000 and the Cummings Electrical trophy.last_img read more

Harmon pledges Government’s continued support for ‘Nationals’

first_img… promises upgrade to National Track and Field FacilityMINISTER of State, Joseph Harmon, pledged government’s fullest support for the National Schools athletics, swimming and track & field championships, calling it “an investment into the future,” as the curtain came down on the 57th edition of the games.“By providing better facilities, we are allowing our young people to shine and to set new standards,” Harmon said during his short but candid address at the closing ceremony last evening.It was the first time in the history of the games that the championships took place on Guyana’s lone synthetic track, and Harmon promised “next year, when you come, we’ll have better facilities here (at Leonora). I’ve already spoken to the manager Mr (Trevor) Williams, Mr Christopher Jones (Director of Sport) and Minister (George) Norton.”“I must say that as athletes, you represent the future of Guyana, you represent the health of our nation, and I want to encourage you to make healthy choices in your life, because you, as athletes are the ones to make us proud,” Harmon said.Harmon also brought kudos from President David Granger, who he said was impressed by the performance of the athletes and the organising of the game.District 10 won the event for the 16th time last evening, since it started in 1959.last_img read more

The Latest: Atlantic 10 postpones fall sports season

first_imgThe league had been scheduled to resume later in the day after a four-month suspension caused by the pandemic. San Lorenzo was to play General Diaz.Guarani was scheduled to play Guaireña on Saturday and 12 de Octubre was to play Sol de America.Club executives are expected to meet later in the day to discuss whether other matches will go forward.Paraguay has done comparatively well in combating the virus. Only 27 people in the country of almost 7 million residents have died with the virus of about 3,300 infected.___ July 17, 2020 The conference announced it will try to play those sports in the spring semester, and has agreed to a “look-in” window during September to evaluate whether it is possible to conduct shortened, conference-only seasons in fall sports.___The restart of the Paraguayan soccer league has been called off after three teams came down with cases of the coronavirus.The Paraguayan soccer association says Guarani, 12 de Octubre and San Lorenzo cannot play and train until another medical examination is held.The soccer association did not say how many players or club staff members have become infected. Associated Press Share This StoryFacebookTwitteremailPrintLinkedinRedditThe Latest on the effects of the coronavirus outbreak on sports around the world:___The Atlantic 10 Conference is postponing its fall sports season, which includes soccer, cross country, field hockey and women’s volleyball. The Latest: Atlantic 10 postpones fall sports season Sporting events in England could be opened up to spectators starting in October.No fans have been allowed at stadiums since sports resumed in the country in June after a three-month shutdown caused by the coronavirus pandemic.British Prime Minister Boris Johnson says “from October we intend to bring back audiences in stadia … in a COVID-secure way subject to the successful outcome of pilots.”___More AP sports: and read more