UK watchdog sends formal warning to Guinness Peat on pension funds

first_imgGuinness Peat Group (GPG) has received warning notices from the UK Pensions Regulator (TPR) relating to potential underfunding of Brunel Holdings Pension Scheme and Staveley Industries Retirement Benefits Scheme, which GPG sponsors.The warning letters – anticipated by GPG last November – set out the TPR case team’s view that it may be reasonable for the regulator’s determinations panel to issue a financial support direction (FSD) against specified targets, namely GPG and GPG (UK) Holdings in respect of the Brunel scheme, and against GPG, GPG (UK) Holdings, Staveley Services and Staveley Industries in respect of the Staveley scheme.An FSD is a direction requiring financial support to be put in place for a pension scheme.Though this does not necessarily mean a cash contribution, it would affect GPG’s plans to return surplus capital to shareholders. The strategic investment holdings group, which is listed in the UK, New Zealand and Australia and includes textile manufacturer Coats, has sold off its portfolio of global investments over recent years, raising around £700m (€834m).Half of this amount has already been paid out, through cash payments and share buybacks.Chris Healy, company secretary at GPG, said: “It is too early to be certain that any FSDs will ultimately be issued or of the quantum of any required support for the schemes.“Whether it is reasonable to issue an FSD will be independently considered by the determinations panel of TPR and, if an FSD is issued by the determinations panel, the matter may be fully reconsidered by the upper tribunal.”The GPG board is now reviewing the warning notices with its advisers. The targets will have the opportunity to make written submissions to TPR so the case team may consider whether to proceed with its submission that the determinations panel issue FSDs.Any hearing before the determinations panel is unlikely to take place earlier than the second half of this year.In the interim, GPG continues to engage constructively with the trustees of the schemes, said Healy.Meanwhile, TPR said it would not be in a position to conclude its investigation and decide whether to issue a warning notice in relation to the Coats Pension Plan before the end of 2013, but would be looking to do so as soon as practicable.last_img read more

Auto-enrolment ‘awareness’ on the up despite scepticism on DC targets – report

first_imgResearch from the National Employment Savings Trust (NEST) shows UK consumers’ awareness of its policy has strengthened a year into its launch.Support for the policy has grown, as 68% of those surveyed by the government-backed master trust said it was a good idea.Awareness among consumers was at 86%, as auto-enrolment enters a significant peak of staging within the coming months.Alongside consumers, the research, conducted in 2013, showed awareness among employers was also increasing. More than 90% of employers with between 100 and 999 employees were familiar with the policy, compared with 68% a year earlier.However, only 68% of those with between 50 and 99 employees followed suit, despite these firms staging in the next six months – although, this was higher than the 30% figure seen in 2012’s survey.The research also highlighted a lack of confidence in the current defined contribution (DC) pot structure.Only 33% thought setting a lump-sum target in their DC pot was an appropriate way to think about retirement, lending support to the outcome-based approach for DC.Almost three-quarters (73%) felt a fixed level of income was better suited, along with half who supported a percentage of their current income.Some 35% preferred the idea of a lifestyle expense-based target.Of the members who had been auto-enrolled, support was mixed.While the majority were undecided, only 28% said they had made the right decision.Less than one-quarter (24%) said remaining in their auto-enrolment scheme made them feel more comfortable about retirement provision.As opt-out rates came in lower than expected, the prime motivation for staying in the scheme was not losing employer contributions, cited by 50% of respondents.Some 43% said it was because they felt it was time to start saving for retirement.In line with this, the pension provider surveyed consumers on financial priorities.Saving for retirement was third, compared with seventh in 2011.While auto-enrolment will have contributed to this, it also followed a shift in the UK consumer mindset.Overall, two-thirds of employers found the staging of auto-enrolment more difficult than anticipated, as the majority struggled with the legalities.Adding to this, while 90% said they would seek advice in choosing a scheme, only half said they would be willing to pay.Tim Jones, chief executive at NEST, said the intermediary sector would be key in helping employers, given that nine out of 10 employers are expecting help.“Our research suggests there are gaps in their knowledge, experience and preparedness,” he added.last_img read more

PME, PMT use surplus contributions to mitigate pensions rights cuts

first_imgPME and PMT, the pension funds for the Dutch metal industry, have said they intend to use their surplus contributions to try to avoid making rights cuts resulting from funding shortfalls.In its annual report, the €42bn PME said it transferred 2.8 percentage points of its 23.6% premium into a deposit for smoothing out contributions, as the current premium exceeds the cost-covering level.It will use any remainder to mitigate future discounts, it said.As of the end of April, PME reported a funding of 92.4%, whereas PMT’s coverage stood at 89.6% at the end of February. In the Netherlands, pension funds must begin cutting pension rights if their year-end funding falls is below 90% or thereabout.Last year, PME transferred €111m into its equalisation fund, while both schemes, which share MN as their provider, introduced a uniform contribution of 23.6% of the pensionable salary for a five-year period.PMT, the €63bn scheme for the mechanical engineering industry, was able to place €267m into the equalisation reserve thanks to a premium surplus of 3.9%.In its annual report, it also said it would draw on the buffer as soon it had to discount pension rights.The initial purpose of the reserve was to supplement the contribution, if the paid premium was lower than the cost-covering level for an annual pensions accrual of 1.875%.PME and PME estimate that their surplus contributions will be 0.2% and 1.25%, respectively, this year.Since the start of 2015, PME has used expected returns to determine its cost-covering premium, as it thinks this aligns its investment policy through matching and return portfolios best.Until then, it drew its premium from interest rates.last_img read more

European pension fund seeks emerging markets managers via IPE Quest

first_imgA European pension fund is seeking managers for a €400m allocation to emerging markets, through two searches on IPE Quest.In search QN-2316, the investor has requested a core active manager to run a €200m emerging market equity allocation.In search QN-2317, the pension fund requested a quant manager to run a similar mandate.Both mandates are to be benchmarked against the MSCI Emerging Markets index. Managers bidding for the allocations should have at least €3bn already under management in the asset class, and at least €10bn under management overall. They must have at least a five-year track record.Performance should be stated gross of fees to 31 March 2017.The pension fund will accept a maximum tracking error of 6% for each allocation.The closing date for proposals is 31 May.The IPE news team is unable to answer any further questions about IPE Quest tender notices to protect the interests of clients conducting the search. To obtain information directly from IPE Quest, please contact Jayna Vishram on +44 (0) 20 7261 4630 or email jayna.vishram@ipe-quest.com.last_img read more

Swiss Federal Council in tight spot over pension reform after consultations

first_imgShe added that proposing alternatives to a certain model of the reform was also an option, but it would require a new round of consultations too.The review of the second pillar pension system is based on proposals made by the social partners Swiss Employers’ Association (SAV), Swiss Trade Union Federation (SGB) and Travail.Suisse, with the goal to reduce occupational pensions’ funding problem, secure a certain level of pensions payments and to improve social security for low-income workers.The coronavirus pandemic has forced an extension of the consultation until the end of May.Hanspeter Konrad, managing director of Swiss pension fund association ASIP, told IPE that it remains to be seen whether the Federal Council will stick to the social partner compromise.“The proposed pension supplement in particular has been massively criticized and largely rejected in the consultation process,” he said, adding that also in a following debate in Parliament the result will still be uncertain.“The proposed pension supplement in particular has been massively criticized and largely rejected in the consultation process”Hanspeter Konrad, managing director of Swiss pension fund association ASIP“However, we assume that in the political discussion our demand for an affordable reform without unnecessary correction to benefits will become more and more important due to the recession,” he added.Roland Müller, managing director of the employers association Schweizerische Arbeitgeberverband, agreed that it was not yet clear “what the message of the Federal Council will look like, and when it will pass it on to the Parliament,” he told IPE.But the Swiss Employers’ Association (SAV) is confident that the Federal Council will “considerably” rely on the proposal made by the social partners.The compromise can be accepted as a “comprehensive package,” he said.Müller underlined that the urgency of a complete reform is undisputed among the political parties, therefore the employers association believes that the Parliament will take on its responsibilities to modernize the second pillar and solve important structural problems.He added: “The introduction of a pension supplement reinforces and stabilizes the second pillar. Only for the first 15 years the transitional generation receives a lifelong fixed pension supplement financed by 0.5% of wages.“After that, from the 16th year since the reform came into force, the pension supplement is based on funds available, and it is important for us to emphasize that the funding is permanently limited for a specific purpose to 0.5%.”According to the social partners, beneficiaries will receive a lifelong monthly pension supplement that varies from CHF200 (€180) to CHF100, independent from the amount of the pension fund, and financed through a contribution of 0.5% on the annual income bound to the first pillar AHV up to CHF853,200 (as of 2019).For Konrad, the solution of a lifelong pension increase through a supplement is not “justifiable” in light of the economic impact caused by the COVID-19 pandemic.ASIP puts a rapid reduction of the conversion rate from 6.8% to 5.8% at the top of the reform list.Looking for IPE’s latest magazine? Read the digital edition here. The Swiss Federal Council faces a tough decision on whether to hand over its full proposal for the second pillar pension system reform after consultations given the political sensitivity of the matter.“The decision of the Federal Council is not easy because there isn’t a large and clear majority that supports the proposal for the reform, and the outcome is not certain at the moment,” Colette Nova, vice director of the Federal Social Insurance Office, the department responsible for occupational pensions, told IPE.The Federal Council is likely to take some time to examine the results of the consultation.She said the Council had different options: it could pass on the proposal for a reform as it is to the parliament, it could change it, and if the changes were considerable, the Council then would carry out another consultation.last_img read more

Nature lovers home that would be perfect for Bear Grylls to go under the hammer

first_imgPerfect for outdoor living.It will go to auction on-site on Saturday, June 23 at 11am through Ray White — Ascot.Over in Windsor a simple yet stylish three-bedroom home at 7 Swan Terrace is being marketed for its potential. Get back to nature.Owner Ray Sparks said the natural look came about after several years of renovating.“It’s a seriously peaceful house,” Mr Sparks said. The home is set to go to auction on-site on Saturday, June 23 at 1pm through Ray White — Ascot. Location location.The 1920s era home was originally a workers cottage and according to agent Ian Cuneo there was a fair bit of interest from young couples and investors. “We’ve marketed it as entry level for the area,” Mr Cuneo said. The home will go to auction on-site on Saturday, June 23 at 3pm through Ray White — Ascot.Happy bidding. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 10:02Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -10:02 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD432p432p270p270p180p180pAutoA, 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 Rate1xFullscreenJune, 2018: Liz Tilley talks prestige property10:02 60 Northview Outlook MoorookaA WOODEN wonderland that was described by its owner as the home that “Bear Grylls would love to live in” is just one of the interesting homes going to auction across Brisbane over the weekend.The home at 60 Northview Outlook, Moorooka has a back to nature type theme with a strong use of exposed wood and earthy colours inside and out. center_img Old school architecture with a modern build.“There are some people that think it is original Queenslander stock,” Mr Warat said. “It’s been extremely well kept by the owners.”The home includes a landscaped garden and an expansive veranda. The owners liked the natural look.More from newsParks and wildlife the new lust-haves post coronavirus18 hours agoNoosa’s best beachfront penthouse is about to hit the market18 hours agoIn Coorparoo a historical looking family home offers more than meets the eye.The four-bedroom home at 18 Glyn St has the look of a colonial Queenslander, but according to agent Damon Warat it was actually a modern build that was designed to emulate the classic look.last_img read more

Family pays millions to live in an exclusive school catchment

first_imgRay White Queensland chief auctioneer Mitch Peereboom reported two properties selling under the hammer yesterday – both for $660,000.He said Ray White Brisbane agent Dean Yesberg’s listing at 177 Park Rd, Woollongabba sold to a renovator. SOLD: 7 Moynihan St, Ascot sold under the hammer for $1,660,000.A BRISBANE family has paid $1,660,000 for a property so they could stay within a school catchment zone.Hot Property Buyers Agency senior buyers agent Zoran Solano said despite the $1,660,000 price tag, 7 Moynihan St, Ascot was secured below the original reserve.“It was quite competitively purchased, and the seller currently resides overseas and no longer lives in the property itself,” Mr Solano said.According to CoreLogic, the property last sold 22 years ago for $375,000.Mr Solano said the vendor moved overseas and no longer needed the home.In Indooroopilly, 31 bidders registered to buy 24 Garema St, which sold under the hammer for $1,805,000.A north Queensland family are one step closer to owning their dream home after being the highest bidder at the auction yesterday.The four-bedroom, two-bathroom home at 1 Juxgold St, Murrarie went to auction at 9am, with two registered bidders competing to buy it.The Cairns family opened the bidding opened at $800,000, with the second bidder quickly raising the bid to $810,000. The family didn’t hesitate to raise the bidding to $830,000 at which point the second bidder was out. >>FOLLOW EMILY BLACK ON FACEBOOK<< The home at 17 Emma St, Holland Park West, which sold for $660,000 changed hands for the first time in 63 years.The other, 17 Emma St, Holland Park West, changed hands for the first time in 63 years.Ray White Holland Park agent Rocky Glanville said the Holland Park West home sold to first time buyers moving from Mackay. The outdoor living zones at 7 Moynihan St, Ascot.MORE:Building new? Curves are on trendNational first to reduce food waste The Murarrie home immediately went under contract after the property was passed in at $880,000. Place auctioneer Paul Curtain put in a vendor bid of $850,000, which the young family countered with $860,000. Another vendor bid of $870,000 was placed and then Place Bulimba agent Glen Bool then went into negotiations with the vendor.After about 10 minutes of negotiations, the family raised their big to $880,000 at which point the property was passed in.Mr Bool confirmed just 10 minutes after the auction ended a conditional offer for an undisclosed amount was accepted.“It’s got a 72-hour finance clause on there, it did get to reserve, but it’s definitely under contract,” he said.Mr Bool said the family had moved to Brisbane and were renting locally.More from newsParks and wildlife the new lust-haves post coronavirus15 hours agoNoosa’s best beachfront penthouse is about to hit the market15 hours ago“They just loved that home from the minute they walked through it,” he said.“They’ve been through four or five times throughout the campaign.“They were so emotional and happy afterwards.“The boys have picked out their bedrooms, and apparently I have an open invitation to come and use the pool whenever I want – that’s always a bonus.”“The boys have picked out their bedrooms and apparently I have an open invitation to come and use the pool whenever I want — that’s always a bonus.”last_img read more

Massive 76 bids placed to secure Wishart property

first_imgInside the house at 20 Mayfair Close, Wishart.More from newsParks and wildlife the new lust-haves post coronavirus15 hours agoNoosa’s best beachfront penthouse is about to hit the market15 hours ago“Bidding went quickly to $935,00 and stalled,” Mr Comino said.“Then we called it on the market and bidding went crazy all the way up to $1.056 million and then it was sold.“Two families battled it out from $935,000 right until the end.”Mr Comino said there were 76 bids placed on 20 Mayfair Close at the auction, with the house selling $156,000 more than the reserve price. The house at 20 Mayfair Close, Wishart, sold for $1.056 million.THE market is holding strong at Wishart, with this house skyrocketing past reserve at a recent auction.LJ Hooker Sunnybank Hills agent Kosma Comino said six registered bidders fought it out for the five-bedroom house at the “most amazing auction”, with bidding opening at $800,000. The bedroom is large and has airconditioning.The house was last sold in 2013 for $850,000.The $1.056 million sale price was $331,000 more than the suburb median house sale price, which according to CoreLogic data was $725,000.Wishart has experienced 34.3 per cent increase in the median house sale price in the past five years to August, with 123 houses sold in the last 12 months.In that time, 35 units were sold, with a median sale price of $405,000.Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:44Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:44 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p288p288p180p180pAutoA, 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 Rate1xFullscreenHow to bid at auction for your dream home? 01:45last_img read more

Mysterton stunner hits the market

first_img1 Hammond St, MystertonThe leafy suburb on the city fringe has long been a drawcard for people seeking spacious homes that are still close to the city and schools.Owner Carla Valmorbida has lived in the house with her family for five years and said they fell in love with the property the first time they saw it.“We loved the top deck and being a corner house you feel like you’re in your own little world when you’re sitting there,” she said.“We also loved the idea of two completely separate and independent living areas with two separate kitchens and we really enjoy having family visit from Melbourne come up and stay there. 1 Hammond St, MystertonONE of Mysterton’s finest homes has hit the market with 1 Hammond St listed for sale for $950,000. The six-bedroom, three-bathroom house has four-car accommodation and is on a 900sq m block in one of Mysterton’s most popular streets. 1 Hammond St, MystertonMore from news01:21Buyer demand explodes in Townsville’s 2019 flood-affected suburbs12 Sep 202001:21‘Giant surge’ in new home sales lifts Townsville property market10 Sep 2020“When we looked at it we fell in love with the tropical gardens and the resort-style pool because you could just see yourself lying there beside it.”Ms Valmorbida said that while the house still had Queenslander features, the interior was more modern.“It combines the best of Queensland life but it was fresh and light, the kitchen was functional and modern and the bathrooms were really nice,” she said. “It’s also in a really quiet area but is still close to schools, the city and The Mater Hospital.“We loved living there and we always felt very safe.”The house features vertical joint walls, polished timber floors and high ceilings.The modern kitchen overlooks the outdoor dining area while there is also a tropical pool.The master bedroom has ample wardrobe space and a bathroom with an oversized bath tub and double shower.center_img 1 Hammond St, MystertonOutside there is 68sq m of garage space with high clearance while there is side access that could be used to store a boat, trailer or caravan.Andrew Forster from Knight Frank is marketing the property and said the property had the rare feature of having completely self-contained, separate living quarters downstairs.“This home has gone through a thorough renovation but they have paid homage to the original features while providing lots of modern convenience,” he said.“It’s very unusual in that it has four bedrooms upstairs and two bedrooms downstairs with another kitchen and bathroom. “These owners had an au pair who lived downstairs but it could also be good if you had older kids.”The property was not flood affected. 1 Hammond St will be open for inspection on Sunday from 11.30am-12.30pm. For more information call Andrew Forster on 0477 220 766.last_img read more

Man cave v Hamptons chic

first_imgThis is what we call a suburban poker face. From the street the property gives nothing away.“First of all we changed the layout internally, and then we renovated the bathrooms and kitchen and entry level, and then we put the shed on and turned it into a space where we could entertain without having people in the house.”Mr Cox is a landscape designer and is now looking for his next renovation project. MORE REAL ESTATE STORIES Tropical landscaping links the main residence to the custom-built entertainment zone. Margaret Vote of Raine and Horne Wynnum/Manly is taking the property to market with offers over $1.15m invited. >>>FOLLOW THE COURIER-MAIL REAL ESTATE TEAM ON FACEBOOK<<< If you want to take this property to the next level, you could raise it.“We wanted to make the house a home, so when you come in, you shut the door and you are away from it all,” Mr Cox said. Guests can walk down the driveway to the Rusty Nail, or be entertained in the converted cottage. SEE WHAT ELSE IS FOR SALE IN WYNNUM There are even rustic touches in the toilet.The converted shed he calls the Rusty Nail after his favourite cocktail and it has a ‘sophisticated old farts bar’ on the mezzanine level.The shed has a bar area, mezzanine level, separate toilet and shower, airconditioning, outside pergola, pizza oven and fire pit, and takes Mr Cox back to his childhood growing up on a farm in Warwick.“It’s just myself and my wife, she has to have a password to get in to the bar but she can always get out,” he joked.More from newsCrowd expected as mega estate goes under the hammer7 Aug 2020Hard work, resourcefulness and $17k bring old Ipswich home back to life20 Apr 2020The three-bedroom renovated cottage has a Hamptons feel with open plan living, polished timber floors and plenty of light.Narelle Cox may need a password to the shed, but she’s had the keys to the house and the 1950 cottage is now a stylish Hamptons retreat, making the most of three metre high ceilings with skylights in the middle of the house and an internal sliding glass wall that disappears completely into another wall. This is where you’d go to find the best version of yourself. And after you’ve found it, you’ll want to celebrate with a drink, a pizza, a game of pool, a movie, and a bunch of friends.NEVILLE Cox had a vision to transform 30 Irene St, Wynnum, when he bought it in 2004.At different stages in the renovation, he tested the market, but then decided to do the whole thing and show the world.The result is a Hamptons style renovation of the 1950 cottage and the ultimate man cave.“I knew what I was talking about,” he said.last_img read more