Pension funds should be able to finance UK infrastructure through a bond aimed solely at the industry and offering a yield above the prevailing market rate, Alan Rubenstein has suggested.Speaking in a personal capacity, Rubenstein, chief executive of the Pension Protection Fund (PPF), suggested the pension bond as one way to support the defined benefit (DB) industry in the UK, with assets ringfenced into a sovereign wealth fund.In a debate at the National Association of Pension Funds annual conference in Manchester, former pensions minister Steve Webb urged the industry to focus on the risk-sharing made possible by his defined ambition agenda, while Bill Galvin, chief executive of the Universities Superannuation Scheme, argued it was vital to be honest about the role played by trustees in tackling the DB challenge.Rubenstein argued that the pension bond he proposed dealt with the industry’s hunt for yield but also helped the UK government in its attempts to secure financing for infrastructure projects. “My idea is that these bonds would be long term, say 30 years,” he said.“They might be inflation-linked, or they could be fixed. But, crucially, they would pay a yield that is perhaps 1% above current – instead of 2.5%, in Gilts perhaps 3.5%.”He argued they would only be sold to pension funds, with income ring-fenced to rebuild infrastructure.“Frankly, if we can rebuild our schools, our roads, our hospitals at this kind of rate, we will be getting a good deal,” he said.“If [chancellor of the Exchequer] George Osborne really wants £20bn (€27bn) quickly for infrastructure, this would be the way to do it.”Rubenstein argued that it would help address the problem of pension scheme underfunding and held out the possibility that if deficits improved markedly, it could spell the end of the PPF levy, set at £615m for 2016-17.“I’m asking you to support pension bonds, build a better Britain and save DB pensions,” he said as he concluded his presentation.Webb struck a note of caution, however, questioning whether Rubenstein’s argument that the pension bond was in the interest of inter-generational solidarity rang true.In a good-humoured rebuttal that eventually saw Webb’s call for collective defined contribution voted the best proposal by the audience – 56.6% to Rubenstein’s 43.4% – the former MP noted that the debt incurred through the bond would need to be paid off by future generations, at a higher rate than the UK currently borrows.Webb hypothesised how a conversation on the proposed pension bonds would occur in the Treasury.“I don’t think I could go the chancellor and say ‘You know you can borrow at next to nothing at the moment, do you like to pay more for your borrowing for infrastructure?’” he said.“I don’t think I’d even get through the door. It’s a lovely idea, but it won’t happen.”
RelatedPosts Olumide Akpata sworn in as 30th NBA President Drogba joins race for Ivorian Football Federation presidency Pacquiao drops Amir Khan in sparring Reigning WBA world welterweight champion Manny Pacquiao intends to become president of the Philippines.This was announced by his promoter Bob Arum, quoted by The Sun. Arum said: “We called up with Manny Pacquiao. He’s going to be the first boxing president in history. He told me: ‘Bob, I’m going to participate in the presidential campaign 2022. When I win, I want to see you at my inauguration.’”Pacquiao has been active in politics since 2007.He currently holds the position of the Sports Committee Chairman in the Senate of the Philippines.At the same time, the boxer continues his sports career.He spent his last fight against Keith Thurman last summer, winning by the decision of the judges. Forty—oneyear-old Pacquiao is the only boxer in history who managed to become a world champion in eight weight categories.He also set a record by winning championship belts in four different decades.Tags: Manny PacquiaoPhilippines Presidential RacePresident
NEW YORK, USA (Reuters) – World number one Rafael Nadal dismissed Dusan Lajovic 7-6(6), 6-2, 6-2 to ease into the US Open second round yesterday, setting the Spaniard on a collision course for a long overdue Flushing Meadows showdown with Roger Federer.While the year’s final grand slam is just underway tennis fans have circled September 8 when, if all goes to form, Nadal and Federer would meet to decide a place in the final.One of the great rivalries in sport, Federer, a five-time US Open winner and Nadal, twice champion, have clashed 37 times over the years but never have they stood across the net on Flushing Meadows’ hard courts.On French Open clay, Wimbledon’s manicured lawns and in Australian heat, the elegant Swiss maestro and muscular Spaniard have played for titles and while no trophy would be on the line a New York meeting would still have the Big Apple buzzing.Federer was due to follow Nadal on to Arthur Ashe Stadium later yesterday looking to hold up his end against American Frances Tiafoe.After a sluggish run-up to the US Open that included a shock round-of-16 loss to Canadian teenager Denis Shapovalov in Montreal and another to Australian Nick Kyrgios in the Cincinnati quarter-finals, Nadal needed a few games to find his range against the 85th-ranked Serb.The 21-year-old, chasing a first US Open win, showed no sign of nerves, using his stylish groundstrokes to grab the early break on the way to a 4-2 lead, the four games as many as he won in his only other meeting with Nadal, a round-of-16 loss at the 2014 French Open.But a steely Nadal found his comfort zone, breaking back at 5-5 to force the opener to a tiebreak that he took 8-6.A ruthless Nadal delivered the young Serb another tennis lesson, breaking his opponent at the first opportunity in both the second and third sets to improve his record in first round US Open matches to 13-0.
Betfred boosts US racing coverage with XB Net deal renewal August 10, 2020 Share Related Articles Share StumbleUpon Simon FraserRacing and Greyhound content distributor, SIS (Sports Information Services) has moved to bolster its commercial operations appointing Simon Fraser as its new Head of International Horse Racing.Fraser will be tasked with leading SIS racing content distribution to international partners, whilst boosting the firm’s global commercial outreach and sales pipeline.A seasoned racing executive, Fraser joins the company from Racecourse Media Group (RMG), where he most recently served as RMG Head of International Streaming (2014-2017).Confirming the appointment, Paul Witten, Product Director at SIS, stated: “Growing our product portfolio with exciting content from all over the world is key to our strategy moving forward, and Simon’s appointment will play an important role in helping to achieve our ambitions.“He has extensive knowledge of the industry, as well as valuable experience in commercial rights, and I’m confident he will have a positive impact on the company.Heading up SIS international commercial development, Fraser will manage and grow the supplier’s international horse racing rights portfolio, as SIS looks to provide retail and online customers with the most engaging racing content from courses around the world“I’m thrilled to have joined SIS in what is an exciting period of growth. SIS is an established name in the betting industry and I can’t wait to get started in helping the business to continue to grow its international horse racing content.” Fraser commented on joining SIS executive team. Submit SIS grows Latin American footprint through Betcris deal August 12, 2020 SBC Magazine Issue 10: Kaizen Gaming rebrand and focus for William Hill CEO August 25, 2020
Strengthening Families Programme (SFP) is at the forefront of family support and delivers high quality Family Skills and Advocacy Service Programmes across the North West Region.We’re now offering a unique opportunity for a motivated energetic person to bring their skills to our team in a leading Irish Charity.The SFP team is a well established group of multi agency professionals and volunteers who provide a high quality Family Skills Training Programme designed to increase resilience and reduce risk factors for Mental Health issues, Violence and Aggression, Substance Abuse, High Stress Behaviours, and School Refusal in children and teens, focusing on Families with children aged 6-11 and 12-16 years old. Families Matter Programme ManagerMaternity Relief Cover October 2014-May 2015 with possible extension.The Families Matter Programme Manager will work with a range of statutory, voluntary and community agencies to refine and implement our effective goal directed family skills and Advocacy programmes.The successful candidate will have a recent proven track record of project management, organisational management, leadership in multi-agency work and a working knowledge of contemporary young people and family issues. Experience of managing and monitoring financial and non-financial resources is required.Applicants will have a strong commitment to family support and will possess either a 3rd level qualification in Health, Community or Social Sciences at university honours degree level/level 8.Experience of Organisational and Resource management are essential for the post.The post holder most hold a Currentvalid Driving Licence, have access to personal transport for business use and be available for an immediate start.Application Forms and Informal Enquires for the above vacancy should be requested from: Donna ButlerFamilies Matter Programme ManagerFamily MattersAlcohol Forum Unit B9, Enterprise Fund Business CentreBallyraine, LetterkennyCo DonegalE: email@example.comT. 0749125596Completed applications should be sent to the above address by the closing date which is 12 noon on Tuesday 7th October.Alcohol Forum is an equal opportunity employer.Alcohol Forum is a trading name of NWAF Ltd.JOB VACANCY: EXPERIENCED CANDIDATE REQUIRED FOR FAMILY MATTERS PROGRAMME IN DONEGAL was last modified: September 24th, 2014 by Mark ForkerShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)Tags:Job Vacancyjobsnews