The funding levels of the two largest pension schemes in the Netherlands fell below 90% in August, further increasing the likelihood of early cuts to pension payments and accrued benefits.The €431bn civil service scheme ABP saw its coverage ratio fall to 88.6% by the end of last month, while the funding level of the €217bn healthcare pension fund PFZW dipped to 89.8%.The decline meant that funding of both schemes dropped further below the “critical coverage ratio” – set at 95% for ABP and 94% for PFZW – below which they cannot recover to full funding within a 10-year period.As a consequence, they must reduce pensions to improve their coverage ratios to the critical level through a single cut implemented next year. ABP’s head office in Heerlen, NetherlandsContribution increase wiped out by interest rate fallMeanwhile, Jos Brocken, employee chairman of PMT, said a recent decision by the social partners to raise the contribution level by 5.8% to almost 28% had almost been undone by collapsing interest rates.Last week, employers and unions decided to make the 5.8% part of the premium for early retirement (VPL) available to improve PMT’s funding level. The contribution will not be required to fund early retirements as of 2021.However, the additional contribution would become available no sooner than 2021.As the social partners also insisted on keeping the annual accrual at the maximum tax-facilitated level of 1.875%, this would mean that PMT’s funding was likely to deteriorate further.Brocken said that the pension fund wanted to agree on a new contribution rate for a three-year period, and that the question was whether the increased premium would be sufficient for 2021 and 2022.The chairman added that a cost-covering contribution would have to be approximately 35%. “In my opinion, this is impossible,” he said. Based on the situation at August-end, this means that ABP and PFZW will have to apply unconditional discounts of 6.7% and 4.5%, respectively, in 2020.PMT (€77bn) and PME (€50bn) were already facing pension cuts next year, as at the end of 2019 their coverage ratios had been short of the required minimum of 104.3% for five consecutive years.At August-end, PMT’s coverage ratio was 92.6% and PME’s was 91.5%. This was still short of the new minimum required level of 100%, set by the cabinet in June as part of the pensions agreement.The metal sector schemes, however, are allowed to spread their cuts – 7.4% for PMT and 8.5% for PME, based on the current figures – over a 10-year period.Dutch pension funds’ coverage ratios over 12 months (%)Chart MakerABP and PFZW, which both fell into underfunded positions one year later than the metal schemes, must restore any remaining funding gap between the “critical coverage ratio” and the minimum required level of 100% in 2021.However, while the schemes must take action immediately to address the gap to the critical level, further reductions in pension payments to reach 100% funding can be spread over 10 years.ABP said that pension cuts in 2020 were becoming “increasingly probable” due to worsening market conditions. It singled out falling interest rates as the main cause for cuts, as interest rates had a much bigger impact on its coverage ratio than achieved returns.
Ørsted has signed a contract with the NHV Group for the provision of helicopter services on the Borssele I & II project, starting from May 2020. Flights will depart from NHV’s base in Zeeland to the Borssele I & II site, located 23 kilometres off the Dutch coast.NHV will support the project using an H145 aircraft. The company says that this aircraft’s high hoisting and hover performance and small footprint enable it to operate in performance class 1 conditions, while its compact airframe can manoeuvre in the confined environments of offshore wind farms.The Borssele I & II offshore wind project will comprise 94 Siemens Gamesa 8MW turbines, scheduled for commissioning by the end of 2020.Ørsted has already started building the operations and maintenance (O&M) base for the project in Vlissingen-Buitenhaven at the North Sea Port, the Netherlands. read more
Our Sports ReporterGuwahati: All Assam Football Players Association (AAFPA) will organize two charity matches in memory of Apurba Phukan who died last year in a tragic road accident. The two matches will be played between AAFPA and Karbi Anglog XI at Diphu and Dongkamukam on July 13 and 22nd respectively.Disclosing the news to a media conference the president of the AAFPA Hem Das said, “At least 13 state players, who are currently playing in different ISL and I League teams, have come forward to play the charity matches. The players list included Vinit Rai, Halicharan Narzary, Alen Deory , Pranjal Bhumij, Subham Chhetri, Pragyan Gogoi and Rakesh Pradhan.Apurba, died in a road accident last year near Naharkotia, represented Assam in Santosh Trophy and also turned up for city based clubs like ASEB Sports Club, Maharana Athletic Club, and FC Green Valley.Among others present in the media briefings were the secretary of the AAFPA Durga Boro and some of the players who would be the part of these charity matches. In a brief speech Pranjal Bhumij, a member of Mumbai City FC, said, “It’s a great opportunity for the players of the state to get together for a cause. We are looking forward to it.” Durga added: ‘The funds raised from the two matches will be donated to Apurba Phukan’s family”.Also Read: All Assam Football Players Association (AAFPA) to work for development of football in Assam read more
Football Club Sarajevo and SFK 2000 Sarajevo invite all girls between five and 18 years of age to apply for School of Football “Asim Ferhatović-Hase”.Training is free, and all interested should come to the Department for Youth Squad and Membership in the Maršala Tita Street number 38b and fill in the application form.In addition, besides filling in the application form, all girls who decide to begin with football training must also become members of the Football Club Sarajevo, and in order to take over their white membership card they need to pay 20 BAM – the amount of annual membership fee.Staff of SFK 2000 Sarajevo is the most successful woman football club in Bosnia and Herzegovina and the region, and one of the aims of the club is to give an opportunity to as many girls as possible from their own squad to participate in winning new trophies and achieving significant international successes by playing for the senior team, the FC Sarajevo stated.(Source: novovrijeme.ba) read more
23-Mar12:00 PMGrass FireBarber County 25-Mar2:03 AMMedical Emergency600 block E. Hillside 23-Mar12:01 PMMedical EmergencyKansas Turnpike 25-Mar9:27 AMMedical Trauma1500 block N. Plum 27-Mar9:09 AMTransfer to Wichita Follow us on Twitter. 24-Mar2:20 AMMedical Trauma100 block W. Botkin Wellington Fire & EMS Weekly Run Log 24-Mar2:00 PMGrass FireBarber County 23-Mar7:16 PMInvestigate Smoke200 block South B 26-Mar11:19 PMTransfer to Wichita 24-Mar9:13 PMMedical Emergency100 block W. Botkin 27-Mar3:35 AMVehicle Accident90th South & Oliver 24-Mar9:56 PMMedical Emergency1000 block West 8th 23-Mar4:44 PMStructure FireMayfield 23-Mar6:53 PMInvestigate SmokeCherry & Lincoln 23-Mar3:27 PMLift Assist1300 block N. Washington 25-Mar8:23 PMInvestigate FireHargis Creek Watershed 24-Mar11:01 AMMedical Emergency1000 block N. Olive 23-Mar3:35 PMTransfer to Wichita 26-Mar4:20 AMGrass FireBarber County 26-Mar2:26 PMMedical Emergency500 block N. Plum 21-Mar10:47 PMTransfer to Wichita 24-Mar2:40 PMTransfer to Wichita 21-Mar10:49 AMTransfer to Wichita 24-Mar9:18 AMMedical Emergency800 block N. Woodlawn 27-Mar5:01 AMVehicle AccidentPrairie Lawn Cemetery 22-Mar7:49 PMMedical Emergency2100 block North A 27-Mar2:59 AMVehicle AccidentKansas Turnpike 26-Mar11:18 AMGrass Fire300 block E. US 160 24-Mar4:55 AMTransfer to Wichita 26-Mar10:24 AMMedical Alarm200 block S. Patterson 27-Mar9:46 PMMedical Emergency700 block South C 22-Mar2:17 PMTransfer to Wichita 23-Mar10:23 AMMedical Emergency1000 block College 23-Mar8:56 PMMedical Emergency700 block E. 4th 22-Mar5:42 PMHay Bales on Fire900 block S. Oliver 26-Mar10:39 AMMedical Emergency500 block N. Plum 22-Mar7:30 PMTransfer to Wichita Close Forgot password? Please put in your email: Send me my password! Close message Login This blog post All blog posts Subscribe to this blog post’s comments through… RSS Feed Subscribe via email Subscribe Subscribe to this blog’s comments through… RSS Feed Subscribe via email Subscribe Follow the discussion Comments Logging you in… Close Login to IntenseDebate Or create an account Username or Email: Password: Forgot login? Cancel Login Close WordPress.com Username or Email: Password: Lost your password? Cancel Login Dashboard | Edit profile | Logout Logged in as Admin Options Disable comments for this page Save Settings You are about to flag this comment as being inappropriate. Please explain why you are flagging this comment in the text box below and submit your report. The blog admin will be notified. Thank you for your input. There are no comments posted yet. Be the first one! Post a new comment Enter text right here! Comment as a Guest, or login: Login to IntenseDebate Login to WordPress.com Login to Twitter Go back Tweet this comment Connected as (Logout) Email (optional) Not displayed publicly. Name Email Website (optional) Displayed next to your comments. Not displayed publicly. If you have a website, link to it here. Posting anonymously. Tweet this comment Submit Comment Subscribe to None Replies All new comments Comments by IntenseDebate Enter text right here! Reply as a Guest, or login: Login to IntenseDebate Login to WordPress.com Login to Twitter Go back Tweet this comment Connected as (Logout) Email (optional) Not displayed publicly. Name Email Website (optional) Displayed next to your comments. Not displayed publicly. If you have a website, link to it here. Posting anonymously. Tweet this comment Cancel Submit Comment Subscribe to None Replies All new comments 24-Mar11:30 PMTransfer to Wichita 27-Mar7:25 AMMedical Emergency600 block S. Washington 27-Mar7:37 PMMedical Emergency2000 block North H 27-Mar6:45 AMTransfer to Wichita 26-Mar8:48 PMTransfer to Wichita 26-Mar7:03 PMGrass Fire100 block E. 15th South Sumner Newscow report â€” The weekly log report for the Wellington Fire/EMS Department for March 21 to March 27, 2016 is as follows: 22-Mar5:28 AMVehicle AccidentKansas Turnpike read more