The UK pension plan for Dutch multinational Philips has completed a £484m (€579m) buy-in with Rothesay Life, insuring liabilities related to its pensioner membership.The insurer, currently wholly owned by Goldman Sachs, said in a statement that the Philips Pension Fund had exchanged Gilt and cash holdings for the policy covering all benefits and contingent beneficiaries associated with the scheme’s pensioners.Addy Loudiadis, chief executive of Rothesay, said she was delighted the company had been selected to manage a “portion” of the scheme’s risk.“Rothesay Life was able to provide both the trustees and the sponsoring employer with the price certainty they required, by locking our economics to a portfolio of assets already held by the fund, immediately on being selected as the chosen insurer.” The transaction comes only a month after Rothesay completed a £440m buyout for the InterContinental Hotels UK pension scheme, in itself a month after aerospace firm Cobham completed a £280m buy-in.Commenting on activity this year, Towers Watson senior consultant Ian Aley said the market – having seen activity worth £5bn in 2013 – “continues at pace”.“Schemes with Gilt investments are still taking the opportunity to exchange these for an annuity that provides a better match for their liabilities for little or no cost, and the rise in the equity market has meant buyouts might be within reaching distance for many schemes,” he said.“Based on the transactions we have helped negotiate and the conversations we are having with insurers, the activity levels remain high, and the amount of buy-in and buyout business written this year should exceed £6bn.”
A defined benefit scheme sponsored by FTSE 100 company Scottish & Southern Energy has converted a two-year old pensioner longevity swap into a £750m (€861m) buy-in with Pension Insurance Corporation (PIC).Scottish Hydro Electric Pension Scheme (SHEPS) struck the longevity swap, a £800m deal, with Legal & General in 2017, and has moved to convert it into a buy-in on the back of improvements in its funding position.The deal with PIC means SHEPS has covered all the risks associated with the vast majority of its pensioner liabilities, with the scheme having struck a £250m buy-in with PIC in late 2016 before adding the longevity insurance with L&G.Graham Laughland, chairman of the SHEPS trustees, said: “I am delighted that the trustees have been able to take another step in reducing risk and improving the security of members’ benefits. “This buy-in extends the insurance we have in place and provides the scheme with an income stream that matches in all material respects the pensions currently being paid. A very smooth process from my perspective.”According to Hymans Robertson, which advised the SHEPS trustees, out of 40 longevity swaps that have been put in place by pension schemes, only five, including SHEPS’, have been converted into a buy-in.Richard Wellard, partner at the consultancy, said: “The process of converting a longevity swap to a buy-in is more complex than implementing a buy-in from scratch, but we expect more schemes to follow this path as they become better funded and look to lock down risk.”‘Open market’ Tristan Walker-Buckton, head of pricing at PIC, told IPE the fresh transaction with SHEPS was the first time a scheme had converted a longevity swap to a buy-in with a counterparty different to the one behind the longevity swap, where the latter could have written the buy-in insurance.“It demonstrates a bit more of an open market in novating these swaps,” he said.Hymans Robertson echoed this, saying the transaction demonstrated that “trustees can retail full flexibility over the eventual buy-in provider”.Walker-Buckton said the first conversions of longevity swaps to buy-ins were done in 2017, and this year there has been an acceleration of such moves.“We’re quoting on some more,” he said.In a statement PIC said a key feature of the new transaction with SHEPS was that PIC was restructuring and stepping into the longevity swap, “and it underpins the buy-in from inception”.Shepherd and Wedderburn provided legal advice to the trustees and advice on the structure.Scottish & Southern Energy is a UK energy company with operations and investments across the UK and Ireland. The SHEPS had a surplus of £156.7m at 31 March 2018 on a funding basis and a surplus of £587.1m at 30 September 2019 on the basis of international accounting standards (IAS19).In a half-year update published today, the company said this, together with the deficit in the Southern Electric Pension Scheme, resulted in a net surplus of £403.9m for both schemes.The company is no longer making funding contributions to SHEPS for a period until the surplus on a funding basis is negative for two successive quarters, according to the update.
The living and dining room.“There are a lot of spaces available for the boys to play, with the treehouse, the area where we have the trampoline and the little hill they roll their bikes down,” he said.“We envisage a young family or anyone who is happy to enjoy the relaxed living outdoors.”The simple things were the memories Mr Dietrich said he would most likely to remember from their time spent in the home.“A really special moment was when the seven-year-old spent the night in his bed for the first time,” he said.“He was pretty excited about that.” Looking over the pool at 5 Slade St, Arana Hills.THE renovation of this Arana Hills home was a family affair.Scott and Megan Dietrich have poured blood, sweat and tears into the 5 Slade St residence since they bought it in 2009, painting, replacing ceilings and updating the kitchen. The vendor’s family spends a lot of time enjoying outdoor living.“Even while we were doing the construction, the older boy was playing in the dirt,” Mr Dietrich said.“I may have joined him.”The Dietrichs also installed solar panels, a new hot water system, and replaced all the galvanised plumbing with copper.More from newsFor under $10m you can buy a luxurious home with a two-lane bowling alley5 Apr 2017Military and railway history come together on bush block24 Apr 2019 One of the bedrooms at 5 Slade St, Arana Hills.The two-level brick home has a combination of polished wooden floorboards and tiles throughout, with a modern kitchen.Upstairs is an open plan living space, as well as three bedrooms and a bathroom. The downstairs rumpus is complete with a kitchenette.Downstairs there is the potential for dual living, with a kitchenette, studio space and another bathroom. There is also a laundry and two multipurpose rooms.Mr Dietrich said the home was perfect for a family. The kitchen has received a recent spruce up.Mr Dietrich said 54 tonnes of concrete was poured as part of landscaping the backyard and building a deck by the pool, and while working on the property, his son was never too far away. The floorplan of 5 Slade St, Arana Hills.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
In just a little over a month the 2016 class of the RCHOF Induction Banquet will be held at Milan High School. The five members of this year’s class are Roger Castner, Bruce Green, Cindy Lamping, Randy Meyer, and Ricky Meyer. The evening starts with a reception at 6 p.m. followed by a fully catered meal at 7 and the formal induction ceremonies will begin at 8. This event will be held on Saturday, April 9.If you want to honor any of these inductees or you just like Ripley County Basketball, you may obtain tickets from any member of the Hall of Fame Board. In Batesville that would be Donna Hoeing and Ron Raver. You will be treated to a memorable evening.
London: Harry Kane was included in England’s 23-man squad for next month’s Nations League finals on Monday but Tottenham Hotspur team-mates Harry Winks and Kieran Trippier were both left out.Gareth Southgate, the England manager, has reduced his group from the list of 27 he named earlier this month, with Southampton’s James Ward-Prowse and Nathan Redmond also sidelined.England captain Kane, who has not played since suffering ankle ligament damage in April, was retained by the Southgate on the day he insisted he was “ready” for Spurs’ clash with Liverpool in Saturday’s Champions League final. Kane has not played since suffering the injury in the first leg of Tottenham’s quarter-final against Manchester City on April 9, which was also when Winks made his last appearance. Spurs subsequently announced Winks had undergone groin surgery, although the midfielder said he hoped it was not the end of his season. Trippier, a full-back, was a member of the England squad that made it to the semi-finals of last year’s World Cup and was an unused substitute in the Euro 2020 qualifiers against the Czech Republic and Montenegro in March.Redmond was a surprise inclusion in Southgate’s 27-man squad, having been overlooked since winning his only England cap in March 2017, with Ward-Prowse making just his second appearance against Montenegro.England face the Netherlands in their Nations League semi-final in Guimaraes, northern Portugal, a week on Thursday.Seven players in Southgate’s 23 could potentially be involved in both the Champions League final in Madrid five days earlier and the Netherlands match. For all the Latest Sports News News, Football News News, Download News Nation Android and iOS Mobile Apps.
Â Venus Williams booked her place in the US Open quarter-finals with a three-set victory over Carla Suarez Navarro.The Spanish world number 35 capitalised on an error-strewn Williams display in the second set to level the match and take it to a decider.But the 37-year-old American ninth seed recovered to win six games in a row and came through 6-3 3-6 6-1.She will now face Petra Kvitova after the Czech 13th seed beat Garbine Muguruza. “The energy of the crowd here, it makes me feel I’ve got to hit a winner, I’ve got to hit an ace. I love it here,” Williams said in front of the Arthur Ashe Stadium crowd.Williams has now progressed from the last 16 at Flushing Meadows 12 times since making her debut in 1997.She has won the title on two occasions, beating Lindsay Davenport in 2000 and her younger sister Serena the following year.“I don’t know how to explain my longevity,” said Williams. “If I did I would bottle it and sell it. My sister and my family motivate me a lot.“I am focused on myself and being as aggressive as possible. Nobody gives you a Slam, you got to take it and I am trying to take it.”Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram
Former Manchester United manager, Jose Mourinho, has turned down the opportunity to manage Portuguese giants Benfica and make an instant return to football management.According to recent reports, the former Chelsea and Real Madrid coach was sounded out by Benfica following the dismissal of Rui Vitoria.Benfica bosses were believed to be willing to meet the high wage demands of Mourinho but the 55-year-old made clear Benfica were not in his immediate plans, state outlet Record. Vitoria was removed from his position at Benfica last Thursday following a poor spell of results, bringing to an end his three-and-a-half year tenure.Mourinho has has been out of a job since being axed from his position of United boss in early December, following a humiliating 3-1 defeat to bitter rivals Liverpool.He was replaced, temporarily, by Old Trafford legend Ole Gunnar Solskjaer, who has won each of his first five fixtures in charge of his former club.Mourinho actually began his managerial career at Benfica, spending a six-month period with the club before swiftly moving on due to a breakdown in contract talks.Moving to Porto – after a spell with U.D. Leiria – Mourinho made his name in European football by masterminding one of the most unlikely Champions League victories in 2004, against Monaco.The Portuguese boss has also been linked with a return to another of his former clubs, Real Madrid, where he managed from 2010 to 2013 and won the La Liga title along with the Copa Del Rey and the Supercopa de Espana.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram
Related Stories Syracuse controls pace in 2nd half of comeback victory over Virginia Alyssa Murray dodged to her right, running hard toward Kim Kolarik. The Syracuse attack took a quick shot across her body, firing the ball between the post and the goalkeeper’s right side. The free-position goal with just more than 12 minutes remaining gave the Orange its first lead of the game.Murray, who came into the game second on the team in goals (6) and first in points (9), led the Orange with four goals on Sunday in No. 6 Syracuse’s 10-9 win. After No. 7 Virginia’s defense clamped down on Syracuse early, Murray eventually kickstarted the Orange’s offense. None of her goals were bigger than the free-position shot at the 12:04 mark of the second half.“Alyssa, you know, she’s got that killer instinct,” SU head coach Gary Gait said. “She wants to score that goal and make something happen and we needed that … In the second half, she took some chances. That’s what we’ve talked about and that’s what good leaders do. They step up and show it can be done.”The Orange fell behind 4-0 and was held scoreless for more than 25 minutes into the game. The Cavaliers played a ball-control style of offense and held the ball for long periods of time, which limited SU’s opportunities. Kolarik made four saves during the lengthy stretch.Murray eventually broke the scoring drought.AdvertisementThis is placeholder textThe junior attack cut through the Cavaliers’ defense, received a pass from Michelle Tumolo and shot it into the net with 4:32 remaining in the first half. Murray cut the lead in half 55 seconds later on a free-position shot. She came in from the left side and threw a bouncing shot past Kolarik.Syracuse went into the half trailing 5-2, with Murray as its lone goal-scorer.Murray said after the game that the attackers might have had an aggressive mindset because of the tight defensive battle early on. That contributed to poor decision-making. Combined with Virginia’s slow style of play, it was a tough first half for Syracuse’s attack.“It’s a tough way to get the offense going, but I think after we really sat back, took a deep breath, we were able to refocus,” Murray said. “I think in the second half, we really noticed when we had better opportunities and maybe pulled it out when we were not so sure.”Tumolo said the team attacked the net more and had a better shot selection. SU scored eight goals in the second half, and Murray scored two of the bigger ones.With 22 minutes remaining in regulation, Murray held possession on the right side of the Syracuse offense. She gained a head of steam coming off of the right side, split two defenders and shot through a tight window to score. Trailing 6-4 with 21:58 remaining, Murray’s goal brought SU to within one.Virginia regained a three-goal advantage at 8-5. But the Orange scored three goals in the next six and a half minutes, tying the game at eight. It was the last time Virginia would hold a lead.With 12:04 remaining, Murray scored the free-position goal to make the score 9-8.Virginia scored nearly two minutes later to even the score, but freshman attack Kayla Treanor scored the game-winner with 4:56 left in the game.Murray knew she wanted to play a strong game so the Orange could break an eight-game losing streak against the Cavaliers. Virginia was also one of two teams the Orange had never beaten during Gait’s tenure as head coach.Gait has talked early in the season about SU’s veterans stepping up in crucial situations. On Sunday, Murray answered the call.“I just wanted to break that Virginia curse,” Murray said. “That was kind of going through my mind the whole game is we’ve got to break that curse. So eight years and now we’ve finally done it.” Comments Published on February 25, 2013 at 1:34 am Contact Josh: firstname.lastname@example.org Facebook Twitter Google+
Ollie Jung | Daily TrojanBeing frank, I thought USC looked its worst this season during last Saturday’s 38-10 win over Oregon State. The stats on the surface were strong: a four-touchdown cushion, 316 passing yards (three scores) for redshirt sophomore quarterback Sam Darnold and more than 500 yards of total offense. But the Beavers are a team in shambles right now. Even when facing a turnover-prone offense and toothless defense, the Trojans did their best to support their opponent’s upset bid early on, with sloppy play and multiple bone-headed turnovers, including a poorly read interception from Darnold, an inexplicable no-contact fumble and a muffed punt from junior cornerback Ajene Harris.Still, a win is a win — a 28-point win at that. No harm, no foul. An injury-ravaged USC roster managed to avoid more trouble against Oregon State (save what appears to be a minor toe issue for junior wideout Deontay Burnett), and inexperienced players who were asked to step into key roles logged valuable reps heading into a make-or-break second half of the season. In particular, true freshman Andrew Vorhees made his first career start last Saturday at right guard, and redshirt sophomore Clayton Johnston manned right tackle. With redshirt senior Viane Talamaivao out for the season and almost every other regular starter on the Trojans’ line nursing injuries throughout the fall, the unproven duo of Vorhees and Johnston will have to be trusted in big moments down the stretch.But most importantly, staying the course as a one-loss team was massive for the Trojans in view of the rankings shakeup we saw last weekend, when previously undefeated Oklahoma, Michigan and Utah all lost for the first time. No. 13 USC may remain an unconvincing on-field product, but it is still well-positioned for a berth in the College Football Playoff if the team can get healthy and find an offensive spark.I wouldn’t blame you for dismissing me as a hopeless optimist. Plenty have already bailed on the Trojans’ season, at least in terms of playoff hopes, and it’s hard to argue that this squad has played like a top-four program through its opening six weeks. But just look: USC welcomes Utah to the Coliseum this weekend, and since the Trojans and Utes are the only one-loss teams left in the Pac-12 South, a victory would put USC in clear pole position in the division. In other words, Darnold and company still control their own destiny in the conference — and if they grab the Pac-12 crown with only a single blemish on their record, it would be hard to keep them out of the playoff discussion.Then again, I suppose you already knew that. Trojan fans’ plummeting confidence doesn’t come from the team’s record; it comes from what they have seen on the field. Even if USC somehow makes it to Santa Clara next month, could it triumph against Washington or in a rematch with Washington State?Moreover, can the Trojans beat Utah this week? Vegas favors them by 12.5 points, but as usual, you’d expect the game to be much closer than that (USC has only covered the spread once this season, against Stanford). After the Beavers brought a bottom-25 defense to the Coliseum last Saturday, the Utes will arrive with the No. 21 total defense in the country. They hold opposing quarterbacks to the seventh-lowest passer rating among 129 FBS programs, and they are also stout against the run, sitting in the top 25. For all the much-deserved praise defensive coordinator Clancy Pendergast has received for his ball-hawking unit, USC’s defense ranks behind Utah in almost all categories, and while the Trojans have forced 15 turnovers this year (fifth in the FBS), Utah has forced just one fewer. That doesn’t bode well for Darnold, who individually averages nearly two giveaways per game.Nothing bodes well for USC this weekend, actually. The Utes will arrive confident and hungry as underdogs. On the other side, the Trojans have already played six consecutive weeks of high-pressure football (with a trip to South Bend looming next Saturday) while Utah enjoyed a bye just two weeks ago. Physically, the visitors could have a significant leg up, and the opponent could hold that edge against USC in every game from now until the end of the regular season.So what can the Trojans do to overcome their disadvantage? How can they reestablish themselves as a legitimate championship contender? Honestly, I don’t know. If the answer were clear, we wouldn’t be debating every aspect of this team from personnel to play-calling halfway through the season. Darnold — as much as many hoped — is not a one-man solution, and there is no immediate cure for injuries or the inexperience that has been exposed as a result.But as a season comes under threat, perspective sets in. Redshirt senior safety Chris Hawkins and senior linebacker Uchenna Nwosu are playing their final collegiate seasons — and perhaps USC’s other two captains, Darnold and junior linebacker Cam Smith, are as well. After overcoming two knee surgeries as a Trojan, redshirt senior wide receiver Steven Mitchell Jr. is also playing for one last shot at glory. It may be among the biggest sports cliches, but perhaps USC will begin to play for its seniors, for the men who might not be back in the locker room next fall. After all, this was supposed to be the year it all came together.The season is still very much alive, too. Once again, despite all the doom and gloom, the Trojans control their own destiny. Let’s see if they can fulfill it.Ollie Jung is a senior studying print and digital journalism. He is also the sports editor of the Daily Trojan. His column, Jung Money, runs Fridays.
Meanwhile,There’s no Cian Healy in Leinster’s matchday squad for tomorrow’s game at the RDS. The prop is awaiting the result of a second hearing after he was cited for a strike with the knee to Toulon hooker Guilhem .After initially having a two-week ban overturned, Healy is facing a re-hearing on the original charge in front of a different judicial officer in London. Leo Cullen has made a full eleven changes from the win over Munster. The winger-come-scrum half will remain west of the Shannon until at least the summer of 2018. Since joining from Lansdowne in 2012, Healy has scored 20 tries in 57 appearances. Healy has been named in the Connacht side for tomorrow’s meeting with Leinster at the RDS.