Dutch pensions watchdog DNB cannot stop cross-border pension transfers to another EU member state if the reason given for this transfer is more flexibility, according to Wouter Koolmees, the Netherlands’ minister for social affairs.All member states have to comply with a set of minimum requirements, which may result in pension schemes from the Netherlands ending up in a country where a higher discount rate is applied, he said. Koolmees was responding to questions from members of parliament about the transfer of the pension fund of Aon Hewitt Netherlands to the United Pensions vehicle in Belgium. United Pensions’ discount rate for valuing liabilities is higher than the current discount rate in the Netherlands. The entitlements of pensioners would thereby be discounted at a rate of 3.5%. This figure is based on the expected return on the same composition as the Dutch investment portfolio. A move of the accrued pensions from the Netherlands to Belgium will result in a coverage ratio that is 11 percentage points higher. Dutch MPs Pieter Omtzigt of the Christian Democrats and Martin van Rooijen of the Seniors’ party had demanded clarification on this matter. In his reply, Koolmees noted that the Netherlands did not consider a discount rate of 3.5% based on the expected return to be prudent. “Belgium has chosen a different interpretation of the financial assessment framework, including a different interpretation of the discount rate,” said Koolmees.This was possible because European rules only stipulated a minimum and maximum discount rate, he added. The Netherlands did not want to further harmonise these rules.The minister indicated he agreed that the actuarial rate for the group of pensioners in the Netherlands was around 1%, as assumed by Omtzigt.However, nothing could be done, according to Koolmees. The Belgian assessment framework complied with EU legislation, he noted, although it based itself more on principles than rules, and hence allowed “a lot of room for own interpretation by the pension provider or the employer”.When an assessment framework met the minimum requirements of the EU pension fund directive, IORP II, differences with the state of play in the Netherlands could not be a reason to stop a collective pension transfer. DNB would not be allowed to block a transfer due to supervisory arbitrage, Koolmees confirmed.IORP II, which the Netherlands is currently in the process of adopting in national law, would not change this.
ZIMBABWE’S first black Test cricketer Henry Olonga, who was forced to flee the country after protesting against Robert Mugabe, says he takes “no pleasure” from the ex-president’s death.Mugabe died aged 95 on Friday.He was ousted during a military coup in 2017 following years of violent repression and economic ruin.“People have been saying perhaps I’ll have a drink as a toast, but I get no pleasure from his death,” Olonga said.“In fact, it makes me incredibly sad, because for all he could have represented, he failed to scale the heights of someone like Nelson Mandela. He became a megalomaniac, a power-hungry tyrant, a dictator and a man who subjugated his own people while purporting to be representing them.”Olonga, who now lives in Adelaide, Australia, wore a black armband in support of a pro-democracy protest in Harare at the 2003 Cricket World Cup, which was jointly hosted by Zimbabwe, Kenya and South Africa.He was joined by captain Andy Flower, and the pair issued a statement to journalists at the Harare Sports Club in which they denounced the “death of democracy” in their homeland.The action made headlines across the world – and effectively ended their international careers.Olonga was exiled from his homeland and faced death threats, fleeing to England and never playing for Zimbabwe again. (BBC Sport) read more
A new partnership proved a winner when Marcella Tuttle and Lynn Lambert won the Plate Final at the 10th anniversary PING fourball betterball championship.The pair from The Links, Newmarket, scored 43 points and won by two points at PING’s Gainsborough Golf Club in Lincolnshire. “It’s really, really great, so special. I just want to take it in” said Lynn, who is the ladies’ vice-captain.“It’s a lovely honour for the club,” added Marcella, who will follow Lynn as vice-captain.Their closest challengers were Pam Bailey and Mel Davey from Barlaston Golf Club in Staffordshire, who scored 41 points and claimed second place on countback. They pipped Christine Glasby and Dianne Jackson of Millfield Golf Club, Lincolnshire, who played in the last group on the course.Fourth place went to Ladbrook Park, Warwickshire, represented by Caroline Lassen and Wendy Bill, who scored 40 points. They beat Sue Light and Sue Lawton of Flackwell Heath, Buckinghamshire, on countback. Ann Wild and Pamela Ellis of Rochdale, Lancashire, scored 39 points and took sixth place, winning again on countback from four other pairs.Marcella and Lynn teamed up for the first time this season for the PING tournament, which is run by England Golf, and they came through an initial entry of over 16,000 women from almost 850 clubs. The top 50 pairs in the country qualified for tomorrow’s Grand Final while the next 50 pairs went through to today’s Plate Final.“In the qualifier Lynn sank a 40ft putt on the last green for four points, which gave us 42 points and we scraped into the final on the back nine score,” said Marcella, a five handicapper, who was runner-up in the Cambs & Hunts ladies’ championship and is a county player.Today Marcella boosted the score with three gross birdies, on the 7th, 13th and 16th – and missed a two-footer for a fourth. “We dovetailed really well,” she said. “When I went off, Lynn came on and when I had the birdies she chipped and putted for me to be able to go for the putt.”The last few holes were testing for the pair, who were well aware they were amassing a good score, but they held on well to finish strongly.Marcella, who has played golf for 39 years, has played in national finals before, but this was a first for Lynn, who took up golf in 2003 and is now playing off 10. “I am chuffed to bits” she said.The Ping Fourball Betterball tournament began in 2006 and, because of its popularity, the Plate Final was added in 2009.PING’s European marketing manager Dave Fanning commented: “I have been involved in this event since the very beginning and it is great to now be celebrating the 10th anniversary.“We are very proud that we are involved in the ladies’ game from the very top and particularly proud of this event because it encourages ladies of all handicaps.”The putting prize was won by Wendy Bill (Ladbrook Park) and the long driving competition by Jackie Foster (Bishops Stortford).Click here for the full scoresCatpion: Lynn Lambert (left) and Marcella Tuttle (image copyright Leaderboard Photography). 7 Sep 2015 New partnership is a PING Plate winner read more
Allderdice came out and protected their unmarked 17-0 City League record to claim their second-straight title over Westinghouse, 38-34, March 5. They were led by Janay Bottom’s 12 points, while Lanise Saunders and Sydnee Abernathy each added nine for the Dragons. Allderdice was down by six at halftime and their coach, Dave Walchesky, expressed displeasure in the way his team played in the first half.“In staging a comeback, we need we would have to trust our leaders,” he said. “That was the worst half that we’d played all year. I think it was nerves. We weren’t finishing with passes and shots. After a while, it just looked like we were spinning our wheels out there.”Bottoms realized that when the second half came she would have to lead her team to the crown.“My dad was sitting in the first row and all I could hear was what he was saying, after a while,” Bottoms said. “There were so many people and it made us so nervous. But it was when I made a couple of plays in the third quarter that helped me realize what was at stake and I wouldn’t go down without a fight.”Shanese Nelson’s 14 points led the Bulldogs who are no stranger to the championship. Their coach, Phyllis Jones, has been to more consecutive title games than any active coach in the league. CHAMPIONS—The Allderdice girls celebrate with the championship trophy after defeating Westinghouse 38-34 in the City League championship game March 5. (Courier photo/William McBride/File) read more
Advertisement 7NBA Finals | Brooklyn VsbruckWingsuit rodeo📽Sindre Ebdlw( IG: @_aubreyfisher @imraino ) mprh6Would you ever consider trying this?😱2239mCan your students do this? 🌚1Roller skating! Powered by Firework Indian skipper Virat Kohli and his wife actor Anushka Sharma have requested their fans to stay at home during the 21-day nationwide lockdown via Twitter on Wednesday. The celebrity couple in a video, pleaded everyone to “stand united” and follow the regulations implemented by Prime Minister Narendra Modi on Tuesday evening. Advertisement Picture Credit: TW/imVkohli “These are testing times and we need to wake up to the seriousness of this situation. Please let us all follow what’s been told to us and stand united, please. It’s a plea to everyone,” Kohli wrote as the caption to the 51-second-long video on Twitter.Advertisement Earlier, Prime Minister Narendra Modi announced that starting Tuesday midnight, the country will be under complete lockdown till 15th April (the next 21 days).The batting icon was quick to welcome this move and asked his fans and countrymen to “stay at home” for the next 3 weeks adding that “social distancing is the only cure” for Covid-19.“As our Honourable Prime Minister, Shri @NarendraModi ji just announced, the whole country is going into a lockdown starting midnight today for the next 21 days. My request will remain the same, PLEASE STAY AT HOME. #SocialDistancing is the only cure for Covid 19”, Kohli tweeted.The sudden outbreak of the deadly coronavirus has stopped each and every sporting event throughout the globe, as most governments worldwide have implemented a ban on social gatherings and events.Team India were scheduled to host South Africa in a three-match ODI series this month; but had to postpone the last two matches, after the first game was washed out at Dharamshala.The 13th edition of the Indian Premier League was postponed until April 15 amid the COVID-19 scare, but with the announcement of the nationwide lockdown, the cancellation of the tournament looks inevitable.“I can’t say anything at the moment. We are at the same place where we were on the day we postponed. Nothing has changed in the last 10 days. So, I don’t have an answer to it. Status quo remains,” BCCI President Sourav Ganguly said.The International Olympic Committee on the other hand, have declared that the 2020 Tokyo Games have been postponed until further notice. You may also like:Sourav Ganguly gives massive update on IPL 2020 amid Coronavirus fearsVirat Kohli reacts to PM Modi’s Coronavirus address to the nation Advertisement read more