Granting UK retirees freedom to spend their savings as they wish could undermine the success of auto-enrolment, according to NEST.The two government policies – automatic enrolment into workplace pension funds, and ‘freedom and choice’ at retirement – are based on “diametrically opposed” assumptions, the defined contribution master trust warned.The UK parliament’s Work and Pensions Select Committee – a cross-party group of MPs from parliament’s lower house – is conducting an inquiry into the rise of scams affecting pension savers. This has been linked to the ‘freedom and choice’ concept, introduced by former chancellor George Osborne in 2015, which removed the requirement for retirees to buy an annuity.In its response to the committee’s call for evidence, NEST said it was “unrealistic” to move from an accumulation phase built around the idea that consumers were disengaged with pensions to a decumulation phase that placed all the “execution risk” on individual savers. ‘Freedom and choice’ was introduced by George Osborne in 2015“Should this state of affairs continue, we are extremely concerned that a large proportion of the NEST membership and wider savings populations will continue being subject to [the] risk of poor outcomes,” the scheme said – including falling victim to fraudsters.NEST added in its response that “there needs to be significant innovation in both the advice and guidance market as well as from a propositional perspective… We do not see any current evidence that this is happening”.NEST was set up in 2010 as a defined contribution provider to enable to introduction of auto-enrolment.What do members think happens at retirement?NEST surveyed a number of its members to find out their expectations for what would happen with the pot of savings they have built up with the scheme.A third of NEST members (34%) said they expected the pension fund to pay a regular income in retirement – which it is not set up to do.The majority (60%) said they did not know what would happen to their pension savings at retirement, either because they hadn’t thought about it, didn’t understand the options, or hadn’t yet decided.Only 6% of members said they would use their retirement savings to “buy something from elsewhere”.The UK regulator, the Financial Conduct Authority, also responded to the committee’s inquiry, warning that consumers “may miss out on investment growth and pay more tax than is necessary” because of a general mistrust of pension providers.The regulator also said it was working on a “bespoke and targeted” campaign to raise awareness of scammers, in conjunction with the Pensions Regulator.David Knox, author of the Melbourne Mercer Pensions Index, argued in his latest report – released last week – that the UK’s pension system would be improved by “restoring the requirement to take part of retirement savings as an income stream”.In the Netherlands, discussions about allowing individuals more choice at retirement have led some commentators to warn that people could be worse off if they make the wrong choice. The two “diametrically opposed” policies could undermine each other, NEST argued, if savers failed to use their pension pots to build a “more adequate retirement income”.
Everton move up to 15th, but are only four points clear of the relegation zone.Ferguson’s role in Everton’s impressive victory over Chelsea and draw at Manchester United in their last two league games was enough to ensure the Scot a role in Ancelotti’s backroom staff.“What a fantastic performance we put in. I couldn’t have asked for any more from them, they’ve been incredible for me,” Ferguson said.On Ancelotti, Ferguson added: “A guy of that pedigree coming here, I can’t wait to start working under him.”– Saints alive –Southampton climbed out of the relegation zone at the expense of Aston Villa, who have now lost their last four league games.Danny Ings struck for Southampton in the 21st minute at Villa Park, the in-form striker pouncing after Shane Long’s shot was saved to net his 12th goal of the season and his sixth in his last seven games.Jack Stephens doubled Southampton’s lead 10 minutes later with a header from James Ward-Prowse’s corner.Ings wrapped up Southampton’s first win in three games when he punished Marvelous Nakamba’s poor defending in the 51st minute.Jack Grealish’s fine 75th minute strike was no consolation for Villa, who sit three points behind Southampton.Despite having two goals ruled out after VAR reviews, Sheffield United climbed to within one point of the top four as Oli McBurnie’s 23rd minute strike clinched a 1-0 win at Brighton.Wolves moved into sixth place as they fought back for a 2-1 win at second bottom Norwich.Miguel Almiron bagged his first Premier League goal at the 27th attempt to seal Newcastle’s 1-0 win against Crystal Palace.Jay Rodriguez’s 89th minute goal handed Burnley a 1-0 win with their first shot on target at Bournemouth.Share on: WhatsApp London, United Kingdom | AFP | Manchester City hit back to beat Leicester 3-1 as the champions kept alive their faint hopes of catching Premier League leaders Liverpool, while Carlo Ancelotti and Mikel Arteta got a glimpse of the problems that lie ahead as Everton and Arsenal shared a dreadful 0-0 draw on Saturday.City have been left trailing in Liverpool’s wake this term and a defeat against second-placed Leicester would have been a fatal blow to their bid for a third successive title.But goals from Riyad Mahrez, Ilkay Gundogan and Gabriel Jesus gave Pep Guardiola’s side a win that moved them within 11 points of Liverpool, who don’t play this weekend due to their involvement in the Club World Cup.“I’m delighted with the way we played. We created a lot. We kept going forward and played balls so simply,” Guardiola said.“Kevin De Bruyne was incredible. He won the game for us. His commitment is incredible. He’s a spectacular player.”Jamie Vardy had punished City’s defensive weakness against the counter-attack with a breakaway opener in the 22nd minute.But former Leicester winger Mahrez equalised with a deflected 30th minute effort and Gundogan stroked home a 43rd minute penalty after Raheem Sterling was tripped by Ricardo Pereira.Jesus extended third placed City’s lead from Kevin De Bruyne’s cross in the 69th minute to leave Leicester 10 points behind Liverpool.Liverpool, chasing a first English title since 1990, have a game in hand to bolster their lead and also face Leicester on Boxing Day.“To come here against that level of opponent was a good lesson for us. It shows that there’s a long way to go for this group,” Leicester manager Brendan Rodgers said.Elsewhere, former Napoli boss Ancelotti was confirmed as Everton’s new manager on Saturday morning, 24 hours after Arteta left his role as Manchester City assistant coach to take charge of Arsenal.Both bosses were in the Goodison Park stands with Duncan Ferguson and Freddie Ljungberg in temporary charge of Everton and Arsenal for the final time.And the lack of confidence of two sides struggling at the wrong end of the table was obvious in a match completely devoid of quality.A point leaves Arsenal 11th and the Gunners have now won just once in their last 13 games in all competitions. read more
Facebook3Tweet0Pin0 Submitted by The Community Foundation of South Puget Sound The Community Foundation of South Puget Sound awarded $337,750 in discretionary grants to 59 south sound nonprofit organizations. These grants were in turn leveraged by over $238,000 from donor advised funds to causes they choose to support.In addition, The Foundation awarded $114,000 in grants through its partnership with the Bill & Melinda Gates Foundation to address intergenerational poverty in Thurston, Mason and Lewis counties. Another eight nonprofits received these grants.The Community Foundation of South Puget Sound’s mission is to inspire philanthropic efforts that enrich our communities. “All grants reflect donor generosity and their goal to strengthen and sustain the quality of life in our communities” notes Norma Schuiteman, President & CEO.“Donors trust us to be knowledgeable regarding our community’s current and evolving needs. They also know us to be good stewards of their contributed funds.” The Community Foundation currently holds 84 separate funds for individuals, nonprofit agencies and businesses pursuing their respective charitable goals.Thurston County discretionary grants totaling $224,740 were made to 39 nonprofits including the Olympia Arts Alliance, Capitol Land Trust, the Student Orchestras of Greater Olympia, Senior Services, Concern for Animals, Boys and Girls Clubs of Thurston County, Rainer Therapeutic Riding and the Olympia Symphony Orchestra.“This sampling of grantees represents the broad range of interests supported by our community grants committee which distributes unrestricted donor funds,” continues Schuiteman. “A community foundation’s unique value lies in its ability to support a myriad of community interests.”Also in Thurston County, $50,000 in grants were made in partnership with the Bill & Melinda Gates Foundation to alleviate poverty. These funds supported continuing work by the Thurston County Asset Building Coalition (TABC). “The TABC is a model of collaborative community leadership that we’ve invested in over the last five years,” Schuiteman explains.”We believe that this model is the right one for the community. TABC is a proven structure founded upon strong communication and shared learning between direct service providers, government and the private sector.” The TABC includes representatives from key community asset areas such as economic advancement, health, housing and food. “All this leads to improved effectiveness in how we care for our community’s most vulnerable residents,” Schuiteman concludes.For more information on the donor resources provided at The Community Foundation, please contact President & CEO, Norma Schuiteman at 360.705.3340 or [email protected] complete list of 2014 grantees is available at www.thecommunityfoundation.com read more
By Joseph SapiaHOLMDEL – During a visit to the White House, Eileen Huang and a few other high schoolers got First Lady Michelle Obama snapping her fingers in admiration at a poetry reading.“It was pretty cool,” said Eileen, 16, of Holmdel.Eileen and four others could pull this off because they are the country’s five National Student Poets, each representing a region of the country. Eileen represents the Northeast Region of New Jersey, New York, Pennsylvania, Connecticut, Rhode Island, Massachusetts, Vermont, New Hampshire and Maine.In its fourth year, the National Student Poets Program is bestowed by the President’s Committee on the Arts and Humanities, Institute of Museum and Library Services, and Alliance for Young Artists and Writers, whittling 20,000 high school poets to the five honored.In her role, Eileen is beginning a year-long service project on writing and reading in the Northeast.A sophomore at the Monmouth County Vocational School District’s High Technology High School on the campus of Brookdale Community College in Lincroft, Eileen has been writing since middle school. She writes poetry and fictional short stories.“I don’t even consider myself a writer,” Eileen said. “(More so) a kid who writes.”In her freshman year, Eileen submitted a poem, “Cities,” a poem about what cities would be like if they were people, to the Scholastic Art and Writing Awards competition. In March 2015, she won a gold medal in the contest and became one of 35 finalists – seven per each of the five regions.Then, Eileen submitted three poems, “Gargoyle,” about the negative impacts of beauty standards place upon women; “Piano,” about thinking about her sisters – Alice, now 14, and Maddy, now 8 – playing piano, while she had quit; and “Confluence,” comparing subjects of Tang Dynasty poems, which she studied during a year abroad in China, and her life.Part of the submission package was her biography and a video talking about her love of poetry and writing it.Over the summer, Eileen found out she won the Northeast Region.In October, she read “Confluence” at the White House, which, Eileen said, was “very surreal.”“I actually sat next to her (Michele Obama) during the ceremonies,” Eileen said. “She made comments (about the poems during the readings). She was real nice.”Eileen also draws, paints, programs computers and enjoys physics. So, she combines art and science.“The more I learn about the literary world, the more I learn about the science world, they’re really not different,” she said. “I think there shouldn’t be that divide.”Eileen said she does not know what she wants to do for a career. Her parents, Sandra Liu and Xinyu Huang, are engineers.When she spent 7th grade in China, she volunteered at an orphanage. Now, she tutors Long Branch elementary students in English and mathematics.A Renaissance person?“Not really,” Eileen said. “I’m trying to figure it out.”Through her National Student Poet position, Eileen got to meet national poet laureate Juan Felipe Herrera. Yet, she noted, her life is juxtaposed with “going to school, doing all these teen-age things.”Huang will be speaking at the TEDxNavesink 2016 Makers conference, to be held on April 9th from 9 a.m. to 5 p.m. at Monmouth University’s Pollak Theatre. The conference will feature talks by 30 pioneering makers from New York, New Jersey and around the globe.CONFLUENCEBy Eileen HuangTang dynasty poemsare four lineseach,breaks between cadenceseach character a curve,iron hook, slicing blackscissor slashes againsttextbook paper. I am noLi Bai, for instead of wineI drink the laws of thermodynamicsand I pass time under the home screen ofa Nokia rather than moonlight, the foot of my bed nothing morethan a scuffing ofcrushed cockroaches. I do not need lullabieswhen I can recitestanzas in my sleep, their four beat,jumping voicesbuzzing like dragonflies in hollow ear canals.They speak of rivers, looping islands,yellow brown mud sloshing behindrocks in the shapes of warriorswho jumped across gorgesin pursuit of wild tigers.I do not need to press knees against littered plastic bagsand feel them crunch like insects under bare feet,I do need to pretendthat I am standing at the edge of a river,one toe in the flowing mud,arm resting against the sandbanks. And I do notneedblankets when I have thelisping voices of Su Songto sing meto sleep. read more
Castlegar native Shawn Horcoff has been traded by the Edmonton Oilers. The former Michigan State star was informed by the Oilers he has been traded to Dallas as Stars’ GM Jim Nill continues a rebuilding process. Horcoff is rumoured to be going to Dallas for a seventh round draft pick as well as 23-year old NHL defenceman Phillip Larsen. Last season, Horcoff scored seven goals and five assists for 12 points in 31 games. The 34-year-old veteran has a $5.5 million cap hit but has two years remaining at $4 million and $3 million, respectively. Horcoff, drafted by the Oilers in the fourth round in 1998, has a limited no-trade clause. But it was clear the Castlegar Minor Hockey star was going to be with the Alberta based club after new GM Craig McTavish said Horcoff was not in his plans. The deal won’t be officially announced until Friday because the trade will not be finalized with the league. read more
The Nelson Leafs added another crown to a stellar season on the Minor Hockey Senior Novice circuit by going undefeated at the Beaver Valley Tournament this past weekend in Fruitvale.The Leafs outscored the opposition by a 20-10 margin en route to the victory sweep.Nelson opened the tournament getting a pair of goals from Larson Proctor to defeat Greater Trail Nighthawks5-1 Saturday.Miller Tedesco, Jack Boyes and Wyatt Groenhuysen also scored for the Leafs. Nelson continued its fine play by doubling Grand Forks Bruins later in the day 10-5.Wyatt Groenhuysen and Miller Tedesco led Nelson, each with a hat-trick while singles went to Kale Gehrmann, Jack Boyes, Larson Proctor and Dax Dewar.Grady Groenhuysen was outstanding between the pipes in both game as regular goalie Shea Andersen was away.Sunday Nelson defeated another 2-0 team, Castlegar Blazers, 5-4.Wyatt Groenhuysen, two from brother Grady Groenhuysen and Miller Tedesco scored for Nelson.Cohen Wolbaum scored the winner with three minutes remaining in the contest.Shea Andersen was back in net with 33 saves. Head coach Kevin Dewar and Assistant Leif Luttmer were once again at the helm for leading us to our victory. Nelson, which played at the Trail tourney in November, hosted an event in January before going undefeated in Castlegar in February, closes out the season Saturday at 11:15 a.m. in the NDCC Arena.There are no playoffs for the Sr Novice Division. Next season 11 players will move up to Atom next year with the exception of four returning to Sr Novice. read more
Nathan Jackman scored in overtime sparking the Nelson Leafs to the West Kootenay Minor Hockey Atom B Championship Sunday in Midway.The goal was the second of the game for Jackman as Nelson outlasted Trail Blazers 7-6 in extra time.Nelson Chiefs won the other West Kootenay Banner of the tournament. Sebastian Conne Correnti led the Leafs with three goals while Cash Nay added a single.Nelson against needed overtime to advance to the final, getting past rival Trail Toads 4-3 in shootout.