SPH, the €9.3bn occupational pension fund for general practitioners in the Netherlands, has said it will increase pension rights by 3.45% in light of its “favourable” financial position. In addition, it plans to cut its contribution for self-employed participants by 9% to a maximum of €20,910, due to the reduction of the tax-facilitated annual pensions accrual, according to the scheme’s newsletter.SPH has a nominal coverage ratio of approximately 140% and is one of the three best-performing pension funds in the Netherlands.The GPs’ scheme attributed the premium reduction in particular to the increase of the official retirement age to 67, in combination with the new cap of tax-facilitated accrual at a salary of €100,000. However, the pension fund also pointed out that the effects of low interest rates and rising longevity would partially offset the benefit of the reduced contribution.The contribution level for employed and deputy GPs will not change, remaining at just over 17% of the pensionable salary.In SPH’s most recent newsletter, chairman Johan Reesink said the pension fund was satisfied with the Netherlands’ new financial assessment framework (FTK), as it has “increased the solidity of the pensions system and improved its ability to cope with downward shocks”.However, he also lamented the higher interest rates and criticised the assumptions for returns that have been set for establishing contributions and indexation.“Working with assumptions that subsequently turn out to be different has caused a lot of unrest and anger, as well as a strong drop in confidence in the pensions sector,” he said.In other news, the €300m Total Pension Fund Netherlands has outsourced its pensions administration to Aon Hewitt as of 1 January.It cited the “strongly increased complexity of pensions provision” and, in its wake, the “increased vulnerability” of its three-strong pensions bureau.Until recently, the pension fund carried out the administration in-house.Earlier, it had placed its asset management with BlackRock.Total Pension Fund Netherlands has approximately 650 active participants, 270 deferred members and 375 pensioners.
Syracuse (5-2) dropped out of the Top 25, from the No. 22 spot, for the first time this season after a 17-point loss to Wisconsin on Tuesday night and a narrow six-point win over North Florida on Saturday.After losing to South Carolina last weekend, the Orange fell to No. 22 from No. 18 and two unimpressive performances this past week knocked SU out of the poll completely.The Badgers, who were ranked No. 17 last week, stayed at No. 17 following its blowout wins over Syracuse and Oklahoma.Five Atlantic Coast Conference teams are ranked: No. 5 Duke, No. 7 North Carolina, No. 11 Louisville, No. 14 Virginia and No. 23 Notre Dame. The top five features Villanova, UCLA, Kansas, Baylor and the Blue Devils.The Orange faces Connecticut (3-4) on Monday at 7 p.m. at Madison Square Garden.AdvertisementThis is placeholder text Comments Published on December 5, 2016 at 12:43 pm Contact Paul: [email protected] | @pschweds Facebook Twitter Google+
While voters in the Las Virgenes School District were leaning toward renewing a $98 parcel tax known as Measure E, the Antelope Valley Joint Union High School District’s Measure W construction bond was losing, according to early results late Tuesday. First approved in 2004, Measure E is expected to generate more than $2 million a year and fund a variety of district programs including elementary science, counseling and library services, as well as extra curricular activities. The measure requires a 2/3 voter approval and amends the previous version by, among other things, exempting people receiving state disability benefits from the tax. If passed, the new measure would be in effect for eight years and allows more flexibility in how the money is spent by the district. 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! In the Antelope Valley Joint Union High School District, Measure W was falling short of the 55 percent of votes needed for its passage. If passed, the $240 million bond would relieve school overcrowding by building two new high schools and completing construction on a third, as well as other improvements. The bond measure would assess property owners $30 a year per $100,000 of assessed valuation. It comes on the heals of Measure E, which received 52 percent of voter support in June 2006, failing to pass by just three percentage points. That measure also would have taxed property owners about $30 per $100,000 of assessed valuation annually.