Chemical company scheme to join Centraal Beheer’s general pension fund

first_imgThe ring-fenced section will be entirely tuned to the current situation at the Pensioenfonds Cindu, including its investment policy with 70% fixed income holdings, as well as its contribution policy, said Rita van Ewijk, the scheme’s chair.The pension fund opted not to join one of the APF’s three standard defined-benefit compartments, as chosen by earlier pension fund clients RBS Netherlands and Bavaria, which preferred individual arrangements.RBS was the first Dutch scheme to join an APF, a form of pension consolidation vehicle, announcing its plan in September 2016.The compartment containing the Cindu scheme is open to new entrants to generate benefits of scale. This would also counter the effect of an ageing member population, Van Ewijk said.However, she also emphasised that other schemes joining its section would not come at the expense of Pensioenfonds Cindu.Last year, Cindu decided to join an APF under pressure from DNB. Governance problems had triggered the regulator’s demand for “controlled and honest” management.In order to continue independently, the pension fund faced high costs for professionalising its operations, while other costs would also rise as a result of a decreasing number of active members.At the end of 2017, Pensioenfonds Cindu had more than 1,500 members, almost 1,000 of whom were pensioners but just 71 active. At the time, its funding stood at 121.4%.It cited “the leeway for establishing a compartment together with Centraal Beheer APF” as the decisive factor to opt for the vehicle.It described the new set up as “balance between tailor-made and standard arrangements” against controlled costs. The €173m Dutch company pension fund Cindu is to transfer its assets and liabilities to the general pension fund (APF) of insurer Centraal Beheer.Its decision followed the conclusion of supervisor De Nederlandsche Bank (DNB) last year that the scheme was “vulnerable” because of ageing demographics and difficulties finding new board members.At the Centraal Beheer AFP, the Cindu scheme – set up by company Chemische Industry Uithoorn, which was taken over by Rütgers Resins in 2011 – is to be the first participant in the multi-client compartment.The decision to join Centraal Beheer APF is subject to approval of the pension fund’s accountability board (VO) as well as the supervisor. The scheme said it aimed to complete the transfer in the fourth quarter and to subsequently liquidate the rest of its operations in 2019.last_img read more

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The Latest: Louisville pauses swimming after positive tests

first_imgThe Latest: Louisville pauses swimming after positive tests July 20, 2020 Associated Press Share This StoryFacebookTwitteremailPrintLinkedinRedditThe Latest on the effects of the coronavirus pandemic on sports around the world:___The University of Louisville says it suspended men’s and women’s voluntary swimming activities for two weeks on Saturday after three members of the program tested positive for COVID-19. The ISU has not made a decision yet on the senior series that features the top skaters, including current world champion Nathan Chen and two-time Olympic champion Yuzuru Hanyu.Potential international junior events could be held if “the pandemic developments and situation change and allow for the safe organization” of them. The ISU said it would provide financial assistance for such events, with preference given to venues that were a part of the canceled series.The ISU Council will meet online on Aug. 3 to further evaluate events for the 2020-21 season.___More AP sports: and The result comes from 100 tests performed Friday on Oklahoma athletes and staff members. The women’s basketball player was the only person with a positive test in a group that included 14 men’s basketball players and 15 women’s basketball players.Oklahoma re-opens its facilities to members of the men’s and women’s basketball teams on Monday.___The International Skating Union has canceled the Junior Figure Skating Grand Prix for the upcoming season.Citing increased travel and entry restrictions, the international governing body for the sport said Monday it could not sanction the series. The ISU also said the potential extensive sanitary and medical care measures, including possible quarantine, “would put an unsustainable burden on the organizers.” A university news release issued Monday did not specify whether those impacted are student-athletes or staffers. It says all three have been quarantined, with procedures and protocols being followed.Fifteen athletes returned to campus late last month under a phased training approach.___One University of Oklahoma women’s basketball player has tested positive for COVID-19, and a second player has been deemed a close contact.Oklahoma made the announcement in a news release on Monday. Both players are in quarantine off campus.last_img read more

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