‘Unprecedented’ consolidation of UK DC could see providers gain £1.5bn

first_img“The schemes involved are not simply going to be smaller master trusts set up to handle auto enrolment that will not meet upcoming capital adequacy requirements,” he said, “but will include many smaller employer-run DC schemes that will be looking to use the economies of scale and higher quality governance and administration available via a master trust in the face of rising compliance costs.”Smart Pension is not the only provider hoping to absorb smaller-scale DC providers, and IPE understands at least one other master trust in the market is including mergers with existing DC schemes within its business plan as a means of growing its asset under management, in addition to attracting new inflows.TPR is fully aware of the problems associated size of the UK master trust market, and its executive director for regulatory policy, Andrew Warwick-Thompson, has previously questioned how it should best prevent further growth in the number of providers in the market.Nigel Waterson, the chair of trustees at master trust Now Pensions, has previously suggested TPR act as a “marriage broker” in bringing about consolidation in the market, which, as of April, had seen the launch of 100 master trusts, of which over 70 were active.The regulator has championed the idea of consolidation since then, proposing it should be able to merge schemes it deems “sub-standard”. The consolidation of the UK master trust market will see £1.5bn (€1.7bn) in assets shift between pension schemes, according to estimates by one provider.Master trust Smart Pension predicted that the consolidation would occur among over 6,200 schemes with fewer than 100 members, which manage assets of £1.3bn according to figures from the Pensions Regulator (TPR).It added that a further £400m could also shift as around 20 established master trusts struggle to cope with new capital requirements the UK government has pledged to impose on multi-employer defined contribution (DC) schemes in an effort to avoid the cost of disorderly wind-ups being met by savers.Peter Walker, COO of Smart Pension, said the pensions market was set to see “unprecedented” movement within the market over the next two years as funds consolidate.last_img read more

MBB : Faster start important for Syracuse as it enters third-round game with Kansas State

first_img Comments Published on March 16, 2012 at 12:00 pm PITTSBURGH – Dion Waiters has a feeling Syracuse won’t come out sluggish on Saturday.After three tough contests in a row, he sees an attitude change in his teammates. The opening minutes against Kansas State, he believes, are going to go the Orange’s way.‘I feel as though we’re going to come out ready,’ Waiters said. ‘I can see it in everybody’s face. Everybody, the way they’re talking about it. We’re going to come out to a great start tomorrow.’If the top-seeded Orange (32-2) starts out hot against the No. 8 seed Wildcats (22-10), it will be a break from Syracuse’s recent trend. SU has trailed at halftime in two of its three postseason games, and in its last game of the regular season against Louisville, the Orange didn’t lead until almost 13 minutes in. That stretch has led to three single-digit wins and Syracuse’s second loss of the season.But Syracuse expects that to change at 12:15 p.m. in the Consol Energy Center on Saturday.AdvertisementThis is placeholder text‘It’s definitely important,’ forward James Southerland said. ‘If we throw the first punch, basically, I feel like we’ll have them on their heels, and we’ll be ready instead of giving them confidence by letting them throw the first punch.’Syracuse hasn’t thrown the first punch since Feb. 25, when it ran out to a 14-point halftime lead against Connecticut.The flatness to start games cost the Orange a shot at the Big East tournament title. Cincinnati buried eight 3-pointers and took a 34-17 lead after 15 minutes of action. Thursday, it nearly cost SU a birth in the third round of the NCAA Tournament.No. 16 UNC Asheville jumped out to a 34-30 halftime lead while Syracuse’s offense sputtered.C.J. Fair made it clear that underestimating the undersized Bulldogs had nothing to do with it.‘We didn’t take them lightly,’ he said. ‘We just came out a little sluggish against them.’Part of the issue has been the early struggles by seniors Kris Joseph and Scoop Jardine. Head coach Jim Boeheim said after the loss to Cincinnati those seniors have determined Syracuse’s success for most of this year.Joseph is 3-of-18 with just 10 points and seven rebounds in the first halves of the last four games. Jardine hasn’t scored in three of those four halves and has just two points, six rebounds and eight assists.The seniors have been able to turn it on after halftime, but Jardine knows they’ll have to show up for the entire game if SU hopes to move on to the Sweet 16.‘We can’t allow that to happen as we advance in the tournament,’ he said. ‘We got to bring it for 40 minutes. The guys are looking to us to bring that intensity and bring that sense of urgency to the basketball game on both ends of the floor.’The explanations for SU’s slow starts have varied. Waiters said it was partly just misfortune, good shots simply weren’t falling. Southerland thought it was a lack of defensive awareness and pointed to Cincinnati’s eight first-half 3s as an example. He also added SU has had a lack of communication on the floor.But whatever has ailed the Orange at the start of games, it feels confident it will come out strong against Kansas State.Especially after a slow start almost sent it home early Thursday.‘Yesterday we got our jitters out,’ Fair said. ‘Tomorrow’s a new day. Everybody’s just got to keep being aggressive like they’ve been. Our shots are going to fall. I’m still confident in each one of my teammates to come out there and play well.’zjbrown@syr.educenter_img Facebook Twitter Google+last_img read more

Japanese stars Yu Darvish and Shogo Akiyama on “memorable” first MLB clash

first_img Written By FOLLOW US First Published: 30th August, 2020 13:26 IST WATCH US LIVE Yu Darvish scattered seven hits over six innings and the Cubs snapped a three-game skid with a 3-0 victory on Saturday at Great American Ball Park . Darvish (6-1) earned his sixth straight win, striking out eight and walking two in the opener of a doubleheader.Cincinnati Reds rookie Japanese outfielder Shogo Akiyama faced his compatriot for the first time in a major league game and singled off the National League Cy Young Award contender. COMMENTcenter_img Last Updated: 30th August, 2020 13:26 IST Japanese Stars Yu Darvish And Shogo Akiyama On “memorable” First MLB Clash Yu Darvish scattered seven hits over six innings and the Cubs snapped a three-game skid with a 3-0 victory on Saturday at Great American Ball Park. SUBSCRIBE TO US Associated Press Television News LIVE TVlast_img read more

Fireman and family escape Christmas tragedy after dishwasher catches fire

first_imgA senior Donegal fireman and his family say they are lucky their house didn’t burn down for Christmas after their dishwasher went on fire.Now Frank McDermott is warning people not to put your appliances on and leave their homes.Frank put on the dishwasher after having lunch last week in his home in Rosebank, Moville, with his wife Celemma, and left the family home to return to work. However, by the time he reached the bottom of his housing estate, to his shock, he received a call from Celemma saying the dishwasher was on fire.“I went straight back to the house and there was smoke pouring out of the dishwasher,” said Frank.“I opened it and slightly burned my hand, I wasn’t expecting it to be so hot, but I could see the flames inside. This wasn’t just smoke, the thing was on fire and it took off within a matter of minutes.”Moville Fire Station Officer Frank explained that he was able to put out the fire using water in his house after his wife had turned off the electricity in the house. “Thank God Celemma was in the house, it was quick thinking on her behalf to turn off the power, as the electricity was generating the heat to get the fire going. Things could have been so different, there is no question that if she hadn’t have been in the house it would have been on fire.“It would have taken a few minutes for the kitchen units to go up then the house would have been next.”Father-of-three Frank is now urging people not to leave their homes after putting on appliances such as dishwashers, washing machines and importantly tumble dryers.“Look we’ve probably did this 100 times before, put on the dishwasher and left the house, but we are urging people not to do that. In the run-up to Christmas we are all using our appliances more and more. We’ve more dishes and we’re using the tumble dryers more because we can’t get the clothes dried outside.“Tumble dryers are probably a higher risk of going on fire given the heat they generate and the clothes fibres inside them. Our dishwasher was older but I’m sure there are a lot of people out there with similar dishwashers. “We are urging people not to leave these appliances when they leave the house, and if it all possible don’t put them on at night and go to bed – there is a huge risk if you are in bed. I know we all have fire alarms nowadays but if an appliance goes on fire when you are in bed it will take time to get everyone organised and out of the house,” he added.Experienced fire-fighter Frank says appliance fires are very rare, however he has seen first hand how they can happen when you least expect it.“We are very lucky, it could have been a very different story for us so hopefully we’ll be able to get the message out there for other people,” Frank added.Fireman and family escape Christmas tragedy after dishwasher catches fire was last modified: December 15th, 2017 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)Tags:dishwasherdonegalFRank McDermottmovilleWarninglast_img read more

THAI Holds Annual General Shareholders Meeting 2018

first_imgTHAI Holds Annual General Shareholders’ Meeting 2018THAI Holds Annual General Shareholders’ Meeting 2018Yesterday (26 April 2017, 13.30 hours), Air Force Convention Hall – Air Chief Marshal Treetod Sonjance, Acting Chairman of the Board of Directors, Thai Airways International Public Company Limited (THAI), presided over the Company’s Annual General Shareholders’ Meeting 2018, with the attendance of THAI’s Board of Directors, THAI Management and shareholders, covering the following agenda:1. Operating Results 2017At THAI’s Annual General Shareholders’ Meeting 2018, the operating results for 2017 (January-December 2017) were acknowledged. THAI and its subsidiaries announced their results for 2017 with an operating profit of THB 2,856 million (29.8% lower than the same period last year) due to 24.2% increase in jet fuel prices, while average passenger yield decreased by 7.7% due to the heavier competition and the reduction of fuel surcharge even through average cabin factor was higher than last year. After deduction of one-time expense which was mainly from the impairment of assets and aircraft and the loss on foreign currency exchange, THAI and its subsidiaries reported the net loss of THB 2,072 million.In 2017, THAI continued to implement the third phase of its transformation plan in 2017; “Sustainable Growth.” which consists of 6 strategies in operation: 1) Develop a competitive flight network, increase profitability and reduce complexity of the fleet, 2) Increase competitiveness and revenue, 3) Excellent service ring building strategy, 4) Competitive cost and efficient operation strategy, 5) Corporate culture building to sustainability and human resources development to excellence strategy, 6) Portfolio management and new business development for sustainability. To do so, THAI launched the direct flight to Vienna, Austria as well as increased the flight frequency in high potential destinations.THAI also increased the regional routes under the brand THAI Smile. In 2017, THAI took delivery of 7 aircraft while decommissioned 2 operating lease aircraft (Airbus A330-300) resulting in a total number of 100 active aircraft in THAI’s fleet as of December 31, 2017, which was 5 aircraft higher than on December 31, 2016. Aircraft utilization increased from 11.5 hours last year to 12.0 hours this year. Production traffic (ASK) increased by 6.4% while passenger traffic (RPK) increased by 14.7%. Average cabin factor was 79.2% higher than last year’s 73.4% which was the highest level in the last 10 years with 24.6 million passengers carried representing 10.3% increasing from last year.In 2017, THAI encountered challenges from higher fuel prices and fierce domestic and international competition from competitor airlines. Furthermore, the Rolls-Royce TRENT 1000 engines installed in the 6 Boeing 787-8 had issues with their turbine blades. This incident occurred not only with THAI but affected all airlines worldwide. Hence, THAI had to gradually ground each affected aircraftin order to send engines for overhaul. As a result, flight service was affected and flight schedule was impacted. This resulted in increased cost and revenue loss from plans. However, THAI is in the process of negotiating compensation for such effects.In 2017, THAI and its subsidiaries had the total revenue of THB 191,946 million, increased by THB 11,389 million (6.3%) resulting from the increase in passenger and excess baggage revenue, freight and mail revenue, and revenue from other activities. The total expense of THB 189,090 million showed an increase of THB 12,604 million (7.1%) resulting from the increase in fuel expense by THB 4,879 million (10.8%) affected by 24.2% rising jet fuel prices and increase of traffic production. However, the fuel risk management performed better than last year. Non-fuel operating expense increased by THB 8,313 million (6.6%) due to the increase of traffic production and passenger traffic. Maintenance and overhaul expenses also increased. Net financial cost decreased by THB 588 million (11.5%), resulting from cash management and financial restructure that began last year. Consequently, THAI and its subsidiaries had an operating profit of THB 2,856 million, THB 1,215 million lower than last year.This year, THAI and its subsidiaries had a one-time cost item that totaled THB 979 million, recognized the impairment loss of assets and aircraft of THB 3,191 million, and a foreign currency exchange loss of THB 1,581 million. Consequently, THAI and its subsidiaries reported a net loss of THB 2,072 million. Loss attributable to owners of the parent amounted to THB 2,107 million. Loss per share was THB 0.97 while last year’s profit per share of THB 0.01.As of December 31, 2017, total assets were THB 280,775 million, a decrease of THB 2,349 million (0.8%) when compared to December 31, 2016. Total liabilities as of December 31, 2017 totaled THB 248,762 million, a decrease of THB 774 million (0.3%) when compared to December 31, 2016. Total shareholders’ equity amounted to THB 32,013 million, a decrease of THB 1,575 million (4.7%) resulting from loss in operating results.2. Distribution of DividendAt the Annual General Shareholders’ Meeting, shareholders approved to suspend payment of dividend in reflection of the Company’s financial performance in 2017. The suspension of dividend payment is in accordance with the Company’s dividend policy providing that the Company shall distribute “not less than 25 percent of the consolidated net profit before gains or losses on foreign currency exchange and shall also be subject to the future investment plans, necessity and appropriateness.”3. Selection of Board of DirectorsAt the Annual General Shareholders’ Meeting 2017, the following Directors retired by rotation and resignation: 1. ACM Amnart Jeeramaneemai2. Mrs. Pratana Mongkolkul3. Mr. Pitipan Tepartimargorn4. Mr. Pinit Puapan5. Mr. Charamporn Jotikasthira (Resigned on 10 February 2017)At the Annual General Shareholders’ Meeting, the following three Directors were appointed for another term:1. ACM Amnart Jeeramaneemai2. Mrs. Pratana Mongkolkul3. Mr. Pitipan Tepartimargorn4. Mr. Pinit PuapanAt the Annual General Shareholders’ Meeting, the following Director was appointed to replace the Director who resigned:1. Miss Sirikul Laukaikul (Replaces Mr. Charamporn Jotikasthira)Attending THAI’s Annual General Shareholders Meeting were 1,111 shareholders, representing 1,639,767,531 shares.Source = THAIlast_img read more