‘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

Bruening gets best of Deery Series foes in 30th annual Late Model tour

first_imgTyler Bruening was champion of the 30th annual Deery Brothers Summer Series for IMCA Late Models. At right is IMCA President Brett Root. (Photo by Bruce Badgley, Motorsports Photography)DECORAH, Iowa – Tyler Bruening admits that there were a few sleepless nights before the end of his Deery Brothers Summer Series dream season.Bruening and Jeff Aikey took their race to the 2016 IMCA Late Model tour title down to the final event. While engine issues sidelined the seven-time champion, Bruening rocketed from 21st starting to sixth at the finish to capture his career first crown.“This was a huge dream come true. When I started racing, my goal was to not get lapped so we’ve obviously come a long way. We have come leaps and bounds with our entire program,” he said. “I’m really proud of becoming the Deery Series champion. When my dad (Greg) raced, this was a goal of his. I’m very proud to have accomplished this feat.”From Decorah, Iowa, Bruening qualified for his first Deery feature in 2005 and has been a series regular since 2009.He won the Yankee Dirt Track Classis and $7,500 at Farley Speedway – all three of his career tour wins have come at the Yankee – and recorded another six top five finishes in 16 series starts this season.“The whole year was a highlight for us. Winning a third Yankee was definitely a huge feat. We’d gone through a dry spell and one year didn’t even make the show at Farley,” said Bruening. “When I went to Farley the first time, I loved the track. It’s super racy and had been one of the tracks we’ve gone to and had success.”Forced to take a provisional after mechanical problems sidelined him in both his heat and ‘B’ feature, Bruening proved his mettle in the 30th annual series’ finale at West Liberty Raceway.“It was nerve wracking, to be honest. I didn’t sleep well the couple nights before and with the way the night started it seemed like the cards were stacked against us,” he said. “I knew I had a good car and definitely raced well to get to sixth.”He celebrated his birthday and the Deery Series championship with a friendly get together in October. Friendly nemesis Aikey and his crew were among the guests.Starts: 16Wins: 1Additional Top Fives: 6HIS CREW: Father Greg and Zeb Holkesvik. HIS SPONSORS: Bruening Rock Products, Skyline Construction, Truck Country, Olson Explosives and Hovden Oil, all of Decorah; Bennett Explosives of Manchester; Minnowa Construction of Harmony, Minn.; Capital Race Cars of Woodstock, Ga.; and Clement Racing Engines of Spartanburg, S.C.last_img read more

Manchester United Congratulates Fan Jofra Archer, England Team

first_imgManchester: Football giants Manchester United congratulated their big fan Jofra Archer and the England team for lifting their maiden World Cup at Lord’s on Sunday.“When you wake up and realise you’re a #CWC19 world champion…Incredible stuff, @JofraArcher congratulations to you and @EnglandCricket,” Manchester United tweeted with a picture of England’s leading wicket taker Archer wearing a United jersey.Just in the England setup and playing his first World Cup, 24-year old Barbados-born Jofra was another reason why England won the World Cup. The gun-quick nabbed 20 wickets in 11 matches and bowled the Super Over in the final against New Zealand, holding his nerve. Although he gave away 15 runs for the Kiwis to match the target, England won on superior boundary count.Archer yorked, bounced and changed pace with the ball during the entire tournament, bamboozling batsmen and creating all sorts of problems which will make him a crucial cog in England’s wheel for years to come.England won the World Cup by hitting more boundaries than New Zealand after the rip-roaring final which was tied both at the end of 100 overs and a Super Over. IANS Also Read: Staying Calm Is The Mantra For Success, Feels Jofra Archerlast_img read more

Update on the latest sports

first_img— Head coach Mike Zimmer says the Vikings are expecting running back Dalvin Cook to report on time for training camp. Cook is in the final year of his rookie contract and took a break from the virtual offseason program last month, seeking a new deal. He had 1,135 rushing yards and 519 receiving yards in 14 games last year.— Tight end Adam Shaheen was traded to the Miami Dolphins by the Chicago Bears for a conditional late-round draft pick. Shaheen was slowed by injuries in his three seasons with the Bears, starting 13 games and catching four touchdown passes.NBA-NEWSAP source: Knicks close to deal to make Tom Thibodeau coachUNDATED (AP) — The New York Knicks are on the verge of hiring a new head coach. — Nationals pitcher and World Series MVP Stephen Strasburg has been scratched from what was supposed to be his first start of the season because of a nerve issue with his right hand. Nationals manager Dave Martinez said Strasburg was given an injection for the issue, likening it to “basically a cortisone shot.” He said Strasburg felt something was wrong with his hand during an exhibition game last week.— Mets relief pitcher Brad Brach (brahk) says he missed preseason camp because he tested positive for the coronavirus. Brach confirmed he and his pregnant wife both had COVID-19 and experienced mild symptoms, including loss of taste. Jenae Brach gave birth to healthy twin boys, Carson and Brody, on July 17. — Brewers shortstop Luis Urias has been cleared to return to baseball activity after testing positive for coronavirus before the start of Major League Baseball’s preseason summer camp. The Brewers are sending Urias to their secondary facility in Appleton, Wisconsin. — Reds infielder Matt Davidson has tested positive for COVID-19. He went on the injured list one day after he started the opener as a designated hitter. — The pandemic-delayed Major League Baseball opener was a hit on television. The Nationals-Yankees game on ESPN was the most-watched regular season game in baseball on any network in nine years. It averaged 4 million viewers according to Nielsen fast national ratings and peaked at 8:30 p.m. EDT with 4.48 million viewers. Share This StoryFacebookTwitteremailPrintLinkedinRedditMLB-RESULTSBarking Brewers win at WrigleyUNDATED (AP) — The Milwaukee Brewers and Chicago Cubs resumed their season-opening series on Saturday and demonstrated there’s no love lost between these local rivals. Update on the latest sports — The Nationals rolled to a 9-2 laugher over the Yankees behind Victor Robles, who contributed a two-run double and a two-run homer. Asdrubel (as-DROO’-bul) Cabrera and Michael A. Taylor also went deep for Washington in its first win since capturing the World Series last year. Robles and Cabrera each had three of the Nats’ 13 hits.— Wilmer Flores homered and the Giants beat the Dodgers, 5-4 to give Gabe Kapler his first win as San Francisco manager. Donovan Solano laced a two-run double for the Giants, who were outscored 17-2 in the first two games before avoiding their first 0-3 start in eight years. Dodgers starter and loser Alex Wood had trouble finding the plate, throwing 29 of his 67 pitches for balls over three innings. — The Astros beat the Mariners for the 15th straight time as Lance McCullers Jr. allowed two runs and five hits over six innings of a 7-2 victory. McCullers was pitching for the first time since undergoing Tommy John surgery that cost him all of last season. Yuli Gurriel (YOO’-lee gur-ee-EHL’) and George Springer homered for Houston, which beat Seattle on Friday after going 18-1 against them last year.— Phil Gosselin homered twice and Didi Gregorius went deep for the second straight game as the Phillies dumped the Marlins, 7-1. J.T. Realmuto added a three-run drive that helped Joe Girardi get his first win as Philadelphia’s manager. Zack Wheeler limited Miami to five hits over seven innings of his Phillies debut.— William Contreras delivered an RBI double that capped a three-run 10th in the Braves’ 5-3 comeback win over the Mets. The Mets led 2-1 in the ninth until Marcell Ozuna (oh-ZOO’-nuh) homered off Edwin Diaz with two out in the ninth. New York wasted a strong performance by Steven Matz, who fanned seven while holding Atlanta to a pair of hits over six innings. BLAINE, Minn. (AP) — Richy Werenski birdied three of the last four holes to erase a four-stroke deficit and pull even with Michael Thompson through three rounds of the 3M Open in Blaine, Minn. Werenski and Thompson each shot 3-under 68s to move to 15 under for the tournament. Charl Schwartzel shot a 66 in the third round at the TPC Twin Cities course, pulling even with Tony Finau for third place at 13 under. GOLF-BRITISH MASTERSParatore wins British Masters for 2nd European Tour titleNEWCASTLE, England (AP) — Renato Paratore has won the British Masters for his second career victory on the European Tour. The Italian golfer closed with a 2-under 69 containing his first bogeys of the week. — Brandon Lowe’s two-run triple snapped an eighth-inning tie in the Rays’ 4-1 triumph over the Blue Jays. Lowe also scored an insurance run on a back by Sam Gaviglio. Cavan Biggio went 2 for 3 with a walk, extending his on-base streak to a major league-best 31 consecutive games.— Anthony Santander and Renato Núñez each drove in two runs to help the Orioles hold off the Red Sox, 7-2 and even their season-opening series. Hanser Alberto finished with three hits, while Austin Hays and José Iglesias each added two. Alex Cobb was steady in his first start after missing most of last season with a hip injury, limiting Boston to a run and four hits while fanning six in 5 1/3 innings.— Leury (lay-OOR’-ay) García homered from both sides of the plate in helping Dallas Keuchel and the White Sox pound the Twins, 10-3. Edwin Encarnación belted a two-run drive as the White Sox bounced back nicely after losing 10-5 to the reigning AL Central champions on Friday night. Eloy Jiménez and James McCann also went deep for Chicago.— Dylan Bundy was sharp in his Angels debut, allowing three hits and carrying a shutout into the seventh inning of a 4-1 verdict over the Athletics. Juston Upton opened the scoring with a solo blast in the fourth, one inning before Andrelton Simmons and David Fletcher provided RBI doubles. Losing pitcher Sean Manaea (mah-NY’-ah) looked sharp early, retiring the first 11 batters on just 32 pitches before faltering.— Paul DeJong (deh-YUHNG’) hit a two-run single, Matt Carpenter added a two-run double and Tommy Edman delivered a two-run triple that capped the scoring in the Cardinals’ 9-1 dismantling of the Pirates.Paul Goldschmidt smacked a solo homer to back Adam Wainwright, who worked the first six innings of a combined three-hitter. Wainwright retired 14 of the final 15 batters he faced as the Cardinals beat the Pirates for the 12th time in their last 13 games. His return is a big development for Chicago as it prepares to face the Oilers in a best-of-five qualifying series that begins on Aug. 1.In other NHL news:— Hurricanes All-Star defenseman Dougie Hamilton missed a second straight practice Saturday, and his status remains unclear as the team prepares for the return to play in the coming week. The team said on its website Wednesday that Hamilton left that day’s practice early in “some visible discomfort” and he didn’t practice Thursday. Hamilton broke his left leg in January and was sidelined until the NHL suspended the season because of the pandemic.PGA-3M OPENWerenski, Thompson remain co-leaders July 26, 2020 Nationals catcher Tres Barrera banned 80 games for drug testUNDATED (AP) — Washington Nationals catcher Tres Barrera has been suspended for 80 games without pay by Major League Baseball after testing positive for an anabolic steroid.MLB says Barrera tested positive for the performance-enhancing substance DHCMT, the chemical compound used in a drug that fueled Olympic athletes in the former East Germany decades ago.Barrera said Saturday that he appealed his suspension but it was upheld by an arbitrator. In other MLB news: The Brewers’ 8-3 win at Wrigley Field included a shouting between the two clubs that could be heard throughout the empty ballpark at the start of the fourth inning. Cubs All-Star catcher Willson Contreras seemed to be barking the loudest from the warning track in front of the dugout, and several players from both sides popped out onto dirt near their benches. Umpires jumped in and calmed things down quickly before players could cross the foul lines.The Brewers also made some noise with their bats as Christian Yelich (YEH’-lihch) slammed a two-run homer and Justin Smoak added a solo shot. Ben Gamel put Milwaukee ahead to stay with a two-run triple in the fourth.Lorenzo Cain was 3-for-4 with an RBI single for the Brew Crew.Elsewhere around the majors: NFL-NEWSMahomes ready but apprehensive for campUNDATED (AP) — Kansas City quarterback Patrick Mahomes (mah-HOHMZ’) acknowledges there is “some risk” in returning to the team facility for training camp. But he says he’s comfortable with the protocols established by the NFL and its players’ union to ensure a safe environment. The Super Bowl MVP was at the facility Saturday along with rookies and select veterans, a day after the league and union agreed to a proposal opening camps in earnest next week. The players’ board of representatives voted to adopt changes to the collective bargaining agreement that provide for new training camp and roster rules, economics and protocols for operating amid the coronavirus pandemic, as well as an opt-out clause.Also around the NFL:— The Jets have traded disgruntled Jamal Adams to the Seahawks for fellow safety Bradley McDougald and a trio of high-round picks. Seattle sends a first-round pick in each of the next two drafts, along with a third-rounder in 2021. The Jets ship off a fourth-round selection in 2022. New York parts with a talented player whose relationship with the franchise quickly deteriorated because of a contract dispute. — Tyler Myers launched a three-run homer and Manny Machado added a two-run shot that gave the Padres breathing room in a 5-1 decision over the Diamondbacks. Dinelson Lamet struck out eight while allowing a run and five hits over five innings. Robbie Ray fanned seven over 3 2/3 innings but was reached for three runs and four hits in taking the loss.— Daniel Bard won in his first major league game in more than seven years, pitching 1 1-3 scoreless innings in relief for the Rockies in a 3-2 win over the Rangers. Bard stranded two runners in the fifth and worked around two more base runners in the sixth before getting Willie Calhoun on an inning-ending flyout to cap an 11-pitch at-bat. Colorado went ahead to stay with two runs in the fourth off Mike Minor, helped by two fielder’s choice plays and two errors.— The Royals pulled out a 3-2 win over the Indians on Maikel Franco’s sacrifice fly in the 10th inning. Alex Gordon opened the 10th as the runner on second and was bunted to third before scoring the tiebreaking run. Indians starter Mike Clevinger allowed just four hits over six innings and settled down after Jorge Soler (soh-LEHR’) and Salvador Perez in the top of the first.— JaCoby Jones crushed a two-run homer in the ninth inning to power the Tigers past the Reds, 6-4. Austin Romine and Miguel Cabrera homered to put the Tigers ahead, 4-3 in the seventh, but Cincinnati tied it on Curt Casali’s solo blast in the bottom of the inning. Joey Votto (VAH’-toh) and Freddy Galvis (GAL’-vees) also went deep for the Reds.MLB-NEWS A person with knowledge of the details says the team is finishing a deal to make Tom Thibodeau (THIH’-buh-doh) their coach. ESPN first reported that the Knicks and Thibodeau were completing a five-year contract. Thibodeau was the 2011 NBA Coach of the Year in Chicago and is a former Knicks assistant under Jeff Van Gundy.Mike Miller finished the season as interim coach after David Fizdale was fired 22 games into last season. In other NBA news:— Bucks reserve guard Pat Connaughton flew to Florida on Saturday after a positive coronavirus test had kept him from joining his teammates at Walt Disney World two weeks earlier. Connaughton and starting point guard Eric Bledsoe hadn’t been part of the Bucks’ original traveling party to Disney World because both had tested positive, though both players have said they were asymptomatic. — Zion Williamson will be out of quarantine by the time New Orleans plays in the first official game of the NBA restart at Walt Disney World. Whether the Pelicans will play him that night or not remains anyone’s guess. The NBA said Saturday that Williamson will have to serve a four-day quarantine for leaving the league’s Disney bubble on July 16 to tend to an urgent family matter. He returned to Disney last night and immediately went into quarantine. NHL-NEWSCrawford to Hawks after battling COVID-19UNDATED (AP) — Chicago Blackhawks goaltender Corey Crawford has revealed that he missed the start of training camp following a positive test for COVID-19. He said he was in quarantine at his place in Chicago.The 35-year-old Crawford skated with the team on Saturday and faced shots from teammates. Associated Press Paratore was trying to become the first player to win a European Tour event without a bogey since Jesper Parnevik (YEHS’-pur PAR’-nek-vihk) in the 1995 Scandinavian Masters. Paratore finished on 18 under overall, three strokes ahead of Rasmus Højgaard.last_img read more