Irish union criticises ‘disappointing’ IASS benefit cuts

first_imgCuts proposed to the benefits paid by the Irish Airlines Superannuation Scheme (IASS) have been criticised by a union for their “very significant adverse effects” on members.Speaking out after trustees of the IASS reportedly briefed both union and management on their attempts to resolve the €769m deficit within the multi-employer scheme, covering workers employed by the Dublin Airport Authority and Aer Lingus, IMPACT said it and other unions were “very disappointed at the analysis presented”.IMPACT said: “The trustee reported that the Pensions Board decision to reject elements of the proposals to deal with the funding deficit, which were brokered by the Labour Court and agreed by unions and management at the two companies, would have very significant adverse effects on the pensions of current workers and deferred pensioners.“The union group will now seek advice from its advisers before deciding how to proceed.” The trustees of IASS declined to comment on the negotiations.Attempts to address the deficit were stalled by Ryanair, a major shareholder in rival Aer Lingus, threatening court action if the flag carrier attempted to pay the IASS any additional monies above the agreed contribution rate.However, following a ruling by the UK’s Competition Commission, Ryanair could be forced to sell down its nearly 30% shareholding, leaving it with only a 5% stake in the company.A funding proposal discussed, but not submitted, to the Pensions Board earlier this year was questioned by the regulator, as it would have taken the scheme too long to achieve full funding.Aer Lingus nonetheless hopes to put a €140m plan to launch a standalone defined contribution fund for members affected by the benefit cuts to its shareholders during an extraordinary general meeting later in the year.last_img read more

Denmark to ease Solvency II reporting burden for smaller schemes

first_imgThe decree – entitled ‘Executive order on proportional reduction of the regular supervisory reporting for group 1 insurance companies, etc.’ – will come into force on 1 July.It allows insurance companies, life insurers and pension providers, which have a combined market share in their respective markets of less than 20%, to apply to the FSA for dispensation to reduce reporting required under the Solvency II legislation now implemented in Denmark.The ministry issued a list of 70 companies that now have the option of applying for this dispensation, including the pension providers PenSam, JØP, DIP, Bankpension and PKA (as well as the three health and social care sector pension funds it runs), the architects’ pension fund AP, the pension fund for Agricultural Academics and Veterinary Surgeons (PJD) and PBU.Per Plougmand Baertelsen, director of the life assurance division of the FSA, explained that companies on the list – or certain entities within those companies – were small enough in size to be allowed to apply for permission to reduce their mandatory reporting.“But, before we grant this dispensation, we will look at the nature, scale and complexity of the business in question and whether the current reporting requirement is considered to be a burden,” he said.However, not all companies on the list would definitely apply, he said, and of those that do, some cannot expect to be granted the level of concession they asked for.“But, for a number of the companies, the mandatory reporting will be significantly lower,” Plougmand Baertelsen said.Anne-Mette Munck, a consultant at F&P in its department of economic affairs, said the association welcomed the news and had been lobbying to bring about the change, which relates to quantitative reporting templates included in pillar three of the Solvency II Directive, the area of the EU framework focusing on disclosure and transparency requirements.“We have been working hard to achieve these new reduced requirements, and it has been a hard job to get this far,” she said, adding that this was definitely a positive move from the ministry.Munck said the impact on Danish pension and insurance companies in terms of reducing paperwork was still unclear.“But we hope it will be a huge difference, even though only for small pension funds,” she said.Munck said the association was always working on ways to ease the administrative burden on its members that arose from regulation in general.Without naming specific regulations, she said F&P was trying to get the government to remove some specific local regulation that was only put on Danish companies and not on their EU counterparts. The Danish ministry of business and growth has issued an executive order potentially cutting Solvency II reporting requirements for small pensions firms and insurers, with PenSam, JØP, DIP, Bankpension and PKA among those that may now be able to reduce their paperwork.Troels Lund Poulsen, minister for business and growth, said: “It is the government’s aim to bring down burdens on business significantly by 2020.”He said he hoped the new order would make life easier for small insurance and pension companies in cases where the Danish FSA (Finanstilsynet) found that the heavy reports could be dispensed with. “It may have profound implications for individual companies, which will spend less time on cumbersome and heavy paperwork,” he said.last_img read more

Friday people roundup

first_imgState Street Global Advisors, Amundi, Investment Association, Universities Superannuation Scheme, JP Morgan Cazenove, Aviva Investors, Morgan Stanley, Blake Morgan, Olswang, Capital Bay, Conwert DeutschlandState Street Global Advisors – Peter Brackett has been appointed UK head of consultant relations. He joins from Amundi, where he was head of global consultant relations. Before then, he was responsible for building the UK institutional business for American Century Investments. Previously, he was co-head of global consultant relations at Morgan Stanley Investment Management, and he has also held investment consulting roles at Aon Investments and Towers Watson.Investment Association (IA) – Helena Morrissey, chair of the UK asset management association, will be stepping down from her role in the summer of 2017, when her three-year tenure comes to an end, an IA spokesman has confirmed. A new chair will be announced in due course, he told IPE. Morrissey left her role as chief executive at Newton Investment Management in August, becoming chair of the non-executive board of directors.Universities Superannuation Scheme (USS) – The UK’s largest pension fund has created the role of head of research with the aim of improving its in-house equity investment process as part of a shift towards a more concentrated, “high-conviction” portfolio. Peter Elwin was appointed to the role, having started on 31 October. He joins from JP Morgan Cazenove, where he accumulated more than 19 years’ experience in equity research, valuation and accounting. He was most recently deputy head of European research. Aviva Investors – Ricky Varaden has been appointed as a portfolio manager on the liability-driven investment team. He joins from Morgan Stanley, where he worked on the interest rate strategist team. Before then, he worked for the Royal Bank of Scotland.Blake Morgan – The Pensions Team has appointed Ron Burgess as a partner. He joins from Olswang, where he advised corporates, trustees and insolvency practitioners on a full range of pension-related matters.Capital Bay – Rolf Schneider has been appointed COO. He joins from Conwert Deutschland, where he was responsible for all German business activities of listed Austrian company Conwert Immobilien Invest SE as managing director until the end of March.last_img read more

Ireland outlines plan for auto-enrolment regime

first_imgRegina DohertyThe government has asked for ideas about “the value and the mechanism for providing a state incentive” during a consultation period, which runs to 4 November. In the draft plan it has proposed matching €1 for every €3 saved.“While this is a different arrangement to the current tax relief provisions for pensions, it is aimed particularly at people on lower to middle income brackets where the current tax relief arrangements may be less favourable than for higher earners,” Doherty said.‘The most fundamental policy reform in a generation’Providers of auto-enrolment DC schemes would be required to register with a separate new regulator, she added, which would be tasked with overseeing the implementation of auto-enrolment and licensing providers. In the draft proposal, the government has suggested limiting the number of providers to four, with three investment options each.Doherty described auto-enrolment as “perhaps the most fundamental policy reform in a generation” for Ireland’s pensions sector.“The new auto-enrolment system will, when implemented, enable people to save and accumulate sufficient assets to maintain better personal living standards in their retirement,” she said. “In this way, the combined use of public pensions and private retirement savings allows employees, employers and the state to each play a part in addressing the provision of improved retirement incomes.” Doherty emphasised that the draft proposals were subject to consultation and “should not in any way be construed as government’s confirmation of what form automatic enrolment will ultimately take”. Ireland’s government has set out a high-level plan for introducing automatic enrolment, aiming to bring an estimated 410,000 people into defined contribution (DC) pension schemes for the first time.Regina Doherty, minister for employment affairs and social protection, presented an outline yesterday, following the government’s wide-ranging pension reforms announced in March.Employees aged between 23 and 60 and earning over €20,000 will be automatically enrolled into a DC scheme, with those outside of this age group or earning less given the option to ‘opt in’.Doherty said the system would adopt a “pot follows member” approach, meaning that “regardless of the number of employments a person has, they would always have one consistent retirement savings arrangement over their lifetime”. This policy was debated in the UK in 2012 and 2013 as part of its own automatic enrolment regime, but was never introduced.The Irish government wants to introduce auto-enrolment in 2022, with employees initially contributing 1% of salary, matched by employers. This would escalate by 1% a year for both parties for the first six years, so that by 2028 workers and employers would be saving a combined 12% of salary into a pension. This would be subject to a cap of €75,000.last_img read more

Swimming superstar selling Gold Coast home with new marketing campaign

first_imgThe lounge. Swimming star Sam Riley is selling her Gold Coast home.SWIMMING superstar Sam Riley will take her Gold Coast property to auction next month with a fresh marketing campaign.The Burleigh Waters property went to auction earlier this year but failed to sell under the hammer.Katrina Walsh of Harcourts Coastal took over the marketing in May and will take the property to auction on June 20. Water views from almost every rooms.The residence overlooks 67m of sandy water frontage, and there’s a sport practice area.The huge waterfront alfresco terrace wraps around the home and features an outdoor kitchen and pizza oven, and encompasses a pool befitting a swimming champion. The waterfront entertaining area. Former Samantha Riley ahead of the baton relay announcement for the 2018 Commonwealth Games on the Gold Coast. Picture: Nigel HallettMore from news02:37International architect Desmond Brooks selling luxury beach villa17 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days agoCoreLogic property records show Ms Riley and husband Tim Fydler, who have three sons, bought their 1370sq m Burleigh Waters property for $1.25 million in 2006.Over the years the family made “lifestyle” changes, adding in a gym, crisp white designer kitchen, a butlers pantry, solar panels, a barbecue area and revamped every bathroom bar one. Make a splash in the pool.“They’re determined to sell and meet the market with this auction campaign and will consider offers prior to auction,” Ms Walsh said.“Previous price expectations have been removed for this campaign.”Ms Walsh said there had already been strong interest since the house was relaunched.“It has stirred up a frenzy from not only local buyers but buyers from interstate buyers,” she said. From the water. Relax by the waterfront.A feature fireplace and tropical fish tank offer bonus design points, while polished timber floors and tiles make for easy care living“Since owning it they have undertaken an extensive upgrade by builder Rick Addinsal,” Ms Walsh said.“When you walk in you can feel a family has lived there — they have enjoyed entertaining and having friends with children come over.” MOVE IN AND ENJOY PALM BEACH PROPERTY V8 SUPRECAR DRIVER’S HOME FOR ON THE MARKET The dining room.last_img read more

Ultimate treehouse rules them all

first_imgThe definition of serenity.Apart from general maintenance and the addition of cupboards for extra storage, Ms Wescombe said the house was generally as it has been for the 20-plus years that it’s been there.She said it would suit buyers wanting a back-to-nature feel, space and privacy. Wow factor — what an amazing vaulted ceiling.“It’s still so private there, yet so convenient with the school being so close, regular bus routes into town and it’s just so easy to get to the airport and CBD — only a short drive.“We loved the openness of it — you get the fresh air coming through and the views.“Everything was pretty awesome there. The kids loved the idea of being able to wander through the bush area.“Now that we are living in Melbourne, it’s all these things that are making us realise how spoiled we were.” The full kitchen is charming. Why Cairns is a good place to invest Far North’s strongest suburb rivals Brisbane More from newsCairns home ticks popular internet search terms3 days agoTen auction results from ‘active’ weekend in Cairns3 days ago Tax changes hit invest numbers Constantly surrounded by brand new, blocky residential housing in her job as a sales consultant for leading local homebuilding companies, Ms Wescombe found peace in the rustic nature of 3/2 Charlekata Cl, and said it was the perfect post-work retreat in the evenings.“Working with brand new homes all the time, it was nice to come back to that softness.“There were no hard edges and it’s all very natural and very cosy.“Even though it’s a very open-plan property, the timber and surroundings made it feel so homely and comfortable to be in.” Sunset drinks anyone?“Everyone I’ve shown it to down here in Melbourne looks at it and thinks it’s a million-dollar property. They see the views and the convenience to amenities.”While the home has the space to cater for large families, there’s also the potential for couples to live in while also offering short-term rentals.center_img 3/2 Charlekata Close, Freshwater, is on the market looking for buyers in the $600,000s.JANE Wescombe moved her family of six into this pavilion-style pole home 15 years ago, in search of a balance between convenience and lifestyle.The Chris Van Dyke-designed “treehouse” was built in 1995 and spans more than 450sq m across multiple levels in tropical rainforest surrounds and features sought-after views and homely ambience.Ms Wescombe, now residing and working in Melbourne, said being at 3/2 Charlekata Close, Freshwater, was “like living in the country”. Lots of room to host a party or two.“Because there’s two pavilions, the area that we used as the kids’ bedrooms would be ideal for an Airbnb or something like that, and yet you’d still have your own privacy.“The scope of the home is quite large, there’s so many different things you could do with it.” SEE MORE CAIRNS REAL ESTATE NEWS HERElast_img read more

Buy now if you want to move in by December 25

first_imgBuy now if you want to move in by Christmas.IF a property is on your Christmas wish list this year, now is the time to buy and, believe it or not, despite cutting it fine it is possible to settle in time.Property experts say house hunters ramp up their search leading into the festive season, keen to settle before Christmas. Ray White Surfers Paradise Group CEO Andrew Bell calling an auction. Picture Mike BatterhamRay White Surfers Paradise Group CEO Andrew Bell said interstate interest in the Coast’s property market was heating up leading into summer.“Our team has been most encouraged by the level of owner-occupier interest from Sydney and Melbourne in recent months, as well as investor interest from Brisbane,” Mr Bell said. “As a result, our marketing strategy for the upcoming year will have an increased focus on the Sydney and Melbourne markets to gain greater penetration.” Oliver Hume chief operating officer Julian Coppini said Gold Coast market conditions were healthy.The latest Oliver Hume Quarterly Market Insights (QMI) report revealed Queensland’s interstate migration rate increased 49 per cent during the past year and was the highest in Australia.Oliver Hume chief operating officer Julian Coppini said Gold Coast market conditions were healthy and there was a better than average chance values and overall popularity in the region would increase.“We are expecting the Gold Coast’s cultural precinct and Coomera Town Centre to become big attractions, with light rail capabilities and airport upgrades to connect everything,” Mr Coppini said. MORE NEWS: Mega mansion’s price slashed More from news02:37International architect Desmond Brooks selling luxury beach villa14 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days agoREIQ Gold Coast zone chairman Andrew Henderson. Picture: Jerad WilliamsRay White Sovereign Islands agent Edin Kara said he also had buyers who wanted to settle before December 25.“We have a fair few around and most of them will try to finalise negotiations to be able to settle before Christmas,” he said. “I even have someone coming from overseas on December 2 to sign a contract and they still want to settle before Christmas.”Agents also predict January will be one of the busiest months of the year for real estate transactions on the Coast, with an upswing in migration leading the way.center_img MORE NEWS: Burleigh property now has listing price Aerial view of the Gold Coast.REIQ Gold Coast zone chairman Andrew Henderson said it was not uncommon for buyers to bring forward their property settlement date.“We’ve actually seen a few settlements brought forward for people to get into their properties sooner,” Mr Henderson said. “There’s always that rush for people to get in before the Christmas period.”He said while the shortest settlement period he had seen was 14 days, 30 was normal.last_img read more

Why this Gold Coast house is one of the cheapest on Amalfi Drive

first_img2 Amalfi Drive, Isle of Capri. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 4:18Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -4:18 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels576p576p400p400p320p320p228p228pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenNovember 6: Prestige listings04:19 2 Amalfi Drive, Isle of Capri. 2 Amalfi Drive, Isle of Capri.IS this the cheapest waterfront house on Amalfi Drive?The 1970s built property hit the market last week with a $1.845 million price tag.There is only one other property listed for less on realestate.com.au at the moment but it is on the other side of the street without main river access, and it is under offer.Amalfi Drive is one of the Isle of Capri’s most prestigious streets. MORE NEWS: The houses where kids rulecenter_img 2 Amalfi Drive, Isle of Capri.“We’ve already received one offer,” he said.“Generally people are looking at it because of the price point.”The four-bedroom house has floor-to-ceiling windows throughout to make the most of its water and skyline views as well as a pool and pontoon.It has a north-east aspect and is close to the Capri on Via Roma shopping centre and the beach.Mr Wardale said the owners had reinvigorated the property, including recently rebuilding its retaining wall. 2 Amalfi Drive, Isle of Capri. 2 Amalfi Drive, Isle of Capri.Marketing agent Eddie Wardale, of Kollosche Prestige Agents, said waterfront properties on the street were often listed for more than $2 million so this was a bargain.More from news02:37International architect Desmond Brooks selling luxury beach villa13 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days ago“This is a good opportunity for someone to get on main river,” he said.Mr Wardale said it was listed for less than $2 million because of its position.MORE NEWS: ‘The best beach house in Australia’ is up for grabslast_img read more

This house is all business at the front and party at the back

first_imgThe kitchen is to the left and the master suite to the right.Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:51Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:51 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD576p576p432p432p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenStarting your hunt for a dream home00:51 The outdoor living area can get a breeze from east to west.Mr Olds said the deck could also be opened completely to allow breezes from east to west.At the very tip of the extension is the master suite, which allows for privacy from the rest of the family.Mr Olds said he found himself often gravitating towards the deck.“The deck has some step down platform sections and we found ourselves sitting on that lower section and having a beer.” More than 90 per cent of the original house has been retained.Mr Olds, a builder by trade, designed and constructed the addition, as well as restoring the original part of the property.More from newsParks and wildlife the new lust-haves post coronavirus13 hours agoNoosa’s best beachfront penthouse is about to hit the market13 hours ago“We really didn’t want (the extension) to be visual from the front because it is just a nice little home,” Mrs Olds said.“We didn’t want a big, looming extension from the front, we just wanted it to be tucked away.” The couple moved the kitchen to a new area of the house.So while more than 90 per cent of the original house was retained, two rectangular structures were added out the back.“Our main goal was to be connected with the elements,” Mr Olds said. “In winter, the extension is bathed in the sun … and travels around during the day, warming up the whole house. In summer, when the sun rises, the louvres act as ventilation and the 3.2m ceilings allow the house to cool.”center_img The house has an ultra-modern extension on the back.Michael and Cath Olds bought the house at 15 Ontario St, Holland Park West, more than six years ago, and lived in it for some time before undertaking any work.“We lived there for three-and-a-half years, just becoming familiar with the property so we could understand the house and exactly what was needed to achieve the right lifestyle,” Mr Olds said. The house at 15 Ontario St, Holland Park West, has a quaint facade.FROM the front of this house it simply looks like a quaint character residence.But off the rear is a custom-made modern extension, designed not only as extra space for family living, but to make the most of Queensland’s wonderful weather.last_img read more

Retirees show they are keen to embrace apartment living

first_imgFancutts is within walking distance of Lutwyche City shopping centre and a bus station and has views to Brisbane’s CBD. A home with less maintenance and a better lifestyle is drawing savvy seniors into the downsizing trend.As vertical retirement villages gain popularity in Queensland, it’s the wide variety of community facilities, a prime location and the ability to simply lock the door and leave.RetireAustralia’s Fancutts Retirement Living at Lutwyche has received strong interest from potential buyers since the plans were unveiled.The eight-storey village will feature 175 contemporary independent living and 35 high-care apartments.RetireAustralia senior development manager Judi Hutchison said it was designed for seniors wanting to downsize without compromise and filled a gap in the sector.“Today’s seniors are living longer, healthier and more adventurous lives and are increasingly seeking housing options that suit their needs without sacrificing on style,” Ms Hutchison said.“Retirement apartment living gives them the opportunity to enjoy the benefits of an urban lifestyle with everything on their doorstep, in a home that requires little maintenance and can be locked up and left for extended periods.”She said there were many reasons why seniors were opting to sell their home and embrace apartment living:More from newsParks and wildlife the new lust-haves post coronavirus13 hours agoNoosa’s best beachfront penthouse is about to hit the market13 hours ago More time for fun – moving into an apartment means saying goodbye to outdoor chores. Fancutts takes care of home maintenance for residents and will feature a rooftop sky deck, landscaped gardens and walking tracks. Better lifestyle – vertical retirement villages offer features that encourage residents to socialise with their neighbours, important for happiness and wellbeing. A wellness hub, sports bar, cafe and community spaces are some of the lifestyle features. Location, location – retirement communities are usually close to transport and services, making enjoying the city easier. Fancutts is within walking distance of Lutwyche City shopping centre and a bus station and has views to Brisbane’s CBD. Lock and leave — avid travellers will love apartment living. Just lock the door and leave, knowing your home won’t need attention while you’re gone and the manager will keep an eye on things for you. Age-friendly designs – ageing comes with physical challenges and a purpose-built home for seniors makes life easier. Step-free flooring, larger handles and lighting set for older eyes are among the inclusions. Pets welcome – this is a new breed of vertical retirement village that welcomes pets with open arms. Independent living – Fancutts caters care services to individuals and a range of private care apartments give residents the assistance they need. Expressions of interest are now open with construction on stage one expected to start soon. Visit fancutts.com.au or phone 1300 687 738.last_img read more