Report calls for more schemes to promote partial transfer option

first_imgMeanwhile, a survey by LCP of over 100 occupational pension schemes revealed that 22% of schemes now offer a partial transfer option, up from about 15% in 2017. It also found that partial transfers were not the preserve of large schemes: two-thirds of the schemes in the survey offering partial transfers had assets under £500m.However, where partial transfers have been offered, initial take-up has often been low, partly because this option needed to be effectively communicated in a clear and timely way.Ford’s UK pension scheme last year announced plans to introduce partial transfers.“Our research shows that growing numbers of schemes are offering partial transfers, but many more could make this option available to their members.” Jonathan Camfield, partner at LCPJonathan Camfield, partner at LCP and co-author of the report, said: “Our research shows that growing numbers of schemes are offering partial transfers, but many more could make this option available to their members. “Although there are technical and practical issues which schemes would need to address, large and small schemes have already demonstrated that these can be overcome.”He added that greater access to partial transfers would also benefit schemes by reducing risks in the DB transfer process.According to the report, a benefit of partial over full transfers for schemes was that partial transfers would reduce overall liabilities but in a way that would minimise any risk of a challenge from (ex) members who might otherwise blame the scheme if things worked out badly post-transfer.  “For the employer,” the report added, “current and former employees are likely to welcome the new flexibility without them being exposed to the risks associated with a full transfer; Pension Protection Fund levy bills and the cost of de-risking are also likely to be reduced as the scale of scheme liabilities falls as a result of partial transfers.” The report’s authors called on government and regulators to encourage schemes to offer the option of a partial transfer. The Financial Conduct Authority is currently consulting on the issue. Defined benefit (DB) pension schemes should proactively consider introducing partial transfers as an option for members, according to a policy paper from mutual insurer Royal London and consultancy LCP. According to the research report, entitled “Best of both worlds?”, an estimated 500,000 members had already transferred well over £60bn (€66bn) out of DB schemes since April 2015, when the new pension freedoms were introduced. The vast majority had given up all of their rights in the DB scheme in exchange for a lump sum transfer into a defined contribution (DC) arrangement.“But for some individuals, such as those whose entire lifetime pension right lie in a single DB scheme, a better option might be a partial transfer, combining some continued level of guaranteed income from the DB scheme with a more modest transferred lump sum,” the authors said.A Royal London survey of around 350 financial advisers found that while some clients who might have taken full transfers might in future only take partial transfers, there would be many others who did not take a transfer at all but who would now be likely to consider a partial transfer.last_img read more

Germany’s Ozil out of Ireland clash with knee injury

first_imgGerman midfielder Mesut Ozil has been ruled out of the upcoming European Championship qualifier with Ireland with a knee injury. Press Association Ozil played the full 90 minutes of Arsenal’s 2-0 defeat to Chelsea in the Barclays Premier League on Sunday, but reported for international duty with the complaint, Today the German Football Association (DFB) announced on its official website that the play-maker is likely to be out of action for 10 to 12 weeks with the injury. center_img “The MRI examination today at National Dr. Hans-Wilhelm Muller-Wohlfahrt in Munich revealed a partial rupture of the outer band of the left knee joint,” the statement read. “The treatment is conservative, with six weeks of immobilisation of the knee joint. Mesut Ozil is likely to be (out for) 10 to 12 weeks.” Ozil had with complaints with his left knee when he met up with the German team in Frankfurt and on this morning he travelled to Munich to undergo an MRI examination where the extent of the problem was revealed. Chelsea’s Andre Schurrle was also absent from training this morning as he continues a personal training plan inside the team hotel in Frankfurt. last_img read more

Ramdhani siblings advance to semi-finals in CAREBACO C/ships

first_imgNarayan and Priyanna Ramdhani advanced to the semi-finals in the boys and girls events respectively, as well as the Under-19 mixed doubles when the Caribbean Badminton International Championships (CAREBACO) continued on Friday in Aruba.No. 1 seeded player, Narayan Ramdhani defeated Jehu Gaskin of Barbados 21-11, 21- 12 to reach the semi-finals in the singles event while on the distaff side, Priyanna Ramdhani, the youngest player in the championships, defeated Cheyanna Burnett-Griffith of Barbados 21-5, 21-2 to reach the semi-finals.In the Under-19 mixed doubles, the Ramdhani’s defeated Jascha Atmodikromo and Santusha Ramzan of Suriname 21-10, 21-10 to qualify for the semi-finals.Meanwhile, their Guyanese counterpart, Jonathan Mangra lost to Shea Michael Martin of Barbados 21-16, 21-18 in the quarter-final singles event.The championships continued yesterday with the finals in the singles, doubles and mixed doubles events.last_img read more

Taco expert dishes on Mexican food

first_imgIf you think you know your tacos, you’re probably wrong.Spend an hour listening to Jeffrey M. Pilcher talk about his new book, Planet Taco: A Global History of Mexican Food, and you will feel like a taco novice.“Planet Taco” · University of Minnesota Professor Jeffrey M. Pilcher talks about the cultural origins of Mexican foods like tacos and burritos. – Zhaoyu Zhou | Daily TrojanPilcher, a professor at the University of Minnesota, spoke at Doheny Library on Tuesday in conjunction with the Spanish and Portuguese department and the history department.Pilcher specializes in the history and culture of food from Mexico, Latin America and the Caribbean and, as a result, his talks often begin with an exploration of the taco.“I want to look at the word taco,” Pilcher said. “If we look at the historical development of words we can have a more accurate chronology of the foods.”It is a common conception, he said, to look at the word “taco” and credit it to the Aztec period. Pilcher then went on to list different words that are similar to “taco,” their meanings and how one might interpret them.According to Pilcher, the taco was not mentioned as a snack until the late 19th century.“Tacos go from absolutely invisible in the historical record to everywhere,” Pilcher said. “At this point it’s hard to go anywhere in Mexico City in the working class neighborhoods without tripping over a taco vendor of some kind.”Pilcher said he believes the word “taco” dates back to the 18th century when it was used in reference to little explosives used to excavate silver ore in Mexican mines.In reality, Pilcher said, “there’s quite a similarity between a chicken taquito with a good hot sauce and a stick of dynamite.”And if you think about it, Pilcher said, it is understandable that tacos would be popular among miners.“You can just imagine miners going down in mines and taking this as a very simple food,” Pilcher said.Pilcher said oftentimes, when trying to understand where food originated, people attribute food items to famous personalities — like the “Earl of Sandwich.”The taco, however, is especially important because it is a “working class food.”“Real workers are preparing and consuming them,” Pilcher said. “We don’t need to make any story up. In fact, the taco shop became a place where people from all over Mexico could gather and meet and develop a community,” Pilcher said.About half-way through the conversation, Pilcher changed subjects.“Now let’s take the time to talk about burritos,” Pilcher said.Pilcher began discussing the history of the word “burrito,” its connection with donkeys and the fact that no one in Mexico really eats burritos.After discussing the burrito to the same degree as the taco, Pilcher began talking about the taco’s spread around the world.“The taco appeared in Mexico City and then it spread out over the country,” Pilcher said.Pilcher noted he does not believe that Mexican-American food is “non-authentic.”“Just because they’re different from the foods being produced in Mexico doesn’t make them any less Mexican,” Pilcher said.According to Pilcher, we’re used to focusing on the clash between Mexican traditional authentic food and American corporate fast food. What is lost in between, however, is the Mexican-American culture that is adapting Mexican food into their American lives.“If we get too hung up about what’s authentic or what’s supposed to be, we’re missing out on the possibilities available to us,” Pilcher said.Sara Carlson, a sophomore majoring in international relations,  was surprised by this aspect of the talk.“It’s interesting that he thinks Tex-Mex food is real,” Carlson said. “I’ve never heard that before.”After his talk, an audience member asked a question regarding the impact of food on history. And though Pilcher seemed stumped at first, he amazed the crowd with yet another historical story regarding Mexican food.In 1838, Mexico was going through a time of great instability, according to Pilcher. Mexico was invaded by the French, who were trying to recover unpaid loans. Soon, however, Mexico found out that one of the debts was that a French pastry chef’s Empanadas had been stolen by Mexican revolutionaries.“The Mexicans actually dubbed this invasion the ‘pastry war,’” Pilcher said.In concluding the talk, Pilcher discussed Mexico’s reaction to the “Americanization” of their food. Pilcher said that some Mexicans believe their food has been ruined by being poorly created all over the world. Pilcher also said, however, that Peru wants to be like Mexico.“Even though Mexico has been misrepresented this whole time, there is still a marketed interest,” he said.Fitting with the theme, the conversation ended with free tacos for audience members.last_img read more

TRANSFER ALERT! Arsenal eye £32m deal for Inter Milan ace after Jamie Vardy snub

first_img1 Arsenal are set to reignite their interest in Inter Milan striker Mauro Icardi after being snubbed by Jamie Vardy.The Gunners triggered the Leicester City forward’s release clause earlier this month, but the England man has now opted to remain with the Premier League champions.Signing a striker is at the top of Arsene Wenger’s priority list this summer and Icardi has now emerged as his primary target.Arsenal first registered an interest in the Argentine last summer and are set to lodge a £32m offer for the 23-year-old.The former Sampdoria man scored 16 goals in 33 appearances for Inter last term as they finished fourth in Serie A. Mauro Icardi in action for Inter Milan last_img