Tag: 上海夜网MW

AP Pension rebuked by regulator over compensation payments to FSP members

first_imgFSP merged with AP Pension in 2012. The authority also said it was ordering AP Pension to send out information to all former FSP members who had switched pension product, describing the background to the decision to award compensation. This should be done in the second quarter of 2014, it said.AP Pension said that at the time when customers had agreed to forgo their guarantees, all scheme members had been compensated equally. “But even though this was the practice, it was not necessarily reasonable,” AP Pension said.In order to make the division of reserves fairer in such situations, Finanstilsynet introduced so-called contribution groups – grouping people together based on age – at the start of 2011, the pensions firm said.But AP Pension said this had not been the case at the beginning of 2011 when FSP offered its customers the opportunity to switch from a with-profits pension product to a unit-linked one.As part of its discussions with Finanstilsynet over the issue, it said that in 2013 it had earmarked DKK131m including pension tax (PAL) for compensation.  As a result of the latest talks with the regulator, it had now decided to compensate customers from the former FSP Pension with DKK170m including PAL, it said.Finanstilsynet said it has referred the case to the Council of Finance (Det Finansielle Råd).Many Danish pension funds, which are incorporated as life insurance companies, are trying to move customers with older with-profits pension products, which include yield guarantees, to non-guaranteed plans which carry lighter reserve requirements. Denmark’s AP Pension has been censured by the financial regulator for failing to pay enough compensation to some scheme members when they gave up their pension guarantees.The mutually-owned commercial pensions firm has agreed to pay DKK170m (€22.8m) to customers of the former Finanssektorens Pensionskasse (FSP). The members either relinquished their yield guarantees on with-profits pension plans when they took part in a product switching push in 2011, or when they moved their plan to AP’s unit-link product AP NetLink.The regulator, Finanstilsynet, said it had reprimanded AP Pension. In the product switching exercises for members of FSP Pension — which existed at that point —  in 2011, 2012 and 2013, AP Pension failed to pay out the extra reserves for expected longer lifetimes, which had applied at the time, the regulator said.last_img read more

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Danish regulator reprimands pension fund for engineers

first_imgBeing a smaller player in the pensions market is challenging, he said, particularly with increasingly stringent demands for pension funds.“So one could say we have been prudent and have already taken account of this particular scenario, but the inspection just happened before everything was fully in place,” he said.The FSA said that when it had inspected ISP in January 2014, the pension fund had been unable to calculate its individual solvency requirement according to the new rules.In its report, the authority said: “In this context, the FSA considers it reprehensible that neither the supervisory board nor the management board was in possession of a clear enough basis for assessing whether proposed and implemented risk-reduction measures were sufficient to ensure compliance with the current solvency requirements in the transition to a new method.”On the subject of ISP’s agreed cooperation with AP Pension, the FSA criticised the pension fund for failing to have a clear enough basis for making that agreement in the first place. This meant the pension fund had put itself in a situation where it was unclear to what extent tasks would be solved within the framework of the agreement.The FSA said it had told ISP back in January 2013 that the pension fund did not have adequate collective skills on its supervisory board.It said it had now given the pension fund a risk notification because ISP had still not taken the necessary steps to strengthen collective skills on the board. The pension fund was also reprimand for failing to take enough account of the differences in mortality rates for scheme members with guaranteed with-profits pensions and those with unit-link pensions. Regarding investment practice, the FSA ordered ISP to set clear risk limits in relation to which asset types it may invest in, and about the extent to which interest-rate derivatives could be used.“Furthermore, a reprimand was given on the setting of adequate guidelines on concentration risk,” the FSA said.The authority said ISP’s average investment return for with-profits pension savings had been lower than those produced by comparable businesses over the last five years.At the end of the first quarter, ISP had a capital requirement of DKK578m, the FSA said, and a solvency level of 1.31.Bytoft said at no point had there been any risk to members’ savings. The Danish financial regulator (FSA/Finanstilsynet) has reprimanded engineers’ pension fund ISP for being unable to calculate its solvency requirement, as well as a lack of skills among its directors.ISP, the pension fund for technical and diploma-qualified engineers, responded by saying it had already decided to outsource most operational functions to commercial provider AP Pension, and that this arrangement would be in place in the second half of this year.The labour-market pension fund, which manages DKK15.4bn of pension assets, announced the outsourcing deal in June last year.Lars Bytoft, chairman of ISP’s supervisory board, said: “We at ISP have decided long ago that it will give us many advantages if we outsourced the majority of our activities to AP Pension.”last_img read more

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Iowan and former Trump campaign aide feels vindicated by Mueller findings

first_imgHINTON — An Iowan who served as a campaign aide to President Donald Trump was happy to hear that special counsel Robert Mueller did not find evidence that Trump’s campaign “conspired or coordinated” with Russia to influence the 2016 presidential election.Sam Clovis of Hinton says he and administration officials have been saying there was no collusion with Russia since Mueller’s investigation began. “In fact, I think if you read the Attorney General’s letter, it said that we actually resisted contacts with the Russians,” Clovis says,”and that was something that I had said all along. That had been my advice to the president and my advice to campaign from day one — was to not have anything to do with the Russians. And as it worked out, that’s exactly what the Mueller people found out.”Clovis had been called to testify before a grand jury more than one year ago regarding possible campaign ties between the Trump campaign and Russia. “I feel personally vindicated, I am happy for my friends and colleagues on the campaign who have been vindicated,” according to Clovis. “And I am really happy for the president. I think this is something that we are really going to be better off now that this is over and moving forward.”The report reached no conclusion on whether Trump obstructed justice but said key elements were not there. Clovis says Democrats are seizing on that part of the four page summary of the report.  I am stunned at the reaction of the Democrats. Of course you would expect them to be sore losers about all of this. But I think at the end of the day, they would be better served if they got a little bit more adult about what they are doing and decided to move on,” Clovis says.Democrats pointed out that Mueller found evidence for and against obstruction and demand to see his full report.last_img read more

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