Regulatory pressure forces Dutch scheme to consider liquidation

first_imgHe also noted that the best solution for pensioners could be placing their pension rights with an insurer, which must guarantee their benefits.Another potential option could be the proposed APF, although Bakker said this would depend on the ultimate shape of the new pensions vehicle.The pension fund’s policy funding – the new criterion for indexation and rights cuts – was 115.1% as of the end of February.The scheme said it expected this figure, based on the 12-month average of current funding, to decrease.In an additional clarification, Bakker cited “ever-expanding” supervisory pressure from regulator De Nederlandsche Bank.“Moreover,” he said, “the new financial assessment framework is likely to raise costs for small pension funds.”Last year, the regulator fined the Consumentenbond scheme €17,500 for twice failing to meet deadlines for the submission of documents. Dutch consumer industry group Consumentenbond has said it is exploring its options on the future of its €70m pension fund, including the possible liquidation of the scheme. Chairman Rob Bakker said “sharply increased” financial and administrative burdens were proving a growing obstacle for maintaining the scheme’s independence, but he also warned that the board’s continuity was “at stake”.He said four of the six current trustees were over 60, and that he himself had decided to step down at the end of the year, after 10 years at the helm.According to Bakker, one of the options for the scheme will be to join a non-mandatory industry-wide pension fund, such as PGB, which does not require an incoming scheme to change its pension arrangements.last_img read more

Giggs basks in debut win

first_img United put Giggs in temporary charge of the team on Tuesday following the sacking of David Moyes, who was dismissed just 10 months into his six-year contract. The Welshman vowed to restore the positivity to the club following his appointment, and that was certainly the case on Saturday as Wayne Rooney and Juan Mata both scored twice in a comfortable win. Giggs may not be under consideration for the post on a full-time basis, but many of the 75,208 fans who were inside Old Trafford wish he was. “To win 4-0 is a dream day for us. It’s always nice to end the game like we did,” the interim manager said after registering the team’s biggest home win of the season. United struggled to get going in the first half, but after Rooney’s penalty – which came after Steven Whittaker pulled Danny Welbeck back – the Red Devils kicked into gear. Rooney curled a peach of a shot home from 25-yards after the break and Mata scored twice from close range to make it 4-0. What happened on the pitch was something of a sideshow for most of the game. The fans had come to see Giggs – the man who is responsible for trying to consign the Moyes era to history as quick as possible. The fans made their feelings known towards their most decorated player from the start. Giggs, and his popular coaching staff of Paul Scholes, Nicky Butt and Phil Neville, received a rousing reception as they left the tunnel and throughout the match he was hailed by the home fans. Ryan Giggs was in dream land on Saturday night after leading Manchester United to a 4-0 win over Norwich on his managerial debut. “The reception was great,” said Giggs, who has played 962 times for United. “I’ve walked down that tunnel so many times in big games and that was the best feeling I’ve had. “I felt 10 foot tall, so proud. The fans’ reaction was great, just like it has been all week.” It was not all joy for Giggs though. The Welshman revealed he had tossed and turned in his bed on the eve of the match, worrying about selection dilemmas. Giggs made an attempt to make a clean break from the Moyes era by making six changes from the Scot’s final game in charge – a miserable 2-0 defeat at Everton. Marouane Fellaini – a £27.5million Moyes purchase – did not make the squad while club-record signing Mata only came off the bench after an hour. When asked whether he slept on Friday night, Giggs was candid in his response. “No,” he said. “Leaving out players was the reason I didn’t sleep. They are team-mates of mine and I’ve never done it before. “It was a tough one to leave Juan out. But he put on a half-hour master class. He was brilliant and I was really happy for him. “It’s not easy, he’s got a big price tag and to not start the game was disappointing for him. “I’ll continue not enjoying (leaving players out); that has been the hardest part this week.” Giggs will have to get used to that aspect of the game over the next fortnight, and possibly beyond. Giggs said he would not allow himself to think about the possibility of becoming full-time United boss until the end of the season. United are after a more experienced manager – even though they distanced themselves from reports on Saturday morning in the Dutch press that they had given the job to Holland coach Louis van Gaal. Rooney is sure his team-mate does have a future in management – whenever and wherever that may be. “He’s a really experienced player and he’s built to be a manager,” the striker said. “We can see that as players, we can see how he’s handled himself since he took over. “Giggsy has got all the credentials to be the next boss but that decision is down to the board.” The win leaves United six points short of sixth-place Tottenham, who have played one more game. Norwich can only dream of being in such a lofty position. The Canaries are just one point above the drop zone. Cardiff and Sunderland both have the chance of plunging Neil Adams’ men into the bottom three when they meet on Sunday. But the interim Norwich manager, who faces Arsenal and Chelsea in his final two games, is not giving up hope just yet. “It’s difficult and we will be looking at the results tomorrow,” he said. “What we have to make sure we do is give everything we’ve got. “We are going to need to take points in each of the games. “We need to have a real good go at it and need to be a little bit braver than we were today. “We are still out of the bottom three but we can’t rely on other teams, we have to get our own points.” Press Associationlast_img read more

USC has taken a long road back to the Rose Bowl

first_imgA berth in the Rose Bowl Game was once a Trojan birthright. From 2004 to 2009, USC football took the field in Pasadena following the Rose Parade every single year save one — when the Trojans were busy thumping Oklahoma in Miami to win their (since-vacated) 2005 national championship. No team holds a candle to USC’s 33 Rose Bowl appearances and 24 victories: Michigan is in a very distant second with 20 appearances and eight wins.But it has been eight long years since USC last played in the Granddaddy of Them All, and much has changed in Troy during that drought. Two heroes from the ‘09 triumph, head coach Pete Carroll and quarterback Mark Sanchez, remain in the spotlight today, but Carroll is in the business of winning Super Bowls, not Rose Bowls, and Sanchez saw some action for the NFC-leading Dallas Cowboys in Sunday’s NFL action.As the NFL called Sanchez to New York after his 2009 junior season — and Carroll to Seattle a year later — the Trojans entered an unfamiliar period of borderline irrelevance. First hindered by the infamous Reggie Bush sanctions, then by simple underachievement, USC failed to make meaningful bowl games, and the brain trust fired up the coaching merry-go-round.It was, at least, a black comedy worthy of Hollywood. When only a postseason ban kept the 2011 Trojans from a shot at the Rose Bowl, Lane Kiffin’s 2012 squad was prematurely touted as the preseason favorite. A spectacular implosion saw USC finish unranked by the year’s end, having suffered losses to both UCLA and Notre Dame. This culminated in Kiffin’s notorious 3 a.m. firing the year after, when the coach was called off the team bus and fired at the airport.The drama didn’t end there, as interim coach Ed Orgeron resigned at the regular season’s conclusion when he wasn’t offered the full time position (despite leading the Trojans to a 7-2 record post-Kiffin). Current head coach Clay Helton stepped in as the interim’s interim and guided USC to victory over Fresno State in the 2013 Las Vegas Bowl. Helton then returned to his role as offensive coordinator to make way for the incoming Steve Sarkisian. The Trojans finished Sarkisian’s inaugural season with a Holiday Bowl win over No. 25 Nebraska, and they looked ready to put the post-Carroll-era circus behind them, rebranding themselves through their head coach’s up-tempo scheme.Steve Sarkisian was fired midway through last season – Tal Volk | Daily TrojanThen Sarkisian infamously took the stage at the 2015 Salute to Troy preseason donor event. There, he reportedly said scheduled opponents Arizona State, Oregon and Notre Dame “all suck” before capping off his slurred speech with, “Get ready to f***ing Fight On, baby!” After a 3-2 start to the season—during which Sarkisian showed up inebriated to practice and allegedly even coached drunk in USC’s 42-14 romp at Arizona State — Helton was once again named interim coach, and Sarkisian was shown the door. The former head coach responded by filing a wrongful termination lawsuit against the university, claiming USC illegally fired him due to his disability of alcoholism. Meanwhile, Helton led the Trojans to the Pac-12 Championship game, where they lost to Stanford and an uncontainable Christian McCaffrey. Shedding his interim label after the season, Helton finally earned the keys the program after six years on the coaching staff.It was under this new regime that USC began regaining its old swagger — but it began with desperation. A disastrous 1-2 start (including a season-opening 6-52 drubbing at the hands of Alabama) forced a change at quarterback. Redshirt freshman Sam Darnold took over under center and immediately began to turn heads, running and gunning like no other Trojan quarterback in recent memory.Although Darnold lost his debut start to Utah, USC ran the table thereafter, winning eight in a row to finish the regular season. Over three consecutive weeks, the Trojans claimed victories over No. 4 Washington, UCLA and Notre Dame. Junior jack-of-all trades Adoree’ Jackson began building a case for the Heisman Trophy with his breathtaking kick and punt returns, as well as his explosive touches on offense — all while primarily playing cornerback. For the first time in years, it seemed as if people were watching USC for its genuinely exciting football team, not rubbernecking out of morbid fascination like Los Angeles drivers coasting past a highway car wreck.Tal Volk | Daily Trojan Holding it together · Head coach Clay Helton’s season turned around after he named redshirt freshman quarterback Sam Darnold the starter in Week 4.Which brings us to Monday. Thanks to the Huskies’ participation in this season’s playoff, the Trojans are back where they belong: in Pasadena for the New Year. And they look the part; on their best day, you could mistake this team for a Carroll-era juggernaut. Strangely enough, their opponents in 2017 are the same Nittany Lions they faced in 2009. But Penn State has gone through turmoil that even USC can’t begin to comprehend, and the Big 10 champions are certainly not akin to the Joe Paterno-led side that fell to Sanchez and company eight years ago.Yet multiple parallels remain between the two schools. The Nittany Lions are likewise making their first trip to the Rose Bowl Game since ’09. USC and Penn State have both dealt with NCAA sanctions and have cleaned up problematic cultures within the program (although “problematic” doesn’t do justice to the vileness of the Sandusky scandal). They have also both established new, better systems and have returned to prominence on the gridiron. Using overwrought Hollywood clichés, USC and Penn State have risen from the ashes — and perhaps things are now coming full circle on the football field come Monday night. It feels current and exciting, but also like a throwback to the bygone BCS and AP Poll eras. It’s the Granddaddy of Them All.Correction: A previous version of the timeline stated that former USC football coach Steve Sarkisian was fired in August 2015. Sarkisian was actually fired in October 2015. The Daily Trojan regrets the error.last_img read more