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DC regulatory arbitrage creating ‘anti-competitive’ drawdown market

first_imgCurrently, the Financial Conduct Authority (FCA) regulates insurance DC provision while The Pensions Regulator (TPR) oversees trust-based schemes.From April 2015, insurance companies will also have to have independent governance oversight on their DC scheme offerings, making requirements more in line with trust law but leaving capital requirements solely on insurers.Mattingley sits on the board for both master trusts and insurance-based contract DC schemes but said the FCA’s claims that regulations were being aligned did not really compute.“Governance requirements for insurance companies could be positive for members and the industry as a whole, but the system needs to be balanced, and it is not,” he said.“If master trusts meet governance requirements to offer drawdown, it questions the need for capital reserves [on insurance companies].”However, he conceded that the most likely outcome was balanced regulations for both master trust and insurance offerings including governance and capital requirements.Mark Baker, legal director at law firm Pinsent Masons, said several insurance companies had set up master trusts in the wake of auto-enrolment, which could see them bypass capital requirements.“It might be we live with the situation rather than there being commercial reasons for the government to iron out the arbitrage,” he said.Baker agreed with Mattingley and said master trusts were likely to be treated more like retail insurance offerings, as the market began to use them more as such.“If the regulators do [regulate master trusts like retail products], it would capture this concern,” he said.Baker said TPR and the FCA – rather than merge regulations entirely – could change the way they operate, adding retail requirements to master trust products.“Trusts and contract products cannot ever really be aligned – they are just two different legal models, and there will also be a difference,” Baker added.“Over the longer term, the difference will be more clear and the idea of alignment less prominent.” The “regulatory arbitrage” between insurance company contract defined contribution (DC) schemes and master trusts is a recipe for market distortion, a senior industry figure has warned.Roger Mattingley, former president of the UK Society of Pension Professionals (SPP), said the fact insurance companies had to hold capital reserves against income-drawdown products – but that master trusts did not – skewed the competitive environment against the former.Income-drawdown solutions are expected to become more widely used from April 2015, when government plans to remove compulsory annuitisation are realised.However, Mattingley told IPE the lack of consistency of income-drawdown products was another example illustrating that the two parallel regulatory systems for DC providers were not aligned, even as the industry prepares for savers to be allowed full access to savings.last_img read more

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Mason Parris

first_imgCongratulations to Lawrenceburg’s Mason Parris for winning his 3rd consecutive state wrestling title.  Competing in the 220 lb. weight class, he went undefeated for the 3rd consecutive year.  Mason’s only defeat in high school came in the state finals his freshman year.  He lost a one-point decision to a wrestler from Penn High School.Mason’s dominance in wrestling is matched by his football feats.  He was a linebacker and sometimes running back for the Tigers.  He would dominate high school hurdles in track if it weren’t for Batesville’s Garrett Wagner.  Mason is definitely an all-round athlete.  He has decided to concentrate on wrestling at Michigan University.Part of this information came from WRBI sports and also from various area newspapers.last_img read more

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Update on the latest sports

first_imgUNDATED (AP) — The NBA announced the schedule Saturday for scrimmages at the Disney complex in Florida, with 33 games set for between July 22 and July 28.Each of the 22 teams that will be part of the season restart has been scheduled for three games.All three arenas at the ESPN Wide World of Sports complex that will be used for the restart will also play host to the scrimmages.There will be between three and six games per day during that six-day span. The season will officially resume with the start of seeding games on July 30.Teams begin arriving at Disney for a brief quarantine followed by the start of their training camps on Tuesday. Bottas takes pole position for season-opening Austrian GPSPIELBERG, Austria (AP) — Valtteri Bottas has upstaged Mercedes teammate Lewis Hamilton by taking pole position for Formula One’s season-opening Austrian Grand Prix. The Finnish driver edged out the world champion by .012 seconds at the Red Bull Ring in Spielberg. Red Bull driver Max Verstappen was back in third place and Lando Norris gave McLaren a boost by finishing fourth. Verstappen has won the past two years in Austria. Hamilton was chasing a record-extending 89th career pole. Ferrari struggled with Charles Leclerc nearly one second behind in seventh and Sebastian Vettel a miserable 11th.SOCCER-JAPAN INDIANAPOLIS (AP) — IndyCar and Indianapolis Motor Speedway are making an active effort to increase diversity throughout the industry with a $1 million donation to a new “Race for Equality & Change” initiative. The initiative will support both internal and external programs. IndyCar does not have any Black drivers. Bubba Wallace is the only full-time black driver in NASCAR’s top Cup Series. The initiative announced before Saturday’s race at Indianapolis Motor Speedway is aimed at both developing diversity within the sanctioning body and at the speedway, as well at the grassroots racing levels. MLB-INDIANS NAMEIndians reviewing possible name change July 4, 2020 SOCCER-FC DALLASMLS tournament match postponed by Dallas positivesDALLAS (AP) — The MLS Is Back tournament match between FC Dallas and the Vancouver Whitecaps has been postponed after six FC Dallas players tested positive for COVID-19.The group stage match was scheduled to take place Thursday. MLS officials announced the postponement Saturday and said a new time and date would come later.FC Dallas confirmed Wednesday that players had tested positive upon their arrival in Florida for the month-long tournament. The entire FC Dallas delegation is quarantining in their rooms at the walt Disney World Swan and Dolphin Resort. ATLANTA (AP) — Frances Tiafoe has tested positive for the coronavirus and withdrawn from the All-American Team Cup tennis tournament. He was scheduled to face Tennys Sandgren on Saturday in the weekend tournament in Atlanta involving eight top American men’s players. The event is allowing a limited number of fans and not requiring masks, though will provide them if requested. Tiafoe defeated Sam Querrey on Friday, but was showing symptoms after the match and a test was positive. He says he had tested negative for the virus as recently as a week ago.NASCAR-BRICKYARDJohnson missing Brickyard 400 after testing positive Kansas State players call off threatened boycottMANHATTAN, Kansas (AP) — Kansas State football players have called off a threatened boycott in response to an insensitive tweet by a student about the death of George Floyd.The decision was announced on social media by several players. It follows moves by the school to address diversity concerns.The players say they they will track the school’s efforts and re-evaluate their options if needed.F1-AUSTRIAN GRAND PRIX Japan’s professional soccer league restartsTOKYO (AP) — — Japan’s professional soccer league restarted on Saturday after a four-month break caused by the coronavirus pandemic. All 18 top-flight teams were in action, and the nine games were played without fans. Japan’s popular pro baseball league restarted last month, also without fans.The first division of the J-League suspended play in February after only one round of matches had been played. It is expected to gradually start allowing fans to enter later this month although that could be slowed with Tokyo reporting a steady increase in COVID-19 cases. Manager Brian Snitker says the four players, including right-hander Touki Toussaint and infielder Pete Kozma, agreed to have the team disclose their positive tests. Snitker says Freeman had a negative intake test before having a positive test on Friday. Snitker said Freeman has a fever and “is not feeling great.” He says “it will be a while” before Freeman can return to the team. The Braves signed Smith, the former Giants reliever, to a three-year, $39 million deal in the offseason.VIRUS OUTBREAK-TENNIS-TIAFOEFrances Tiafoe has coronavirus, exits Atlanta tennis event Irish trainer Aidan O’Brien claimed a record eighth win in the race.It marked another triumphant day for O’Brien, who saddled the winner of the Oaks hours earlier. Race favorite Love was his eighth winner of the classic for fillies. Associated Press CLEVELAND (AP) — They’ve been known as the Cleveland Indians since 1915. Those days could be over.Amid new pressure sparked by a national movement to correct racial wrongdoings, the Indians said Friday night they will review their long-debated nickname which has been in place for 105 years.The move mirrors the one made by the NFL’s Washington Redskins, who are embarking on a “thorough review” of their name. The Redskins’ decision came in the wake of FedEx, which paid $205 million for naming rights to the team’s stadium, and other corporate partners calling for the team to change its nickname. There have been previous efforts to get the Indians to rename themselves. But following the death of George Floyd in Minnesota and other examples of police brutality against Black people in the U.S., there has been a major move nationwide to eradicate racially insensitive material.RACIAL INJUSTICE-KANSAS STATE INDIANAPOLIS (AP) — NASCAR’s extravagant weekend at Indianapolis Motor Speedway has been rocked by its first driver testing positive for the coronavirus. Seven-time NASCAR champion Jimmie Johnson will miss what was supposed to be his final Brickyard 400 as he quarantines following the Friday test result. He was asymptomatic but wife Chani had tested positive, so Johnson had himself checked. Johnson on Sunday had hoped to tie Jeff Gordon and Michael Schumacher as the only drivers with five victories at Indianapolis. Instead, Justin Allgaier will drive the Hendrick Motorsports No. 48 Chevrolet. NBANBA announces schedule for Florida scrimmages Update on the latest sports Vancouver’s team is scheduled to arrive in Orlando on Monday.MLS said the postponement would allow both teams to have additional training days in Orlando before opening tournament play.FC Dallas will now play its first tournament match July 15 against the Seattle Sounders.INDYCAR-DIVERSITY PROGRAMIndyCar donates $1 million to establish diversity program Japan has reported just under 1,000 deaths from the virus, in a population of 126 million. This compares to almost 130,000 in the United States with a population of 330 million.HORSE RACING-ENGLISH DERBYPacesetter Serpentine goes wire-to-wireEPSOM, England (AP) — The first English Derby to take place without spectators has taken a surreal turn as 25-1 shot Serpentine went out as the pacemaker and was never caught for a stunning six-length victory at an empty Epsom Downs. The nature of Serpentine’s wire-to-wire victory added to the bizarre feel of the 241st running of the classic. The course was fenced off and there were only a few hundred people on site at a prestigious event that usually attracts as many as 100,000 race-goers. Share This StoryFacebookTwitteremailPrintLinkedinRedditMLB-BRAVES-FREEMAN TESTS POSITIVEFreeman, Smith among four Braves testing positiveATLANTA (AP) — Atlanta Braves four-time All-Star Freddie Freeman, premier reliever Will Smith and two teammates have tested positive for the coronavirus. last_img read more

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Ifeanyi Ubah Elected Anambra FA Chairman

first_imgChairman of Chairmen of Nigeria football, Alhaji Ibrahim Musa Gusau also witnessed the elections that took place in Awka, the Anambra State capital, alongside the Chairman of the Enugu State Football Association, Mr. Chidi Ofo Okenwa.NFF President Amaju Pinnick has congratulated Dr. Ifeanyi Ubah on his victory.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram Just two days before the annual general meeting of the Nationwide League One, the League’s patron and club owner, Dr. Ifeanyi Ubah, has emerged the Chairman of the Anambra State Football Association.In elections conducted yesterday, the business mogul polled 24 votes. Jude Obikwelu emerged the new Vice Chairman, while the following persons were also elected into the board of the Anambra State Football Association from the zones: Amuzie Cyprian Chibuike, Udennanka Anthony Bebeto (Anambra Central); Amene Joe Ifeanyi, Emeka Raphael Udoka, Uduh Kingsley (Anambra North) and; Ifepe Edward Adah, Albert Chinye Theodore (Anambra South).Chairman of the Anambra State Election Monitoring Committee, E. C. Chukwuemeka confirmed the results yesterday.last_img read more

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bet365 continues Manchester expansion with new offices

first_img Leading UK online bookmaker, bet365 has expanded its operating capacity within Manchester after confirming it has taken a five-year lease on a city-centre building.It comes after the online bookmaker launched its DevOPs department in November 2019, which significantly boosted bet365’s operational capacity.“We are thrilled to welcome Bet365 to the final three floors at Core,” said James Whitcher, Asset Management Director, Boultbee Brooks Real Estate.“Securing Bet365 against stiff competition is testament to the quality of the Core development and the whole project team who worked tirelessly to deliver an impressive transformation of a previously unloved building.”“We’re delighted to secure such a high profile company for the remaining space at CORE. Following its comprehensive refurbishment, CORE has become one of Manchester’s most popular and sought after office buildings, appealing to tenants seeking a mix of modern office suites and collaborative workspaces,” added Jonathan Cook, Associate Director at CBRE Manchester.In 2018, bet365 established a Manchester-based tech support office housed in the city’s Spring Gardens area, led by Warren Hughes the firm’s Head of Systems Development.The bookmaker’s enlarged Manchester tech support unit is operated by subsidiary Hillside Technology, tasked with forming a bet365 ‘site reliability engineering‘ team. Submit Related Articles Share Playtech goes live in the US with bet365 August 7, 2020 Oddschecker: ‘Unusual circumstances’ fail to hinder Royal Ascot traffic July 23, 2020 Degree 53 expands technical and product development teams   July 22, 2020 StumbleUpon Sharelast_img read more

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VIDEO: AlK 1-1 Manchester United

first_imgChampions Manchester United recorded a 1-1 draw against Swedish side AIK in their penultimate pre-season friendly.Robin Quaison scored an impressive goal to give the hosts the lead.United youngster Angelo Henriquez bundled home the equaliser at the back-post from a Wilfried Zaha cross.David Moyes’ side now face Sevilla in Rio Ferdinand’s testimonial before their season starts in earnest with the Community Shield against Wigan on Sunday.last_img

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Roberto Hernandez struggles in Dodgers’ 6-3 loss to the San Diego Padres

first_imgPHOTO GALLERY “We lost by three and we gave away three,” Dodgers first baseman Adrian Gonzalez said. “That one hurts.” Hernandez allowed five runs for the second consecutive game. Dodgers manager Don Mattingly pulled Hernandez in the third inning, before his first turn to bat, and tasked five relievers with the chore of keeping the game close. They might have pulled it off if not for a three-run third inning, lowlighted by two Ramirez errors. Clayton Kershaw was on the mound at Dodger Stadium two days ago, which has become an exercise so predictable you can set your watch to it. The only suspense is if the other team will get a hit, as evidenced by a collective groan from the denizens when the Padres broke up Kershaw’s latest no-hit bid. When Roberto Hernandez is pitching, or the ball is rolling to Hanley Ramirez, the suspense is greater. And when these things happen on consecutive days ‑ Kershaw at his best one day, Ramirez and Hernandez at their worst the next ‑ the Dodgers look like two completely different teams. Such was the case as the San Diego Padres won 6-3, ending the Dodgers’ four-game winning streak before an announced crowd of 45,213. With two outs, a ground ball by Rymer Liriano squirted under Ramirez’s glove and into right field. Alexi Amarista followed with a clean single. Hernandez got two strikes on Padres pitcher Andrew Cashner, then hung a slider that Cashner smashed for a two-run double. Cashner went to third base when Ramirez dropped a catchable relay throw from the outfield, then scored on a single by Cory Spangenberg. The three runs were all unearned, courtesy of Ramirez’s team-leading 15th and 16th errors of the season. “Well we’ve been playing like this all year,” Mattingly said in response to a question of Ramirez’s defense. “He made an error tonight and it ended up being a costly one, but it’s not something that all of a sudden you just change what you’ve done all year long over one game. “We try to get offense from that spot; he’s the guy that can do it.” Ramirez, who was 4 for 4 the night before, looked like a different player himself. He went 0 for 4 and left six runners on base in addition to the two errors. Mattingly wouldn’t even address a question of whether he’ll stick with Hernandez, who is due three more starts by the end of the season. In his last four starts, Hernandez is 1-3 and his ERA has risen from 3.72 to 4.31. The veteran right-hander has regressed since his impressive first two starts after the Dodgers obtained him to replace Josh Beckett. “I’m not worried,” Hernandez said in Spanish. “I don’t have any control over that.” The Padres’ five runs were more than enough for Cashner (3-7). The right-hander has allowed only four runs in three starts against the Dodgers this season; this was his first win. Gonzalez’s 23rd home run of the season, a two-run blast to right field in the sixth inning, accounted for both Dodgers runs against Cashner. By then, the Dodgers were trailing 5-2. Hernandez would have had enough time to settle into the clubhouse and watch the San Francisco Giants pile on against the Arizona Diamondbacks. The Giants’ 5-1 win narrowed the Dodgers’ lead in the National League West to 2 1/2 games. The Dodgers had a couple chances to narrow the gap. Matt Kemp followed Gonzalez’s home run with a double to left-center field, extending his hitting streak to 15 games. But he was called out when he was struck on the foot by a ground ball. Juan Uribe grounded out to end the inning. In the seventh inning, leadoff singles by Yasiel Puig and A.J. Ellis gave the Dodgers runners on first and second base with none out. Pinch hitter Joc Pederson flew out, Dee Gordon grounded into a forceout and Ramirez grounded out to end the inning. Pederson is batting .133 (2 for 15) since making his debut as a September call-up. “You would rather have Andre (Ethier) up with the game on the line in the ninth than Joc,” Mattingly said, “so that’s kind of the thinking there, is who do you save for the biggest at-bat in the ninth?” Ethier and Justin Turner got the pinch-hitting assignments in the ninth inning. Turner’s single off Padres closer Kevin Quackenbush scored Uribe with the Dodgers’ final run. Quackenbush came back to strike out Gordon and got Ramirez to fly out to end the game.BOX SCOREcenter_img Newsroom GuidelinesNews TipsContact UsReport an Errorlast_img read more

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NBALakers lose to Nuggets as Russell,Clarkson swap roles

first_img AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREUCLA alum Kenny Clark signs four-year contract extension with Packers DENVER – The revolving door that is the Lakers’ starting lineup took another turn Monday. The Lakers’ inconsistency, though, remained the same.The Lakers fell to the Denver Nuggets, 129-101, at Pepsi Center in a game in which they trailed by as many as 32. Though the Lakers chipped away in the second half, overcoming a 67-43 halftime deficit was beyond their grasp. The Lakers (20-47) lost for the 37th time in their last 47 games thanks to season-long shortcomings — poor defense and unsteady offense.Familiar outcome aside, this game at least featured a twist at the start with Coach Luke Walton making another lineup change. And this one did not involve demoting a veteran for the sake of developing a young player.Instead, Walton moved third-year guard Jordan Clarkson to the starting lineup while second-year guard D’Angelo Russell came off the bench for the first time this season. Clarkson had 19 points and three assists while going 7 for 18 from the field, but Russell was held to 10 points and three assists while shooting 4 for 14.“It’s cool,” Russell said. “It’s not a negative thing.”After all, the Lakers hold a two-game cushion over the Phoenix Suns (22-45) for the NBA’s second-worst record, giving the them a 55.8 percent chance of keeping their Top-3 protected draft pick, which is otherwise owed to Philadelphia as part of the 2012 Steve Nash deal.Walton also told Russell and Clarkson the move had nothing to do with their play. While Russell had averaged 20.5 points and 5.4 assists on 44.8 percent shooting in the eight games since the All-Star break, Clarkson had averaged 19.3 points and 3.6 assists on 46.4 percent shooting during the same stretch. Though Walton called Clarkson’s career-high 30 points and eight assists in Sunday’s loss to Philadelphia “pretty damn good,” Walton stressed other factors influenced his latest decision.“Just to see what it looks like when he’s out there running the point guard position against starting groups and what not,” Walton said. “That type of experience and that type of film breakdown with us will be valuable.”Walton also seemed intrigued to see how Russell and Clarkson would handle their new roles, no matter how temporary.“That’s part of everything. We’re always interested in seeing how everyone responds to different situations, adversity and challenges,” Walton said. “Part of our evaluation is always seeing how players respond to different opportunities.”Walton also started rookie center Ivica Zubac (career-high 25 points on 12-of-14 shooting and 11 rebounds) and newly acquired guard David Nwaba (two points) for the second consecutive game, while sitting veterans Nick Young, Luol Deng and Timofey Mozgov. In other words, the reasons differ from when Russell lost his starting spot 20 games into his rookie season. Then, former coach Byron Scott expressed displeasure with Russell’s consistency, work habits and attitude.“I don’t want to compare it and talk about that,” Russell said. “That’s irrelevant. But it’s a way different feel as far as you know there’s a reason behind it.”Though he did not reach the 30-minute mark against Denver as Walton envisioned, Russell closed the game out as he had hoped.“I just want to finish the games, honestly,” Russell said. “I may not play the whole game. But if I finish the game, I know I’m growing.”Walton stressed his lineup experimentation will remain fluid, though it remains unclear if that will happen game-to-game. But for now, that meant swapping one young player for another.“It was tough because D’Angelo has been playing pretty darn well for us,” Walton said. “He’s obviously one of the young guys who is a big part of the future. We want to keep his confidence high.” Newsroom GuidelinesNews TipsContact UsReport an Errorlast_img read more

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England Golf discuss strategy in Parliament

first_img The meeting was chaired by Member of Parliament for North East Fife and Vice-Chairman of the Group, Stephen Gethins MP. Speaking afterwards, he said “We have a fantastic professional game in the United Kingdom, but we always should be encouraging more people to pick up a club and get active given all of the health and other benefits that brings. It was good to hear about England Golf’s attempts to develop the game, and I look forward to hearing from other organisations in the future, as the Group continues to support golf at all levels.”  The presentation focused on England Golf’s current strategy, including initiatives to encourage participation and lifelong involvement in the sport, but also reflected on thoughts ahead of the organisation’s new strategic plan in 2017. Group Chairman and Member of Parliament for Lincoln, Karl McCartney MP, commented “Members of the Group were delighted to welcome Nick and Rod to Westminster, and to hear about England Golf’s plans to strengthen the sport. The initiatives that England Golf have to grow participation at the grassroots level mean that even more people will have the opportunity to play golf.” 5 Jul 2016 England Golf discuss strategy in Parliament center_img Nick Pink added “England Golf has a clear strategy to encourage even more people to participate in golf, and stay fit and healthy. We are committed to growing the game across England, working at the heart of a network of partners to support the sport. We aim to strengthen clubs and the talent development pathway, so that we see more English golfers following a similar path to the likes of Danny Willett, and enjoying success at the highest level.” The Parliamentary Golf Group welcomed England Golf to Parliament yesterday evening (Monday 4 July).  England Golf Chief Executive, Nick Pink, and Director of Strategy and Governance, Rod Findlay, made a presentation to Peers, MPs and Associate Members in the Palace of Westminster. last_img read more