OECD: Number of pension funds halve in Denmark, Netherlands and UK

first_imgThe fall in pension fund numbers may have been the result of mergers, closures or acquisitions, it said.“Mergers between pension funds may result in economies of scale and potentially help pension funds to become more competitive,” it added.On the other hand, some pension scheme closures may have resulted from difficulties in delivering the terms of contracts or meeting funding requirements in case of defined benefit (DB) plans, the OECD said.“The 2008 financial crisis and falling interest rates caused the funding position of DB plans to deteriorate,” it said, adding that difficulties in meeting funding requirements may have forced underperforming funds to wind up. The amount of assets invested per pension fund, however, increased between 2005 and 2015 in almost all countries for which data were available.Related to the fact that pension systems are consolidating, particularly in Europe, the OECD outlined the findings of an analysis into whether there were a link between the number of pension funds in a pension system and the real net returns produced overall.“Countries with a declining number of pension funds may experience higher net returns if underperforming funds exit the market,” it said.But alternatively, it said, a low number of pension funds could lead to a situation of oligopoly, with a potentially lower level of competition than in countries with more funds. Results showed that countries with 30-149 pension funds had experienced higher real net returns than countries that had more pension funds between 2005 and 2015.In the year 2015 alone, however, there was no relationship between the number of pension funds and the real net rates of return, the OECD said. The number of pension funds has fallen markedly in many OECD countries over the last 10 years, and the Netherlands, Denmark and the UK have witnessed the largest shrinkage in percentage terms, according to a report from the organisation.In its 2016 Pension Markets in Focus report, the OECD said the number of pension funds had decreased in 15 OECD countries and nine non-OECD countries in 2015 compared with 2005, with 14 of those 15 OECD countries being European.The report said: “The biggest change, compared with 2005, occurred in the Netherlands (-60.1%), Denmark (-60.0%) and the United Kingdom (-52.3%).”In terms of the total number of pension funds to disappear, the largest decrease was in the UK.last_img read more

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Road Construction Planned For I-74

first_imgBATESVILLE – Drivers will soon see more construction signs and orange barrels on I-74.A $1.2 million Indiana Department of Transportation project to repair and patch failing concrete pavement between mile markers 143 and 168 is scheduled to begin next week.Milestone, the state’s contractor, plans to place construction signage Monday and identify initial repair sites Tuesday.Road crews will, then shift traffic to single lanes—both eastbound and westbound—on either side of the I-74 Western Creek bridge, near the 153.6 mile marker, next Wednesday.Prior to establishing the traffic shift east of Batesville, crews will set barrier walls and strengthen inside shoulder areas.There will be an 11-foot width restriction at the Western Creek bridge.  Trucks with wide loads are being directed around the I-74 restriction via State Road 46 at Exits 149 and 156.last_img read more

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I wasn’t just calling up players, I was building a squad for the future – Ex-Black Stars boss Kwesi Appiah

first_imgFormer Black Stars coach, Kwesi Appiah, has defended his use of a large number of players during his tenure as national team boss.One major criticism levelled at Kwesi Appiah was his apparent failure to settle on a core team of players.He was accused of experimenting with his squad even after having been in charge for over a year, constantly inviting lots of new players to the squad.Kwesi Appiah used 49 different players in his first spell in charge from 2012 to 2014  and 60 different players from 2017 to December 2019.However, Appiah argued that he has been forced to try out more new players due to a failure to institute an effective succession plan for the Black Stars.He said that while he had inherited star players like Michael Essien, Sulley Muntari and Asamoah Gyan, these players were reaching the late stages of their career and not much effort had been put into finding players to take over from them.“We’ve made a lot of mistakes preparing a succession plan for the national team. Since I came, I’ve always been introducing a lot of players, giving other players opportunities so that all of us Ghanaians could choose the best amongst them to play for us. “People didn’t understand me, they thought I was just calling a lot of players but the bottom line was that we didn’t have a standing team like in [Michael] Essien’s time. There was Essien, Sulley [Muntari], [Asamoah] Gyan and a number of others. The team was there so it was much easier for any coach that came in,” Kwesi Appiah told Godfred Akoto Boafo on Citi TV‘s Face To Face.Kudus Mohammed [one of seven debutants] celebrating his goal against South AfricaAccording to Appiah, he wethered the criticisms that came and persisted with his decision to constantly introduce debutants to the squad, even with the threat of losing his job hanging over his head.He added that he intended to create a “backup” team that could be called upon to replace the regulars when they were no longer available.“I took over when these players were getting old or going off the scene so what do you do at a time like that? We didn’t have a plan for other players to take over. I had to take a risk, put my job on the line to bring players in. “If we had a succession plan the setup would have been there and then you’d only add one or two players. It’s important that we make sure that we have a backup team.”More than a few eyebrows were raised when Appiah named seven debutants in his squad for the Black Stars’ two AFCON 2021 qualifiers against South Africa and Sao Tome and Principe.He, however, appeared to have been justified when one of the debutants, Kudus Mohammed scored Ghana’s second goal in the 2-0 win over South Africa.Watch the full interview on Citi TV’s Face To Face below or jump to 24:24 for his comments on the Black Stars’ lack of a succession planlast_img read more

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