The conversion rate should be linked to “the market yield on a long-term sovereign bond and life expectancy at retirement”, the organisation stated.However, Swiss pension professionals criticised the idea of a market-driven approach at this year’s Swiss Pensions Conference, organised by the CFA Society Switzerland.“This would be the best method to do away with the second pillar as it would become completely unattractive for its members”Gerard Fischer, Fischer Horizon“The immediate shift to a market-valued technical interest rate [technischer Zins] would lead to a conversion rate of 3.6%, the application of generation tables and an interest rate slightly below 0%,” said Stephan Wyss, founder and managing director of research consultancy Prevanto.Gerard Fischer, independent consultant and former CEO of Swisscanto, warned: “This would be the best method to do away with the second pillar as it would become completely unattractive for its members.”He added: “For people, it is only important to know what their pension can buy once they retire.”Fischer pointed out that Switzerland still had an “implicit defined benefit system” as pension promises remained unalterable once given.“With variable pension payouts we would be able to stay closer to the constitutional mandate for the second pillar to ensure a certain income upon retirement,” he said.Some pension funds have been forced to use active members’ money to pay out pensions, in part due to the high conversion rate. Stephan Wyss, PrevantoWyss said: “We started the second pillar in the ‘nominal world’ of 2% inflation and 2% real interest rate and now we are in a ‘real world’ with no inflation and thus low-to-negative interest rates.“The pension funds are still digesting this transition and it will get better once the interest rates start to rise again.”Jorge Serra, chief financial officer at Swiss public sector union VPOD, also called for patience, arguing that “our system has to be able to cope with such distortions for some time, and in the past we have had the opposite effect as well”.Wyss called on all stakeholders in the debate to consider the investment impact of the conversion rate debate.“At the moment the focus is only placed on risks and risk benchmarks, but I think this only covers part of the problem,” he said. “We should take a step back and look at the chances as well and without taking a bit more risk in investments there will no longer be any returns.” Switzerland should link pensioner incomes to long-term market interest rates, according to the International Monetary Fund (IMF).In its latest assessment of the Swiss financial system, the IMF said the ‘guaranteed conversion rate’ – which determines how much of a retiree’s second-pillar pension savings can be paid out each year – should be more flexible to account for rising life expectancy.The current minimum conversion rate is set at 6.8%, and a proposal to reduce this to 6% was rejected by Swiss voters last year as part of a referendum on wider pension reforms.“Adjustment of the pension system parameters would support the sustainability of the social safety net,” the IMF said, adding that “population aging makes pension system reform essential”.
VAR referees in Greece were spotted receiving a takeaway delivery while a game was ongoing after cameras panned to them at the moment the food arrived.Lamia were taking on Panathinaikos in the Greek Superleague in the first game of the domestic season when an incident on the pitch went to VAR.As the TV coverage showed the room in which the three VAR officials were monitoring the action it is clearly visible that there is a fourth man appearing to deliver a bag full of food for the hungry referees.It has not been confirmed what type of food the officials had opted for, with some reports it was souvlaki, a traditional Greek fast food which consists of small pieces of meat and grilled vegetablesThe match eventually ended 1-1, with Lamia taking the lead before former Manchester United player Federico Macheda, who is best known for scoring a dramatic last minute goal against Aston Villa in 2009, equalised with a penalty.Social media users reacted with hilarity to the incident, with many displaying solidarity towards the officials. One person posted: “When hunger strikes, it strikes!”, while another added: “Welcome to our great league where anything can happen.”One user cheekily suggested foul play could be afoot, and said: “Probably a bribe…’here is your kebab now disallow this goal!’”Apparently, food was also delivered at the City/Spurs game last weekend, it arrived just as Rodri was sent sprawling in the box. Var missed it! read more
Andrea Pirlo and David Villa rolled back the years against Orlando 1 Watch Andrea Pirlo and David Villa roll back the years for New York City in the MLS.The two stars linked together in fantastic fashion to give City a 2-0 lead on the day against Kaka’s Orlando City.Orlando clawed it back to 2-2 as the game ended all square as City failed to gain revenge for their 7-0 drubbing at the hands of their rivals New York Red Bulls, which saw Chelsea legend Frank Lampard booed off by his own fans.Check out the video below to see Pirlo’s brilliantly weighted pass and Villa’s deft dinked finish! read more
Now that the Children are back to school across Donegal, have you an old bicycle that you would like to get rid of?Would you like to know that that bicycle could help a child in Africa get to School?Many African children live in remote communities, a long way from their nearest school. Without reliable, affordable motorised transport, the only way they can get to school is to walk, often up to 10 kms each way in searing heat. That’s not an easy task and having a bike would make a world of difference to a child, their family and even the local communities.By having a bike, a child could arrive at school on time, instead of late; he could begin the day alert instead of tired after a long walk; and travel quickly and safely home from school in daylight, and is has been proven, that this results in many pupils achieving higher academic grades.Letterkenny Rotary Club in association with Bikes4Africa is appealing for bikes for this exact purpose. Once the bikes are collected, they are sent to Loughlan House, the correctional facility in Co. Cavan where the inmates are offered rehabilitation and training, as well as supporting charities by their involvement.In this instance, they refurbish the bicycles. This is a fabulous arrangement facilitated by the Irish prison Service where the prisoners repair the bikes and the are supporting a charity as well. The latest shipment in May of this year brought the number of refurbished bicycles to 1,000, all of which will eventually be transported to The Gambia, where Rotary’s partner organisation ‘Jole Rider Gambia’, preselects the schools, and then oversees the distribution of the bikes, with the assistance of the Gambian Education Ministry.Bikes remain the property of the school, with teachers allocating them to the children according to set criteria. When a child graduates from school, their bike is then reallocated to another child. The strategy is to only allocate 100 bikes to each school and it is the most needy of these children, the best behaved, the most hard working that are allocated a bicycle by their teachers.The effect of this strategy is to raise the academic standards of the entire school, and therefore, each bike impacts positively on as many as 10 students. Letterkenny Rotary Club was successful in sending 18 bicycles last year, and we want to do the same or even more this year.So if you have a bicycle no longer in use, no matter what the condition, then contact the Secretary of Letterkenny Rotary Club, Cynthia Fuery, on 087 2414090 and she will make arrangements for collection.You can rest assured that your old unwanted bicycle will be used in some manner, shape or form in helping a child in Africa get to school sometime down the line! APPEAL TO DONEGAL PEOPLE TO DONATE UNWANTED OR OLD BIKES was last modified: September 8th, 2015 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) read more