AP7 assets could double under new Swedish government proposals

first_imgThe main change announced by the commission is the renewal of savers’ evaluation choices every seven years as one of the steps aimed at increasing the likelihood more people will get a better premium pension.The committee said its overall assessment was that it was possible to give people better outcomes without having to restrict the freedom of those who so wish to choose from a variety of asset managers and funds.It is proposing that new contributions be directed straight to AP7’s Såfa balanced default option. Savers would then be informed that the funds could be invested via any of the other management models, either by AP7 or through funds in the PPM fund marketplace.The rules for savers would come into force on 1 July 2017, according to the report.As for existing pension savers with funds already invested, the committee recommends the introduction of regular evaluation choices every seven years. Those who do not register any choice should – after a reminder – have their entire premium pension capital transferred to the default option, according to the report.The rule change for existing savers would enter into force on 1 January 2019, with a special transitional arrangement for pension savers who received their first pension benefits before 1 January 2012, according to the report.Thomsson said: “It is reasonable to require an active stance on a regular basis on the part of those who take the ‘own portfolio’ or ‘risk portfolio’ route.”In its report, the commission quantified the asset shift from the PPM fund of funds marketplace to AP7 that could occur as a result of its proposed changes.“Taking into account the volume of capital currently managed within the framework of the ‘own portfolio’ management model – from the fund-of-funds marketplace to AP7 around SEK580bn – and other investigations carried out into, among other things, pension saver behaviour, we believe this can be expected to lead to a significant transfer of capital from the funds within the own portfolio model to funds managed by AP7 Såfa,” the report said.The commission said it estimated between SEK100bn and SEK380bn divided among 600,000 to 2.3m individuals would be transferred as a result of the changes. New proposals aimed at improving the Swedish Premium Pension System (PPM) include requiring individuals to re-evaluate their fund choice every seven years – a change its committee says could mean up to SEK380bn (€39.6bn) flowing to the system’s default provider AP7.Inflows of this size would more than double the assets currently managed by AP7, the seventh national pension fund. It reported assets of SEK283bn at the end of June 2016.The Premium Pensions Committee, led by Patric Thomsson, former director in the Swedish finance ministry, submitted its report yesterday, 26 September, to the Minister for Financial Markets, Per Bolund.It had been tasked two years ago with investigating how the system could be changed to give better results for savers.last_img read more

Artist Michelle Drummond to exhibit work at South Florida galleries

first_imgRising Jamaican multimedia fiber artist Michelle Drummond will be opening her newest, highly anticipated collection, “Les Derrieres”, at the Arts Warehouse on April 1. The opening ceremony for the installation will be held at the incubator’s Art Walk event on April 5, and the exhibit will remain on display until April 30. MicDrummond is a resident artist at the highly regarded Arts Warehouse arts incubator in Delray Beach, where she has called home for the past two years. The 42-year-old moved to the US from Jamaica in 1995, and spent many years in Washington DC working as program manager before taking a leap of faith to pursue her true calling as a full-time, professional artist.Her unique artistry includes the manipulation of multicolored strings using glue and acrylic paint on canvas. “My work pays homage to women across the world facing difficulties just surviving,” Drummond explains. Her pieces also speak to her experiences living in the United States, as well as her Jamaican cultural background. Drummond is also focused on expanding her line of t-shirts. Each tee within the stylistic contemporary line carries an image from her collection, and speaks to an aspect of female and self-empowerment. For more about Michelle Drummond, her t-shirt line and upcoming exhibits, visit her website at www.drumstrings.com.last_img read more

Now with Pistons, Dwane Casey keeps perspective about playoff clashes with LeBron James

first_img“We got a lot of work to do here,” Casey said. “I got my shirt sleeves rolled up, and my bootstraps tied up. But thank goodness he’s out of the East.”JAMES NOT TRAVELING TO UTAH WITH TEAMWhile it could have been inferred from what the Lakers have said about his injury timeline, Coach Luke Walton confirmed officially on Wednesday morning that James won’t be on the team plane to Utah on Thursday.James is expected to undergo a medical re-evaluation for his strained left groin on Friday in Los Angeles. The Lakers play the Jazz that night on the road. While it’s possible James could travel on his own pending the evaluation, it’s highly unlikely.Now absent eight games and probably due to miss a ninth, James, 34, has already missed more games than in any season since 2014-15, when he missed 13. Now in his 16th NBA season, James has played at least 74 games in every other non-lockout season of his career.Related Articles LOS ANGELES — To know the grace of Dwane Casey is to know that one of the last times he was in L.A., he was accepting the NBA Coach of the Year Award for the job he had just lost.The 61-year-old has perspective in his 10th season as an NBA head coach, and also a sense of humor. A wry smile crept across his face even as he talked about LeBron James, the player who eliminated Casey’s last three Toronto Raptors teams from the playoffs, twice via sweep.“We had a lot of success in Toronto, and one person we couldn’t get by was (in) Cleveland,” he said. “Anybody that tells me any different, they said that’s why I was let go.”But Casey wasn’t out of the game for long after being fired in Toronto last May: These days he’s coaching the Detroit Pistons, trying to mold a team that already has Blake Griffin and Andre Drummond into a playoff threat. Lakers, Clippers schedules set for first round of NBA playoffs AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREUCLA alum Kenny Clark signs four-year contract extension with PackersIf you’re looking for experience, you could do worse than Casey: His last five teams in Toronto each won at least 48 games, and his 2017-18 Raptors squad won 59 games to clinch the No.1 seed in the Eastern Conference.Sign up for Home Turf and get exclusive stories every SoCal sports fan must read, sent daily. Subscribe here.It was good. It just wasn’t good enough to beat James’ teams. But allowing that he couldn’t be the James-era Cavaliers, Casey is still proud of the work he did to change the Canadian franchise’s fortunes around.“I have no shame in that. I’m proud of what we did in Toronto,” he said. “I remember going there, the buildings were empty when we first went there. There was no Jurassic Park. We were 30th in defense, ended up Top 5 in both. I’ll take that. Now we want to come into Detroit and do the same thing.”In Casey’s estimation, the Pistons are slightly ahead of the curve from where his Toronto journey started. In Griffin and Drummond, he has established All-Stars who have some experience. He acknowledged, though, that the Pistons (who entered the game 17-21) are still figuring out their playing style, particularly with two bigs in a league that increasingly is dominated by wings.But there is a silver lining: If the Pistons get to the playoffs, James would be on the other side of the bracket. Trail Blazers beat Grizzlies in play-in, earn first-round series with the Lakers Lakers practice early hoping to answer all questions Trail Blazers, Grizzlies advance to NBA play-in game; Suns, Spurs see playoff dreams dashed Newsroom GuidelinesNews TipsContact UsReport an Error How athletes protesting the national anthem has evolved over 17 years last_img read more

Talented quartet target Italian championship

first_img Gough, 14, (Stoke Park) was runner-up in the Italian U16 championship last year. He recently helped England win the team championship at the European Young Masters and was seventh in the boys’ event, among a series of other high finishes. 16 Aug 2017 Talented quartet target Italian championship Williams, 15, (Peterborough Milton) was in England’s winning team at the Boys’ Home Internationals, was third in the McGregor Trophy, fifth in the Carris Trophy and reached the match play stages of the English amateur.  They are Matt Freeman of Nottinghamshire, Conor Gough and Tom Gregory of BB&O (Berks, Bucks & Oxon) and Robin Williams of Northamptonshire.  Gregory, 14, (Stoke Park) has been a regular high finisher in this season’s tournaments with results including fifth place in the U16 McGregor Trophy and 13th in the U14 Reid Trophy. Freeman, 16, (Notts.) was fifth in the Sir Henry Cooper Junior Masters, runner-up, individually, in the Midland qualifying event for Boys’ County Finals, and has had top 30 finishes in the U18 Carris Trophy and the U16 McGregor Trophy.  Gough, 14, (Stoke Park) was runner-up in the Italian U16 championship last year. He recently helped England win the team championship at the European Young Masters and was seventh in the boys’ event, among a series of other high finishes. Williams, 15, (Peterborough Milton) was in England’s winning team at the Boys’ Home Internationals, was third in the McGregor Trophy, fifth in the Carris Trophy and reached the match play stages of the English amateur.  Tags: Italian U16 International Freeman, 16, (Notts.) was fifth in the Sir Henry Cooper Junior Masters, individual runner-up in the Midland qualifying event for Boys’ County Finals, and has had top 30 finishes in the U18 Carris Trophy and the U16 McGregor Trophy. (Image copyright Leaderboard Photography). Four talented teenagers will represent England in the Italian U16 International at Biella Golf Club, from 5-7 Sept. They are Matt Freeman of Nottinghamshire, Conor Gough and Tom Gregory of BB&O (Berks, Bucks & Oxon) and Robin Williams of Northamptonshire.  Gregory, 14, (Stoke Park) has been a regular high finisher in this season’s tournaments with results including fifth place in the U16 McGregor Trophy and 13th in the U14 Reid Trophy. Four talented teenagers will represent England in the Italian U16 International at Biella Golf Club, from 5-7 Sept. Talented quartet target Italian championshiplast_img read more

Govt allows BCCI duty free import for World Cup

first_imgThe Government has allowed zero duty import of sports and broadcasting equipment by BCCI for the World Cup cricket tournament starting February 19.BCCI headquarters in MumbaiLast month the government had de-recognised BCCI as a national sports federation and had decided to take away the customs duty benefits it enjoyed.   “The Central Government hereby exempts the (specified) goods…when imported into India for the purpose of organising the ICC World Cup 2011, from the whole of the duty of customs leviable…,” a Finance Ministry notification said.The concessions come within three weeks after the Centre had withdrawn customs duty exemption on import of goods by the BCCI or bodies certified by it, following non-compliance of mandatory requirements.The decision on January 17, took away the exemptions following the Sports Ministry de-recognising BCCI as a national sports federation or the apex body for cricket in India.As per the latest notification dated February 9, duty relaxation has been given on sport equipment; medical instruments; photographic and audio-visual equipment; broadcast equipment and supplies; and computer and other office equipment.The duty waiver would be on goods imported by the Board of Control for Cricket in India (BCCI) or by any importer authorised by BCCI in relation to World Cup, 2011.The importers of equipment for World Cup, however will have to furnish a bond for the value of the imported goods supported by a bank guarantee to the extent of 25 per cent.Besides, the imported goods would have to be re-exported within three-months from the date of official closure of the World Cup.advertisementThe imports and the subsequent re-export would be allowed from the sea ports at Mumbai or Chennai, Inland Container Depot at Tuglakabad.The imports would also be allowed from airports at Mumbai, Chennai or Delhi. India along with Bangladesh and Sri Lanka is organising the ICC World Cup Cricket 2011 which is being co-hosted by BCCI. – With PTI inputslast_img read more

Foton leads Grand Prix opening playdate

first_imgUS judge bars Trump’s health insurance rule for immigrants LATEST STORIES Don’t miss out on the latest news and information. ‘We are too hospitable,’ says Sotto amid SEA Games woes ‘We are too hospitable,’ says Sotto amid SEA Games woes PH underwater hockey team aims to make waves in SEA Games PLAY LIST 02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice01:19Fire erupts in Barangay Tatalon in Quezon City01:07Trump talks impeachment while meeting NCAA athletes02:49World-class track facilities installed at NCC for SEA Games02:11Trump awards medals to Jon Voight, Alison Krauss Sports Related Videospowered by AdSparcRead Next With head coach Sherwin Meneses calling the shots, the Lifesavers made it to the semifinals before losing to powerhouse F2 Logistics.“Our confidence is high,” said Meneses, who will parade open spiker Nikolle del Rio of Brazil and middle blocker Kseniya Kocyvit of Azerbaijan.“As much as possible, we want to give our local players a lot of opportunities in the Grand Prix. That’s why we tapped a middle blocker and an open spiker as imports. We want to reward our locals for a job well done in the previous conference.”Sta. Lucia will be led by American imports Molly Lohman and Casey Schoenlein and will field new players in former Adamson ace Amanda Villanueva and Ateneo libero Rio Lo.ADVERTISEMENT There’s going to be a marching band. An LGBTQ group will also lend its support. And then a parade of the eight teams from Oranbo Barangay Hall in Pasig City to nearby Ynares Sports Arena, where the opening games will be held.When the opening fiesta dies down, two-time champion Foton will highlight a doubleheader as the Philippine Superliga Grand Prix fires off on Saturday.ADVERTISEMENT ALA Boxing urged to speak upcenter_img View comments Grace Poe files bill to protect govt teachers from malicious accusations Private companies step in to help SEA Games hosting SEA Games hosting troubles anger Duterte MOST READ Oil plant explodes in Pampanga town The Tornadoes will challenge an overhauled United Volleyball Club (UVC) side at 4 p.m., which will be followed by the showdown between Generika-Ayala and Sta. Lucia.Foton will still be without sisters Jaja Santiago and Dindin Manabat, who are playing as imports in Japan, but will remain a force to be reckoned with due to the addition of imports Selime Ilyasoglu of Turkey and American Courtney Felinski.FEATURED STORIESSPORTSPrivate companies step in to help SEA Games hostingSPORTSUrgent reply from Philippine ‍football chiefSPORTSPalace wants Cayetano’s PHISGOC Foundation probed over corruption chargesUVC, formerly Cocolife, had a recruiting spree in the off-season, netting Filipino-American setter Alohi Robins-Hardy and Kiwi Amy Ahomiro and American imports Tai Manu-Olevao and Yasmeen Bedart-Ghani.Generika-Ayala, meanwhile, hopes to build on its impressive run in the All-Filipino Conference. Oil plant explodes in Pampanga townlast_img read more

Report Pepe turns down Arsenal for Monaco move

first_imgFormer Real Madrid defender Pepe has reportedly turned down a move to Arsenal in favour of joining AS MonacoThe 35-year-old is a free agent after leaving Turkish side Besiktas in December and had been linked with a return to Portugal at FC Porto.But L’Equipe reports that Pepe will instead join Monaco, despite a late attempt by Arsenal to hijack the deal.Jadon SanchoMerson believes Arsenal should sign Sancho Manuel R. Medina – September 14, 2019 Borussia Dortmund winger Jadon Sancho might be the perfect player to play for the Gunners, according to former England international Paul Merson.Unai Emery’s side are on the lookout for defensive reinforcements in this month’s transfer window with Rob Holding sidelined for the rest of the season.Out-of-favour Juventus defender Medhi Benatia is allegedly being lined up in a trade deal involving Aaron Ramsey for Arsenal.Meanwhile, Monaco are expected to sign Chelsea and former Arsenal midfielder Cesc Fabregas shortly as new manager Thierry Henry attempts to steer the club clear of the relegation zone in Ligue 1.last_img read more