Pension fund for Dutch flower sector facing liquidation

first_imgGBP, the €50m industry-wide pension fund for the wholesale flowers and plants sector in the Netherlands, has said it wants to liquidate itself and is urgently seeking an alternative solution for the pensions provision for its 6,500 participants.Gerard Roest, employees chairman, told IPE: “We are too small to continue independently. Our administration costs of €285 are too high and still rising.”An additional problem is that the €424bn asset manager APG unilaterally cancelled its contract at the end of 2014, as it considered GBP too small, according to Roest.As a consequence, GBP has temporarily placed its assets with a money market fund at NN Investment Partners, “where it is risk-free, indeed, but hardly generates a return either,” the chairman said. He said the pension fund and social partners were looking at the options, including joining an insurer or the new pensions vehicle PPI.But he said the pension fund preferred joining a larger industry-wide scheme.So far, negotiations with other schemes have failed to produce a result, mainly because they assessed the risk of taking in GBP as too high, according to the chairman.“As we are a non-mandatory scheme,” he said, “we can’t guarantee that all our affiliated employers will join a new pension fund.”GBP, established in 2007, has an individual defined contribution plan and a contribution of approximately 14% of the pensionable salary.“As we don’t have much financial margin to increase our premium, joining another industry-wide scheme with a more expensive pension plan is difficult,” Roest said.However, GBP is financially in good shape.According to the chairman, the official policy funding stood at 123%, and the pension fund had been able to grant indexation every year so far.last_img read more

The Latest: Wisconsin says 83 athletes have tested positive

first_imgKentucky will limit seating at Kroger Field this season to 20% of capacity, about 12,200, with physical distancing for its five Southeastern Conference home games.The school’s coronavirus protocols announced Thursday include mobile ticketing and parking passes and face coverings at all times, except while eating or drinking. Tailgating and pregame gatherings in the parking lots have also been eliminated, including RVs.Kroger Field will undergo enhanced cleaning and sanitization before and during events and feature hand washing and sanitizing stations throughout. The Wildcats’ home opener is Oct. 3 against Mississippi.___Boston College has suspended activities for its men’s and women’s swimming and diving program after some team members tested positive for the coronavirus. The 11 Division I men’s and women’s hockey conferences represented by the Hockey Commissioners Association issued a joint statement saying their seasons would be delayed. Each conference is expected to announce plans for the season individually.___Minnesota is dropping men’s indoor and outdoor track and field, gymnastics and tennis because of budget concerns brought about by the coronavirus pandemic.Minnesota President Joan Gabel and athletic director Mark Coyle said Thursday that the athletic department is facing a projected loss of $75 million in revenue for this fiscal year following the Big Ten’s decision to postpone fall sports.School officials said the elimination of the sports will be effective at the completion of their 2020-21 competition seasons, which the teams will play if “health and safety precautions allow.” Associated Press De Laurentiis attended a Serie A meeting in Milan on Wednesday that included representatives of each of the Italian league’s 20 clubs. He was also in contact with Napoli’s players and staff recently during the team’s preseason training camp in Castel di Sangro.It wasn’t immediately clear if Napoli’s entire squad would be placed in isolation as a precautionary measure.Napoli’s opening Serie A match is at Parma in 10 days and the team is scheduled to play Pescara and Sporting Lisbon in preseason friendlies on Friday and Sunday.___More AP sports: https://apnews.com/apf-sports and https://twitter.com/AP_Sports Texas has up to 3,000 student tickets available for the football game. To claim a ticket, a student must pass a university-provided rapid test on Friday, the school said. The test will be free to students at a cost of about $90 per test to the university.Texas will allow about 18,000 fans to attend the game at a stadium that typically seats close to 100,000. The testing requirement doesn’t apply to the general public attending the game.Texas doesn’t require students to be tested before they attend classes, although most are taking classes online, and gatherings of 10 or more people are generally not allowed.“For a single event where many are gathering, we felt this additional safety measure was beneficial,” Texas spokesman J.B Bird said.___ Washington had previously announced salary reductions for some members of the athletic department and instituted furloughs for all athletic staff.“We have remained committed to maintaining all 22 of our programs and to providing a world-class education and athletic experience for our students,” Washington athletic director Jen Cohen said in a statement. “In order to fulfill this commitment we are having to make some challenging personnel decisions that impact long-standing and dedicated members of our department. The current pandemic continues to have a major impact on our entire country and we are not immune.”The layoffs and furloughs are part of Washington’s efforts to cut $28 million in expenses from its athletic budget due to the COVID-19 pandemic. The school is projecting a revenue shortfall of more than $50 million and that’s if a winter or spring football season is played.___The University of Texas will require students to pass a COVID-19 test before they’ll be allowed to attend the No. 14 Longhorns’ season opener against UTEP on Saturday night. School officials say they administered 3,979 tests on athletes and staff between June 8 and Sept. 9, and 58 athletes tested positive. Another 25 athletes tested positive at testing sites outside of the school’s athletic facilities since returning to campus and 37 athletes have tested positive since the school’s Aug. 6 update on the novel coronavirus.School officials are isolating athletes who test positive while the athletic department’s infection response team monitors their recoveries.Wisconsin athletic director Barry Alvarez had announced Wednesday that the school’s football and men’s hockey teams were taking a two-week break from team activities as part of the school’s COVID-19 testing protocols.___The start of the college hockey season will be delayed because of the coronavirus pandemic.center_img School spokesman Jason Baum says in an email that the athletes who tested positive are in isolation. He declined to say how many team members had tested positive and whether they were on the men’s or women’s team.As of Thursday, there were 68 undergraduates in isolation, including 28 in isolation housing and 40 recovering at home. Fifteen students have recovered from the virus.___The president of Italian soccer club Napoli has tested positive for the coronavirus.The team says Aurelio De Laurentiis was positive following a test taken Wednesday. Share This StoryFacebookTwitteremailPrintLinkedinRedditThe Latest on the effects of the coronavirus outbreak on sports around the world:___Wisconsin says 83 athletes have tested positive for COVID-19 at some point since the school started testing them in early June. The athletic department is eliminating eight other positions in addition to those that will be cut because of the four programs being discontinued. School officials said that’s part of a personnel cost-reduction that should save $1.3 million this fiscal year.The 10% salary reductions that Coyle, football coach P.J. Fleck, men’s volleyball coach Hugh McCutcheon, men’s hockey coach Bob Motzko, men’s basketball coach Richard Pitino and women’s basketball coach Lindsay Whalen had accepted already will now be extended through the entire fiscal year. That is expected to save about $1.2 million.___Washington laid off 16 employees and instituted furloughs or reductions in hours for another 35 employees as part of a second-round of cost-saving measures by the school.Washington said the 16 layoffs are a combination of vacant positions and some currently filled roles. The Latest: Wisconsin says 83 athletes have tested positive September 10, 2020last_img read more

Bayern Munich executive Jörg Wacker criticises Interstate Treaty’s ‘false protections’

first_img Mateusz Juroszek – Non-stop STS will expand amid industry disruptions August 12, 2020 Share StumbleUpon Submit Related Articles MoneyMatrix boosts wire transfer options by integrating Klarna’s Sofort August 24, 2020 FC Bayern Munich board member Jörg Wacker has become the latest German sports and business figurehead to criticise the online betting restrictions of the nation’s ‘Fourth Interstate Treaty on Gambling’ inbound for 2021.Despite Lander (state) consensus being reached on eliminating restrictions on online casino products, Germany’s Bundesrat (Federal Council) maintains controversial requirements attached to sports betting, restricting monthly player deposits to €1000 and yet to be determined in-play wagering bet types.Speaking to German tabloid BILD, Wacker advises Lander (state) executives to revise their agreed federal mandate on sports betting as ‘the regulation does not fit market realities’.Wacker, the former Managing Director of Bwin Deutschland, who has served as a Bayern Munich executive board member since 2013 overseeing the football club’s internationalisation projects, detailed scepticism as to whether Treaty provisions would end market uncertainties.Speaking on the German market’s current context, Wacker stated: “The term illegal is completely unsuitable for the majority of German operators, who hold EU licenses and are sanctioned by Schleswig-Holstein” (the only federal state to issue online betting licences).“The legal situation has not been clarified for 15-years, but that does not mean that operators are illegal. German bookmakers paid €500 million in tax revenues last year, meaning that there is a legal basis in which they operate.”The executive would defend Bayern Munich against criticism of its sponsorship with bookmaker Tipico, stating that the Bavarian club only partnered with ‘market leaders’.Wacker would retort Bundesrat justifications for the Treaty’s strict in-play wagering and monthly €1000 deposit restrictions, as a means of better controlling sports integrity and gambling addiction.He added: “Is it really like that? If products like in-play betting and poker are allowed does Germany suddenly become a land of gambling addicts… Sodom and Gomorrah! These products have been offered in Germany without restrictions for over a decade now and that outcome has simply not happened.“The same applies to game manipulation. A €1000 deposit limit and a ban on live betting carry the greater risk of consumers migrating to the black market, where they will wager higher amounts. The black market is easy to find these days, so we are better off keeping players legal.”Wacker’s comments follow the publication of a letter sent by Mathias Dahms, President of the German Sports Betting Association (DSWV), where he warned Bundesrat warning officials of black market consequences should wagering restrictions be maintained.Dahms underlined the DSWV continued stance that Interstate Treaty provisions in their current frameworks would fail in any attempt to create an effective consumer channelization strategy for regulated market incumbents. Share Martin Lycka – Regulatory high temperatures cancel industry’s ‘silly season’ August 11, 2020last_img read more