UK roundup: ITV Pension Scheme, TPR, JLT deficit update

first_imgThe ITV Pension Scheme has agreed an asset-backed partnership with its sponsor, the UK broadcaster ITV, which will see the scheme backed by the renowned London Television Studios building in London.The deal will see the scheme’s deficit immediately reduce by £50m (€60.4m) on a funding basis, with a further 25 annual payments of £2.05m should the scheme remain in deficit.These payments will be updated by 5% on an annual basis.The deal will take the sponsor’s 2014 cash contribution to the scheme to £91m. Ownership of the Television Centre will remain with ITV in the meantime.The company’s finance director, Ian Griffiths, said the deal represented another step in the management of the company’s pension risk, and was a good deal for members and shareholders.In other news, the UK Pensions Regulator (TPR) has concluded its thematic review into the administration of pension schemes, and confirmed seven investigations into mass irregularities. The regulator set common data-accuracy targets for all private sector pension schemes, which were to be met at the end of 2012.This was set at 100% accuracy for all data collected after June 2010, and 95% for any data collected beforehand.TPR included 237 schemes in its investigation, of which 197 responded.Of this, three-quarters had met the 95% accuracy target.However, the regulator noted a third of the schemes did not measure accuracy before being included in its investigation.The regulator confirmed its seven investigations could lead to enforcement action.Finally, consultancy JLT has updated its IAS 19 deficit figures for pension schemes in the private sector.Research by the firm into the funding of firms found deficit levels were at £164bn at the end of March 2014.However, this is an £18bn improvement on the situation in 2013.Over the year, UK private sector defined benefit schemes saw assets increase by £20bn to £1.13trn, while liabilities fell by £2bn to £1.3trn.This left funding levels at 87%, a 1 percentage point increase.last_img read more

Alvarado has 19 points as Georgia Tech tops Clemson, 68-59

first_img Share This StoryFacebookTwitteremailPrintLinkedinRedditWhatsappATLANTA (AP) — Jose Alvarado played through an arm injury to score 19 points and Georgia Tech overcame Aamir Simms’ 23 points to beat Clemson 68-59 on Tuesday night. Alvarado played most of the game with a wrap on his left arm after appearing to fall on the arm late in the first half. Alvarado helped the Yellow Jackets stretch their lead to double figures for the first time. Georgia Tech led only 49-46 before back-to-back baskets by the junior guard, including a 3-pointer. Bubba Parham’s layup with 6:33 remaining extended the lead to 10 points at 56-46. Alvarado was escorted to the locker room and returned to action in the final minute of the half with a wrap on the arm.After scoring a career-high 33 points with 10 rebounds in Saturday’s 79-72 loss at Syracuse, Georgia Tech’s Moses Wright had 10 points — all in the second half. He missed each of his five shots before halftime but sank a jumper to open the second half.BIG PICTUREClemson: The Tigers were hurt by their lack of scoring balance. They leaned heavily on Simms for their scoring, especially in the first half when the junior had 16 of the team’s 29 points. He made 7 of 10 shots from the field in the half while his teammates combined to make only 6 of 17. The Tigers, one of the ACC’s most active 3-point shooting teams, couldn’t find their long-range touch. Clemson made only 2 of 20 3-pointers.Georgia Tech: The Yellow Jackets kept both of their biggest starters active for the full game for a change. Senior forward James Banks III was called for only two fouls, ending his streak of fouling out in four straight games. Overall, Banks has fouled out of seven games and has finished with four fouls in 10 games this season. The two front-line starters helped Georgia Tech claim a 35-31 advantage in rebounds. UP NEXTClemson returns home to play Florida State on Saturday.Georgia Tech continues its three-game homestand when it plays Miami on Saturday night. The Yellow Jackets’ only remaining road game is at Clemson on March 6 to close the regular season.___For more AP college basketball coverage: https://apnews.com/Collegebasketball and http://twitter.com/AP_Top25,The Latest: Justin Thomas takes early lead at US Open February 25, 2020 Georgia Tech (14-14, 8-9 Atlantic Coast Conference) earned its fifth straight home win. Michael Devoe had 14 points and eight assists.Clemson (14-13, 8-9) had its three-game winning streak snapped. Simms finished two points away from matching his career high of 25 against Duke on Jan. 14.Georgia Tech stretched its lead to 13 points at 61-48. Clemson cut the lead to 66-59 on Hunter Tyson’s basket with 1:11 remaining. Following a missed 3-pointer by Simms, the Yellow Jackets worked on the clock before Alvarado’s jumper provided the final margin.The Tigers led 25-20 before suffering a drought of eight consecutive missed shots from the field. The Yellow Jackets seized the opportunity by taking the lead with a 14-2 run, including nine consecutive points, for a 34-27 lead. Simms finally ended the Tigers’ field-goal drought with only 4 seconds remaining in the half.Alvarado fell to the floor, grabbing his left arm in obvious pain, following a collision under the basket late in the first half. He returned to his feet while action continued on the other end of the court and then caught a pass a made a 3-pointer before again grabbing his arm and leaving the game with 5:19 remaining in the half. Associated Press Alvarado has 19 points as Georgia Tech tops Clemson, 68-59last_img read more