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Swiss BVK defends cuts in technical parameters as ‘necessary’


first_imgIn July, the CHF28bn (€23bn) pension fund covering 470 employers and 114,000 employees and pensioners in total, had decided on various measures to come into effect from 2017.It pointed out those were necessary to “stop the current transfer of assets from active members to pensioners” which amounted to CHF450m last year.The discount rate applied to active members’ assets (“technischer Zins”) will be cut from 3.25% to 2%, which automatically leads to a cut in conversion rates.From 2017, a man retiring at 65 would be subject to a conversion rate of 4.82% – applied to calculate a life-long pension from his assets – whereas currently a rate of 6.20% is applied.In order to maintain their current pension payments in retirement, employers and employees would have to make additional contributions with the BVK considering compensation measures for the transition phase.Further, the fund would switch from periodic tables to generation tables to calculate longevity as the latter provided ”a more meaningful comparison”, the fund noted in a press release.The fund explained the timing was necessary as “from 2017 the baby boomers will retire”, which will put further pressure on the financing of the BVK.But the union argued the additional financing, at least some of it, should have come from the canton rather than an increase in contributions and a cut in pension promises.According to the VPOD the announced changes are the BVK “cowtowing to the canton”.In the July meeting, the board of trustees also decided not to directly file any lawsuits against the canton of Zurich regarding the corruption scandal around the year 2008.At the time, the BVK was still run by the cantonal authorities but the pension fund noted various expert assessments did not yield any definite damage sum for wrongful investment decisions made during those years.Therefore, the BVK has now come to an out-of-court agreement with various financial service providers.In a statement, the pension fund stressed these decisions were aimed at “closing the chapter” on the corruption scandal. Switzerland’s BVK, the pension fund for employees of the canton of Zurich, may see recent changes to technical parameters scrutinised by the local regulator after civil servants’ union VPOD said it was considering a complaint.In an open letter, the union has criticised the BVK for the “radical” changes to come into effect from 2017 which “endanger the level of pension [payments] put down in the pension funds’ founding document”.However, in a response sent to IPE, the BVK stressed the cuts has been approved by the trustee board which was “equally comprised of representatives of employers and employees”.A BVK spokesman noted the changes have been explained to the members and that they were “understanding the decision with hardly any criticism being voiced”.last_img read more


No room for error as Leafs open Murdoch Final against Hawks


first_imgThe Nelson Leafs had better realize, and quick, the bullet the team just dodged in the Murdoch Division semi final series against the Spokane Braves.The Leafs needed six games to dispose of the American-based squad, thanks to two ugly losses at home when the players failed to show up at the arena.However, there is no room for error when the Beaver Valley Nitehawks open the best-of-seven Kootenay International Junior Hockey League Divisional Final Friday at the NDCC Arena.The Hawks swept through the defending KIJHL champion Castlegar Rebels like a sharp chainsaw through a cut of cedar, needing only four games to advance down the playoff trail.And the Hawks would like nothing better than to continue its playoff roll against the Leafs.“We’ve got to be ready when the puck drops,” Leaf coach Frank Maida said Thursday.“We have to come out focused on playing our game for 60 minutes and not looking at anything other than playing period by period,” Maida added.Not much to choose from between Leafs and HawksThe long anticipated Murdoch Final between Nelson and Beaver Valley has been in the works since September when the teams opened training camp.Nelson threw down the challenge after being eliminated the past three seasons by Beaver Valley when Leaf coach Frank Maida stole snipers Jamie Vlanich and Travis Wellman from the Castlegar Rebels during the offseason.The Hawks countered with the likes of Ryan Edwards and Dallas Calvin returning to Beaver Valley to take their own run at a berth in the Cyclone Taylor Cup, which just happens to be hosted in Nelson April 10-13.Nelson (81 points) won the Murdoch Division title by a single point over Beaver Valley (80 points) as the teams traded places atop the standings and the teams splitting the season series 4-4.Ironically, after Nelson edged the Hawks 2-1 in overtime in the season finale, the teams are tied in goals at 27-27.Also, each team won in the other’s rink. Vlanich status still doubtful to start seriesWhile the Hawks are rolling on all cylinders — out scoring Castlegar 24-10 — the Leafs are struggling to put a healthy team on the ice.The KIJHL’s leading scorer, Leaf center Jamie Vlanich, has yet to play in the playoffs after suffering an upper body injury February 14 against Grand Forks.Leaf coach Frank Maida said Nelson’s leading scorer is listed as “day-to-day”, but will play at some time in the series.Adam Hodge, Troy Petrick and Quinn Kimchuk, all missing some time during the Spokane series, have been cleared to play against the Hawks.Leafs thin in goal after Maida, Rebagliati suffer injuriesThe same can’t be said in the Leaf goal as both Brad Rebagliati and Adam Maida are on the shelf when the puck drops Friday.Rebagliati has also been out of the lineup since playoffs started, and has been tabbed with the “day-to-day” status by the head coach and GM.Maida, however, it’s a different story as the Nelson Minor Hockey grad contemplates surgery to deal with an injured knee.That leaves rookie Jason Mailhoit between the pipes when the team open the series.Mailhoit, powering Nelson to the series-clinching win Tuesday in Spokane, played all season for the Kootenay Ice of the BC Major Midget Hockey League.Mailhoit’s back up is still not been determined as Leafs await a BC Hockey decision on the status of the team’s goaltending situation.Rebels goalie Patrick Zubick was Mailhoit’s back up in the final game against the Braves.Murdoch series scheduleGame one of the series goes Friday in Nelson with Game two back at the NDCC Arena Saturday. Game time is 7 p.m.The series shifts to Fruitvale Monday and Tuesday for Games three and four. Game time at the Hawks nest is 7 p.m.If necessary, the teams are back in Nelson Thursday for Game five.Game six is in Fruitvale at 7:30 p.m. Friday, March 14 with the all-important, Game seven set for Saturday, March 15, at the NDCC Arena.last_img read more


Star, Meralco dump foes


first_imgDon’t miss out on the latest news and information. E.T. returns to earth, reunites with grown-up Elliott in new ad  Coach Chito Victolero, however, downplayed the Hotshots’ dominating performance, saying things just fell into place against the Picanto.“Actually those kinds of things just happen,” said Victolero, who once served as coach for the KIA franchise. “We had a good mindset and we played together as a team. Both the offense and defense were rolling tonight.”“We needed this game very badly in order for us to have a slim chance for the top four and we knew KIA wouldn’t give this game that easily.”Kristoffer Acox led the Hotshots with 19 points and 15 rebounds.ADVERTISEMENT Read Next BSP sees higher prices in November, but expects stronger peso, low rice costs to put up fight The Picanto, meanwhile, exited the tournament without a win, signing off with a 0-11 card, but the 47-point defeat was an added blow for KIA as it suffered its worst loss in franchise history.Later in the night, Meralco strengthened its bid for a top two finish after holding off GlobalPort, 100-93.FEATURED STORIESSPORTSWATCH: Drones light up sky in final leg of SEA Games torch runSPORTSSEA Games: Philippines picks up 1st win in men’s water poloSPORTSMalditas save PH from shutoutThe Bolts tied Ginebra at the top of the ladder at 8-2 while the Batang Pier, who are already out of the playoffs, ended their conference with a 3-8 slate.Star used a huge second quarter to put the game away, overpowering KIA there, 33-12, to take a 65-36 lead going into the halftime break. Ding ousts So, faces Aronian for title MOST READ Frontrow holds fun run to raise funds for young cancer patients  LATEST STORIEScenter_img Fire hits houses in Mandaluyong City Nonong Araneta re-elected as PFF president Brace for potentially devastating typhoon approaching PH – NDRRMC LOOK: Loisa Andalio, Ronnie Alonte unwind in Amanpulo for 3rd anniversary Trending Articles PLAY LIST 00:50Trending Articles00:50Trending Articles00:50Trending Articles01:37Protesters burn down Iran consulate in Najaf01:47Panelo casts doubts on Robredo’s drug war ‘discoveries’01:29Police teams find crossbows, bows in HK university01:35Panelo suggests discounted SEA Games tickets for students02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games Kammuri turning to super typhoon less likely but possible — Pagasa CONTRIBUTED PHOTO/PBA IMAGESStar kept its faint hopes of nailing a top four berth alive by capping KIA’s horrendous showing in the PBA Governors’ Cup with a 128-81 rout Friday at Mall of Asia Arena.The Hotshots nailed their sixth win in 10 outings. And while they are assured of a semifinal berth, tabbing a twice-to-beat edge in the playoffs still hangs in the balance for the squad.ADVERTISEMENT View commentslast_img read more


NYC Nomination Forms


first_imgTo ensure your place in the championships, please email team nomination form to Mark Spear via [email protected] Nominations are also due on Friday 31st July. Please send referee nomination forms to Tara Steel via [email protected] locate all documents relating to the National Youth Championships including Team & Referee Nomination Forms, please click the following link: National Youth Championshipslast_img


10 months agoPochettino: Spurs rout a present for my wife


first_imgPochettino: Spurs rout a present for my wifeby Paul Vegas10 months agoSend to a friendShare the loveTottenham celebrated Christmas with a six goal romp at Everton on Sunday.Mauricio Pochettino’s side had to come from behind at Goodison Park after Theo Walcott swept home Dominic Calvert-Lewin’s low cross from Gylfi Sigurdsson’s defence-splitting pass.Everton’s lead was short-lived as Son Heung-min produced a sublime equaliser from a tight angle following a mix-up between Kurt Zouma and Jordan Pickford.Dele Alli put Spurs ahead for the first time after reacting first to Pickford’s save from Son, then Harry Kane made it 3-1 when Kieran Trippier’s curling free-kick hit a post and rebounded into the England captain’s path.In an entertaining game, Christian Eriksen’s sublime first-time shot extended Tottenham’s lead before Sigurdsson scored a consolation against his former club.Son added the fifth and produced the cross for Kane to make it six, yet victory came at a cost for the free-scoring visitors.Pochettino revealed why 6-2 is a special scoreline: “It’s my present for my wife.”We got married 26 years ago. And a fantastic way to celebrate tonight.”On Deli Alli, who was injured after a clash with Everton goalkeeper Jordan Pickford, he added: “He didn’t feel a big problem. Maybe a little bit tired from Wednesday. I hope it’s not a big issue. It was a precaution.” About the authorPaul VegasShare the loveHave your saylast_img read more


10 months agoWolves striker Raul Jimenez feels comfortable at Premier League level


first_imgWolves striker Raul Jimenez feels comfortable at Premier League levelby Paul Vegas10 months agoSend to a friendShare the loveWolves striker Raul Jimenez is pleased with his form this season.The Mexico international is happy with the way he settled in the Premier League.Jimenez said, “It has been good. If I’m good, the team is OK. I like to create opportunities for my teammates – if I can create an assist, if I can score a goal, or if my movement can help my teammates score a goal, it’s good for me because I’m doing things well.“I think I’m an important part here, but I want to give more. The fans want it and I think they deserve it. All of us want to give more and we want to start the year with a win and make it count.“For the rest of the season we want to do a good job, play good matches, and be up in the table.” About the authorPaul VegasShare the loveHave your saylast_img read more


Video: Some Auburn FB Players Worked Out In A Sand Pit Today, “It’s Going To Pay Off”


first_imgAuburn's sand pit.Auburn Sand Pit WorkoutToday was definitely not a lazy Sunday for some of Auburn’s football players. Tigers’ wide receiver Dhaquille Williams and a couple of his teammates spent some time working out in a sand pit. It’s 92 degrees in Auburn, Ala., today. So it was probably a pretty rough workout. “It’s going to pay off,” Williams said. Auburn opens its 2015 season Sept. 5 against Louisville in the Georgia Dome.last_img


Assessment of Health Infrastructure to be undertaken


first_img Minister of Health, Dr. the Hon. Christopher Tufton, says an assessment of the island’s healthcare infrastructure will be undertaken over the next six months. More than $40 million was provided by the National Health Fund (NHF) for the waste-water treatment system, and renovation of the hospital’s general and maternity wards and the Hanover Health Department offices located on the premises. Story Highlights Minister of Health, Dr. the Hon. Christopher Tufton, says an assessment of the island’s healthcare infrastructure will be undertaken over the next six months.He said the assessment will determine what the needs are in terms of specialist care, additional beds and operating theatres, among other things.This is in keeping with health infrastructure development and upgrading being undertaken by the Government in order to better align the provision of healthcare services with the needs of the population.Dr. Tufton informed that a number of facilities are benefiting from overhaul and maintenance. “This current budget has in it… over $700 million just to deal with maintenance issues,” he noted.He said the anticipation “is that over the next three to five years, the health infrastructure of the country is going to change for the better”.“And, on a parallel track, we have to find the personnel to man the infrastructure and the equipment – the diagnostics. It is one thing to build the building; you have to have the doctors and nurses to staff it,” he pointed out.Dr. Tufton was speaking at the official handover of a biodigester septic tank built by the Scientific Research Council (SRC), at the Noel Holmes Hospital in Lucea on October 26.More than $40 million was provided by the National Health Fund (NHF) for the waste-water treatment system, and renovation of the hospital’s general and maternity wards and the Hanover Health Department offices located on the premises.The Health Minister said he intends to revisit a $50-million proposal for reconstruction of the hospital’s main operating theatre.“I am seized with the need for major surgeries to be performed here (Noel Holmes), and the main operating theatre was damaged some time ago and representation has been made to me to get that back up and running,” he noted.“I have asked the NHF to pull that file, to review that project, and I am going to make a special effort, if not in this financial year, the next, to ensure that we start the repairs to the main operating theatre, so we can make additional value to the facility,” he said.Meanwhile, Dr. Tufton informed that “good progress” is being made on the construction of a new children and adolescents’ hospital in Montego Bay, with the Ministry expected to break ground for the project next year.“The implementation agreement was signed recently and taken to Cabinet and approved; that is an over US$40-million expenditure. We are going to create a specialist institution, which deals with adolescents and children, which is a very positive development for this region and for Jamaica,” he pointed out. This is in keeping with health infrastructure development and upgrading being undertaken by the Government in order to better align the provision of healthcare services with the needs of the population.last_img read more


GIRLS CAN ROCK JUST AS HARD AS THE BOYS THE BEACHES ON


center_img Twitter Facebook “We just really started screaming, we all called our parents, woke them all up.”Musically speaking, The Beaches, named after the Toronto neighbourhood where the band members grew up, are old souls. Along with The Pretenders and glam rockers like T-Rex, the Rolling Stones are their main musical idols; something you can hear clearly in the Jaggeresque swagger of songs like T-Shirt.“There’s just such excellent music there, regardless of how much older they are than us. I think their music will always speak to whoever listens to them,” adds Jordan Miller, Kylie’s sister and the band’s lead singer and bassist.Resurrecting rockWith top-selling and highly awarded artists like Drake, Childish Gambino and Bruno Mars, rock music has taken a back seat to pop and hip hop in recent years, especially as the music of young people. Jordan Miller of The Beaches is seen performing at the 2018 iHeartRadio MuchMusic Video Awards in Toronto. (Jess Baumung/Invision/The Associated Press)last_img read more


Kwakiutl launch two days of action to assert rights over territory


first_imgAPTN National NewsThe people of Kwakiutl First Nation on Vancouver Island are taking part in a major demonstration.They’re protesting what they say is the government’s lack of respect for the community’s claim over traditional territories.On Wednesday, during the first two days of protests, they’ve occupied the property of a logging company.APTN National News reporter Rob Smith was there.last_img




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