In 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”.
(REUTERS) – Real Madrid failed to win their Champions League group for the first time in four years when a late goal by substitute Marco Reus allowed Borussia Dortmund to equalise and clinch a 2-2 draw yesterday.Zinedine Zidane’s side looked to be on their way to securing first place in Group F when Karim Benzema knocked in Dani Carvajal’s cutback in the 28th minute and the French striker stretched their lead by nodding in James Rodriguez’s cross in the 53rd.Dortmund hit back on the hour with a close-range finish from Pierre-Emerick Aubameyang and a goal-line clearance from Reus stopped Cristiano Ronaldo restoring Real’s advantage shortly afterwards.The Germany international, who had begun the game on the bench after falling ill on Tuesday, tapped in a low cross from Aubameyang to complete the comeback and score his third goal in two Champions League games.Real equalled a club record of 34 games without defeat in all competitions but the late equaliser left a sour taste on what had been a night of celebration.Dortmund finished top of the group with 14 points, two ahead of Real, who will play the second leg of their last-16 tie away from home for the first time since 2012/13.
Facebook Twitter Google+ After winning five of its first six matches, Syracuse has dropped its first two in Atlantic Coast Conference play.The 59th-ranked Orange (5-3, 0-2 ACC) couldn’t keep up with No. 7 Virginia (7-2, 1-0) in a 6-1 loss at the Boar’s Head Sports Club in Charlottesville, Virginia.Syracuse began the day by losing the doubles section as their experimental mix-and-match doubles pairings could not capture the point. The pairings had been working as Syracuse had won the doubles point in the past three matches.The team of sophomore Rhiann Newborn and senior Amanda Rodgers fell 8-2 to Virginia’s Danielle Collins and Stephanie Nauta.Virginia cinched the point when senior Breanna Bachini and freshman Nicole Mitchell lost to Maci Epstein and Marie Faure 8-3.AdvertisementThis is placeholder textSU’s top pair, senior Komal Safdar and sophomore Valeria Salazar, trailed UVA’s Cassie Mercer and Skylar Morton 7-5 when officials suspended play.Syracuse had no greater chance in the singles portion of the match as the Cavaliers dominated. Faure beat Mitchell 6-1, 6-1 and Nauta topped Salazar 6-3, 6-3 to push the match to its brink.Virginia completed the push over the hill and captured the win when Collins, the 42nd-rankedsingles player nationally, defeated Rodgers 7-5, 6-3.The lone victory of Syracuse’s came from Bachini as she outlasted Mercer in a marathon match of 3-6, 7-5, 15-13.Newborn (5-2) suffered her second loss of the season as Morton took a crucial third set in a 6-4, 2-6, 6-3 match.SU dropped to 2-2 against ranked opponents this season, losing to Virginia and then-No. 7 Alabama while beating then-No. 35 Princeton and then-No. 39 South Florida.Syracuse will play at Notre Dame on Friday in South Bend, Indiana at 3:30 p.m.Compiled by Sam Fortier, staff writer, [email protected] Comments Published on February 21, 2015 at 3:33 pm Contact Sam: [email protected] | @Sam4TR
A case has been filed on Friday against the man who breaching the security cordon during the first day of the Hyderabad Test between India and West Indies to meet captain India and click a selfie with him.19-year-old Mohammad Khan managed to enter the field of play to click a selfie with Kohli. He reached Kohli, who was fielding at short mid-on, to click a picture with the superstar cricketer.The incident took place at the end of the 15th over which caused a delay in proceedings as Ravichandran Ashwin waited to start his sixth over.India vs West Indies Live Score 2nd Test Day 2Now a case has been filed against Khan, who belongs to Kadapa District of Andhra Pradesh, for trespassing, said Police inspector P Venkateswarlu.As the fan came to Kohli trying to hug him, the Indian captain was seen trying to avoid his hug after which the security personnel came and took him away.Hyderabad Test: Day 1 Highlights | Scorecard | Report | PhotosThe interruption gave the umpires the opportunity to call for drinks with the West Indies score reading 40 for 1 (Kraigg Brathwaite 12*, Shai Hope 6*) after Jason Holder won the toss and opted to bat first.During the drinks break, Kohli was seen having a heated argument with the security.This is the second time in successive Test matches that a fan has interrupted play to click a selfie with Kohli after the incident in Rajkot, where two youngsters did the same with the Delhi batsman.READ – Shardul Thakur becomes India’s 294th Test cricketer and then walks off with groin injuryadvertisementAs India dominated proceedings against the Windies on the first day of the Rajkot Test match, two young men rushed to the pitch to meet Kohli.The two men ran on to the ground and tried to click selfies with Kohli, who was standing on the middle of the pitch.Also read – Hyderabad Test: How Umesh Yadav battled on despite Shardul setbackOn that occasion, Kohli posed for the photos for a second before the umpires intervened and asked them to go away as play had to be resumed. They were escorted off the ground by two security officials.Kohli was unfazed by the abrupt stop of play and carried on after the incident as India piled on the misery on the West Indian bowlers. India manage to win that match by an innings and 272 runs to take a 1-0 lead in the 2-match series.(With PTI inputs)
Atletico Madrid coach Simeone happy with ‘passion’ beating Bayer Leverkusenby Carlos Volcano3 days agoSend to a friendShare the loveAtletico Madrid coach Diego Simeone was happy to scrape a 1-0 victory over Champions League opponents Bayer Leverkusen.Alvaro Morata proved the matchwinner on the day.”I feel good when I see passion and today the team had passion,” said Simeone.”We can play well or poorly, but there’s a path.”We’re close to doing things well.”Some of that passion boiled over into whistles from the fans in the stands, but the coach wasn’t too worried about that.”People are spontaneous,” he said.”We have to try to turn those whistles into applause.”He added: “Anxiety’s normal, the team grew in confidence. We saw some good things tonight although we have to improve when we are in or close to the opponents’ box. It’s not easy for any team because all of our rivals defend well.” About the authorCarlos VolcanoShare the loveHave your say
COLUMBUS, OH – SEPTEMBER 27: Ohio State Buckeyes fans cheer on their team against the Minnesota Golden Gophers on September 27, 2008 at Ohio Stadium in Columbus, Ohio. (Photo by Jamie Sabau/Getty Images)College football fans often come up with creative ways to show their team pride. Apparently that includes turning tree stumps into advertisements.An OSU supporter named Jenny Lorbach tweeted out a photo of a tree stump in her backyard, which had been carved into the Buckeyes’ “Block O” logo, featuring with the words “Ohio State” and a buckeye leaf. It also reads “Go Bucks” underneath – check it out:Our favorite addition to the backyard! @Ohio_State @OhioStAthletics pic.twitter.com/pklsVP5rBm— Jenny (@JenLorbach) July 21, 2015It’s well-done, to say the least. But is it better than the Texas “Hook ‘Em” tree stump we saw last year? You be the judge.
FORT ST. JOHN, B.C. — The BC Oil and Gas Commission announced today that it will be teaming up with Geoscience BC, the University of British Columbia, Simon Fraser University, and the University of Calgary on a research project to install 30 new groundwater monitoring wells in the Peace Region.Starting this summer, a team led by UBC’s Energy and Environment Research Initiative, with collaboration from the OGC and Geoscience BC, will drill a total of 30 wells as part of the groundwater monitoring network in the Peace Region. The first eight monitoring wells will be drilled this summer, with more wells to be drilled in the spring and fall of 2019 before the project concludes in 2020.Samples will be taken at regular intervals to see if methane is present in Northeast B.C. groundwater, and if so, how much, what its origins are, and its prevalence in areas near oil and gas development. “Potential impacts to groundwater from energy resource development are controversial and scientifically-based answers to many questions related to this are needed,” said the project’s principal investigator Dr. Aaron Cahill, who is also co-director of UBC’s Energy and Environment Research Initiative. “In particular, more information is needed on groundwater conditions in areas of resource development in B.C., including levels of methane and other hydrocarbons close to oil and gas wells. This new research project will generate high quality scientific data to address concerns related to resource development in the Peace Region.”Oil and Gas Commissioner Paul Jeakins added that the data gathered from the project will give the Commission more information, and therefore strengthen its oversight of the oil and gas industry.
Bernier said that one of his chief concerns is the potential ramifications for the natural gas extraction industry due to the upcoming final investment decision from LNG Canada, which is anticipated to occur before the end of the year.“The last thing we need is to be raising more red flags that could stand in the way of building TransCanada’s Coastal GasLink pipeline,” he added. DAWSON CREEK, B.C. – Peace River South MLA Mike Bernier says he’s concerned about some of the recommendations that were made to Agriculture Minister Lana Popham in an interim report by an advisory committee looking into revitalizing the Agricultural Land Commission and Agricultural Land Reserve, saying that those recommendations could have a negative impact on the Peace Region’s oil and gas industry.The committee’s interim report, released last Wednesday, identified 13 recommendations for legislative and regulatory change, as well as four recommendations for action to protect the ALR.The committee also identified 14 key issues that are still under consideration for its final report. Among the recommendations for action to protect the ALR, the committee made two recommendations to mitigate the impacts of oil and gas activity on agricultural lands.The committee recommended that a Deputy Minister-level multi-agency and multi-jurisdictional task force to develop a strategy focused on how a balance can be achieved between agriculture and oil and gas extraction, as well as for the ALC to have an increased presence in Northern B.C.“The Committee has previously noted that it is imperative there be a government-wide policy shift in identifying agricultural land and industry as a resource equivalent to other resources, and oil and gas is no exception,” reads the report. “It is essential an ‘agriculture-first’ approach be applied to the ALR in the Northeast.”The report goes on to say that, “The development of the energy sector has exceeded the capacity of the current regulatory environment to protect farmland. The impacts of oil and gas extraction on agricultural land and farm businesses in Northeast B.C. have reached a breaking point. Cumulative impacts over the last decade from accelerating oil and gas development have rendered portions of agricultural lands unusable and others difficult to farm. With continued changes in extraction and processing methods along with the pace and scale of development, these activities that were once considered temporary are no longer. Instead they are permanent industrial sites built on farmland and next to farm communities.”However, Bernier says that the committee’s report contains recommendations that would seek to undo changes that were made by the previous Liberal government in 2014 which he says gives farmers with ALR land more flexibility.“For over fifty years both industries have operated side by side in harmony and without major incident,” said Bernier. “Four years ago the previous government divided the ALR into two separate zones in order to recognize regional differences and give farmers more opportunities to make money on their land. The Minister of Agriculture’s Advisory Committee for Revitalizing the ALR wants to change all that, and quite a bit more.”
Gurugram: A week after Sajid Siddiqui filed a complaint against the mob attack at his home on March 21, a cross-FIR has been filed against Mohammad Sajid’s family. The FIR has been filed in Gurugram’s Bhondsi police station under Section 34 (acts are done by several persons in furtherance of common intention) sections 323 (voluntarily causing hurt) and 324 (voluntarily causing hurt by dangerous weapons or means). The complainant in the case is Rajkumar. Also Read – After eight years, businessman arrested for kidnap & murder”After being treated, he heard that the situation had blown out of proportion in the village and there was a mob attack. On hearing all this, he preferred to leave the hospital without telling anyone,” Subash Boken, the Gurugram spokesperson said. Sajid’s brother Dilshad had filed an FIR in the case March 21, the day when the incident happened. A video of at least 25 men vandalising Siddiqui and attacking his family went viral. No arrests have been made in the case yet. Also Read – Two brothers held for snatchingsThe victims also alleged that the suspects’ family and friends have been mixing with people visiting their home since the attack to keep a tab on their plans. “We are living in constant fear of being watched,” Mohammad Sajid, the owner of the house, said. The family had earlier stated that they were being pressured to reach a compromise with the suspects. The migrant Muslim family, which was attacked by a group of men with sticks and rods in Dhumaspur village of Bhondsi, said on Wednesday that they will seek legal counsel if the police register a cross-FIR in the March 21 violence that left at least 12 of the family injured, including three children. The family denied claims that the 18-year-old suspect’s head was injured when the family allegedly pelted stones after a petty fight over cricket. The family instead claimed that Rajkumar, who surrendered at the Bhondsi police station on Tuesday, was injured when “the mob” entered their home and beat the family members. Meanwhile, villagers from Nayagaon, where the suspects live, maintained that they too have suffered physical harm and that the police must register a cross FIR. The Gurugram police have highlighted that cross-FIR has been filed after the verifying all the claims.
Kolkata: With the exception of some stray incidents of clashes, the first phase of elections in Bengal passed peacefully at Alipurduar and Cooch Behar on Thursday. The voting percentage in both the Lok Sabha seats was above 80 percent.”The election has been fair and peaceful throughout the state. There were a few stray incidents but there have been no injuries to anybody. Senior officers and observers have rushed to the spot whenever we received complaints,” said Bengal Chief Electoral Officer (CEO) Ariz Aftab. Also Read – Bengal family worships Muslim girl as Goddess Durga in Kumari PujaTaking the cue from the CEO, state ADG (Law and Order) Siddh Nath Gupta, who was also present at the press conference, said: “Necessary action has been taken wherever we have received any sort of complaint.” He maintained that the security arrangements were adequate. Earlier in the day, Special Police Observer Vivek Dubey had also stated that peaceful elections were held in both the constituencies. He also acknowledged the role of state police in ensuring maintenance of the law and order situation in both the constituencies. Also Read – Bengal civic volunteer dies in road mishap on national highwayAlipurduar saw a voter turnout of 81.58 percent, with Cooch Behar seeing a 80.11 percent turnout till 6 pm. People standing in queues to cast their votes expressed satisfaction with the security arrangements at the polling booths. Meanwhile, the police arrested seven people from Cooch Behar and one from Alipurduar for trying to create disturbance during the voting process. An official in the state CEO’s office said that three FIRs were filed for alleged vandalising of the vehicle of the All India Forward Bloc candidate at Mathabhanga in Cooch Behar, damaging an EVM at Dinhata and alleged violation of the Model Code of Conduct in Cooch Behar. “Two show-causes have been issued to presiding officers in connection with damage to an EVM in a booth and for allegedly allowing an outsider into a booth at Sitalkuchi in Cooch Behar,” the official said. Trinamool Congress Cooch Behar district president Rabindra Nath Ghosh has alleged interference on the part of Central Forces in the election. “BSF jawans have entered a booth which they are not entitled to do as per the commission’s rule. They are required to guard the polling premises and remain outside the booth. This is a clear indication that they have some sort of ulterior motive. I have informed the District Magistrate. I have also been informed that they have entered some bordering booths as well. Voting could have been better if state police were deployed,” Ghosh said. It has been learnt that the Election Commission has sought a report from the IG, BSF regarding the complaint. Ghosh also spoke with Trinamool supremo Mamata Banerjee and informed her about some EVMs going defunct at Dinhata, apart from his complaint against BSF. Ghosh also alleged conspiracy behind a number of EVMs going defunct at booths in Cooch Behar. Sources in the Commission said that polling had to be called off at Sitalkuchi due to some trouble and the matter would be taken up during the scrutiny on Friday. At Mathabhanga, the vehicle of Forward Bloc candidate Govinda Roy was vandalised and a case has been started against five accused persons regarding the incident. The EVM and VVPAT were damaged and had to be replaced at a booth in Dinhata. Meanwhile, BJP candidate from Cooch Behar Nisith Pramanik sat on a dharna in front of the DM’s office on Thursday, demanding repoll in all 837 booths where there was no deployment of Central Forces, whereas a Left Front delegation led by senior CPI(M) leader Rabin Deb met the CEO and demanded a repoll in 170 polling booths.