PGGM to focus on healthcare sector, exit other business channels

first_imgUnder Velzel, who succeeded Else Bos last year , PGGM has developed a new strategy for the next five years, abandoning its earlier plans to support consolidation across the entire pensions sector in the Netherlands. The Huisartsen scheme will likely remain with PGGMThe €10.6bn occupational pension fund for general practitioners (Huisartsen) was also set to stay as it was part of the healthcare sector.Velzel indicated that PGGM expected to achieve synergy benefits with Stipp, the €198m scheme for temporary workers, which has 1.3m participants in a defined contribution plan with the provider.General pension fund up for grabsPGGM’s general pension fund Volo – established in 2016 as a consolidation vehicle for smaller pension funds – no longer fitted with the provider’s new strategy, Velzel said.Currently, Volo has roughly 3,000 participants and is the second-smallest general pension fund in the market.According to Velzel, PGGM hadn’t set a clear deadline for offloading its APF.However, the chief executive said PGGM would continue to support the low-cost defined contribution vehicle (known as a PPI) that it operated in collaboration with Rabobank.Velzel said: “The PPI is an important preparation for an individual DC system with its choice options. If the mandatory participation were to move to the many employers in the care sector, it would be very useful for us to have the PPI available.”IT overhaulDuring the next five years, PGGM is to invest tens of millions of euros in IT in order to be prepared for a proposed new pensions system with more choice options for employers and participants.“Within this new system, which is to deliver tailor-made pension arrangements for large numbers of participants, we expect synergy in the long term,” Velzel said.While PGGM is to close its door to pensions provision, it wants to open it to third-party asset management clients.“If we want to be best in class, we need to scale up,” Velzel said “Therefore we are considering opening some asset classes for mandates in part.”Velzel said PGGM was assessing the options for property at the moment.Although in its annual report PGGM said it wanted to open its infrastructure fund to external players, the CEO noted that PFZW also wanted to increase its investments significantly, emphasising that the healthcare scheme would have priority.PGGM’s shift follows other providers such as the €130bn MN, which said that it would no longer take on new clients in order to focus on supporting the large metal pension funds PMT and PME.However, MN did open up its asset management services to other clients in the metal industry.APG, the provider for the €414bn civil service scheme ABP, hasn’t accepted new clients for pensions administration for several years. PGGM, the Netherlands’ second largest pensions provider, is to refocus its strategy and exits some lines of business in a major overhaul led by its new CEO.In an interview with IPE’s Dutch sister publication Pensioen Pro, Edwin Velzel said the €215bn asset manager would focus solely on catering for the healthcare sector and its largest client, PFZW.Velzel said PGGM’s general pension fund (APF) no longer fitted with this new strategy and would likely be sold.In addition, he confirmed that his company would stop taking on new customers for its pensions administration business. In July the €1bn occupational scheme for marine pilots (Loodsen) said its contract with PGGM would expire in 2020 and not be renewed.center_img Edwin Velzel, PGGM“It has become clear that it is very difficult to achieve synergy by taking in other pension funds with very different arrangements,” Velzel said.He added that PGGM also wanted to prepare for a possible future without mandatory participation of employers in a sector scheme.Velzel explained that “retaining market share in the healthcare and wellbeing sector is one of our top priorities”, and so the provider had to collaborate more with other entities in this sector.No new admin clientsThe new strategy also meant PGGM wouldn’t take on new clients for its pensions administration business – at least in principle.“We would like the pension funds in the care sector that aren’t yet being served by us to join PFZW,” said Velzel.While Loodsen would be looking for a new provider from 2020, Velzel said PGGM wanted to keep its other non-healthcare clients – including the €19.4bn Dutch pension fund of Philips and the €7bn sector scheme for painters and decorators – “because they have been deeply integrated into PGGM’s systems”.last_img read more

Priests at Gothic cathedral master livestream amid virus threat

first_imgPriest Philippe Rochas, left, and Jean-Benoit de Beauchene pack up livestreaming equipment after holding a closed door Sunday mass at the St. Vincent de Paul church in Marseille, southern France, Sunday, March 22, 2020. AP MARSEILLE – Recent restrictions ongatherings in France to prevent the spread of the new coronavirus have forcedreligious communities to adapt the way they express their faith. “I already realize that the people whosee us online are very happy to have this service, as a kind of comfort,”Rochas told The Associated Press. (AP) This Sunday, however, he sat hunchedover a webcam as he and his fellow priests prepared an empty meeting room tolive-stream Sunday Mass directly to the screens of parishioners confined athome. On a typical Sunday morning, FatherPhilippe Rochas greets roughly 350 worshippers as they trickle into theneo-Gothic St.-Vincent-de-Paul church in the heart of Marseille.last_img read more

Park Jefferson’s rich Iron Cup pays $7,000 to IMCA Modified winner

first_imgModified entry fee is $150 if paid by Aug. 1 or $200 on race day. IMCA Sunoco Stock Cars race for $1,000 to win both nights. IMCA Sunoco Hobby Stocks race for $400 to win, Mach-1 Sport Compacts for $150 to win on Friday. Saturday’s card includes a $700 to win feature for IMCA RaceSaver Sprint Cars while Karl Kustoms Northern SportMods race for $400 to win. IMCA Speedway Motors Weekly Racing National, regional and KMJ Performance state points will be given at the draw/redraw show.  Qualifying starts on opening night with the 2021 Fast Shafts All-Star Invitational ballot qualifying main event set for night two. A race of states is also on the Friday program, with one Modified driver from each state represented at Park Jefferson selected by random draw to compete in a $500 to win event. Friday grandstand admission is $17 for adults and $15 for seniors ages 65 and over. Admission on Saturday is $20 for adults and $18 for seniors. Fans ages 6-16 are $5 and five and under get in free each day.  Gates open at 4:30 p.m. and racing starts at 7 p.m. both nights.  The Iron Cup is presented by J & J Fitting. More information is available at www.parkjeff.com and on Facebook. Pit passes are $35. JEFFERSON, S.D. – Seven thousand dollars is the top prize at the richest IMCA Modified race in South Dakota, Park Jefferson Speedway’s seventh annual Iron Cup special Friday and Saturday, Aug. 7 and 8. last_img read more

Jones run 1-2 at Raceway Park

first_imgJEFFERSON, S.D. (Aug. 13) – Glen Jones and son Casey ran 1-2 in Sunday’s Casey’s General Stock IMCA Sunoco Stock Car feature at Raceway Park.Kyle Welch had his hands full holding off Todd Boulware for the KCAU IMCA Northern SportMod checkers. Chris Mills’ move to the high side late in the race paid off with the Total Motors IMCA Modified checkers.Craig Clift paced the Golden Auto IMCA Hobby Stocks and Ramsey Meyer was the Z98 IMCA Sport Compact winner.last_img

Bale ‘risks offending team-mates’

first_imgIreland assistant manager Marco Tardelli believes Gareth Bale risks losing the respect of his team-mates if he does not play for Wales in Wednesday’s friendly. It is understood Bale is concerned about the prospect of risking an injury against Ireland, which could potentially scupper any impending deal. But Tardelli believes Bale needs to pull on a red shirt on Wednesday, or risk upsetting his Wales colleagues. When asked if he expected to be facing the winger, Tardelli replied: “I think he will play, he is a Welsh player and he is the best player in the team. “If he wants the respect of the other players he must play. He is a very good player, at the moment he is up there with Cristiano Ronaldo and players of that calibre, and we saw this with what he did for Tottenham last season.” Of the reported £105million fee Real are ready to splash out on Bale, Tardelli added: “Times change but maybe in my time Diego Maradona may have been (worth that much). “I don’t know if Bale is worth that much but if someone pays it that is his value.” But Stoke midfielder Glenn Whelan is not so convinced that Coleman will be able to field his main attacking catalyst, and expects Bale to avoid any risks. He said: “I am not too sure he will play. He has got a big-money move lined up. No one knows if it is on or off but if I was Gareth I would maybe be a little wary of playing before any deal is made. “But it’s up to himself and his manager. I dare say he would like to get a deal done and then play for his country, but if it isn’t done, I don’t think we’ll see him.” The 24-year-old Tottenham winger’s future is firmly in the spotlight with Real Madrid keen to attempt a world record deal to take him to the Bernabeu. Despite not having played for Spurs in almost a month, and while he continues to nurse a foot injury, Bale has reported for duty with Chris Coleman’s side ahead of the Cardiff City Stadium clash. While nearly all of the pre-match focus has been on Bale, Ireland have important goals of their own to focus on. They are firmly in the hunt for World Cup qualification from Group C, and are part of a three-strong group, along with Sweden and Austria, level on points behind leaders Germany. Next month sees Giovanni Trapattoni’s team face the Swedes and Austrians in two games which could define their campaign. And Whelan knows it is vital to continue a good run of form which has seen them lose just once in 2013, to World and European champions Spain. He said: “It is massive for us, we have gone on a good run and we need to keep that confidence going as we have got two big games next month. “We put in a good performance against Spain, even though we lost, and everyone knows how friendlies can help build confidence, so we want a good result on Wednesday. “We have a few new players around the squad but they want to prove they can do a job on the big stage and we want to go into those games next month on a good performance and with the right result. “This is a derby game and we know it will be tough.” Press Associationlast_img read more

Enmore CCCC to battle Ogle CC Blasters tomorrow in Neville Ramotar Memorial T20 final

first_imgENMORE Community Centre Cricket Club (ECCCC) Bravados would look to make it two of two when they play in another final tomorrow at home.After defeating a formidable Lusignan team recently in the 2019 SPR Enterprise 40-over competition, the Bravados are now set to challenge the Ogle Cricket Club Blasters in the Neville Ramotar Memorial T20 final.The competition commenced in 2019 among 20 teams before it was suspended in December, due to the inclement weather.According to information from the organisers, the T/20 competition is in its first year and is being played in memory of the late Neville Ramotar, an ardent cricket supporter and businessman from Enmore.The first team that wins the competition twice will keep the Neville Ramotar lien trophy.Prior to the clash, there will be an exhibition game between a combined East Coast U-23 team and Lusignan East, who are the third-placed team.ECCCC’s batting will be led by former senior national all-rounder Amir Khan, national U17- Chaitram Balgobin and the in-form Vishwanauth Ramlakhan. while their quartet of spinners, Satash Jainarine, Chris Surat, Amir Khan and Yuvraj Dayal will look to restrict the Ogle batting lineup.Ogle CC Blasters Andrew Samaroo and Khemchandra Dindyal are expected to make significant contribution to their team’s score while Ayodha Joseph and Damuka Ngondo will lead their bowling.The exhibition game is set for 10:00hrs while the final would be played from 13:30hrs.There will also be off-field entertainment and bar refreshments on sale.ECCCC Bravados includes: Bheemraj Ramkelawan (capt.), Yuvraj Dayal, Imran Hassan, Vishwanauth Ramlakhan, Amir Khan, Chris Surat, Rudolph Singh, Navindra Gobin, Cordel Marz, Kenon Ramascindo, Ranjeet Hiralall, Chaitram Balgobin, Hemraj Garbarran and Satash Jainarine.Ogle CC Blasters players are: Davindra Ramtahal (capt.), Soopaul Sanichar, Michael Deonarine, Khenchandra Dindyal, Ayodha Joseph, Andrew Samaroo, Orlando Persaud, Khemraj Jaikaran, Damuka Ngondo, Anthony Ifill, Deion Thomas, Shivanand Gossain, Nazir Hussein and Orlando Persaud.last_img read more

Nigeria Now Ranked 19th as Fallout of 2018 Amputee World…

first_imgLaleye Dipo in MinnaFollowing the average performance of the country’s representatives at this year’s Amputee Football World Cup, Nigeria is now ranked 19th in the world.Before the tournament in Mexico Nigeria was not ranked having not participated in the championship previously. Angola which won the World Cup is ranked number one in the world while another African country Kenya was placed 12th in the global ranking.President of the Amputee Football Federation in the country, Mr Isah Sulaiman, told THISDAY in Minna yesterday that the latest ranking of the country “will boost the acceptability of the game in the country.“This latest ranking has now put Nigeria on the world map of amputee football playing nations,” Isah Sulaiman revealed.He however pleaded with the federal government to assist the federation with funds saying that lack of financial resources stopped the team from proper preparation for the World Cup which also affected their performance at the global championship.In the just concluded championship Nigeria lost 0-6 to Brazil in the first preliminary stage match while the country also lost 0-3 to Russia before beating El Salvador 1-0 and drew 1-1 with Colombia.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more

200 Kids Honour FCT School Taekwondo Competition

first_imgIt was the first time KCCN would be organising a taekwondo championship to expose the students to the rudiments of martial art since it started its school programme in 2013.“The First FCT Taekwondo Competition is all about exposing the kids. The KCCN has been sponsoring the training of the students for about five years. All we have been doing was focusing on training and grading. We have now exposed them to competition and it will be yearly to boost their morale. The essence is to develop the kids by instilling discipline in them, but if they do well, they can represent the country. Almost 200 kids attended the clinic,” disclosed the head coach of the centre, Abdulmalik Mohammed.The Director Korean Centre in Abuja, Han Sungrae, underscored the resolve of the centre to elevate the teaching of taekwondo in FCT schools. He applauded the performance of the students in the programme, saying after putting up stellar performances, some of them had been upgraded from white belt to black belt.While expressing hope that some of the participants will in future assume leadership role in the country, Han said the Korean Centre would be pleased to see Nigeria win a gold medal in taekwondo event at the 2020 Olympic Games in Tokyo, Japan.LEA Wuse Primary School, Zone 3 topped the medal chart with 5 gold, 2 silver and 2 bronze medals, with three of the gold medals coming from Poomsae event. LEA Wuse V Primary School,Zone 1 trailed with 4 gold, 6 silver and 7 bronze, Model Junior Secondary School, Maitama, 4 gold, 2 silver and 4 bronze medals while Model Primary School, Maitama hauled 1 gold, 6 silver and 8 bronze medals.Some of the stellar performers included Katherine Ohajuba of Junior Secondary School, Maitama, who won gold in the Kyorugi female 48 kg event, Emmanuel Adeniji of Model Junior Secondary School (37kg) and Emmanuel Ifediora of LEA Primary School, Wuse V, Zone 1 in 43 kg Kyorugi.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram From Olawale Ajimotokan in AbujaThe Korean Cultural Centre, Nigeria (KCCN) has organised the inaugural FCT-UBEB Elementary School Taekwondo Competition with over 200 students attending.The five schools that participated in the medal scoring Kyorugi and Poomsae events included LEA Wuse, Primary School, Zone 3, LEA V Wuse Primary School, Zone 1, Model Junior Secondary, Maitama and Model Primary School, Maitama.last_img read more

Burglaries hit Downtown apartments

first_imgFour burglaries struck the Orsini Apartments in Downtown Los Angeles this week, according to KPCC.The incidents, which occurred between Friday night and Monday, totaled approximately $40,000 worth of items, including three laptops, several high-end hand bags and $1,800 in cash.All four incidents occurred in units where residents had left their windows open, the LAPD told KPCC. Orsini, though a popular luxury housing option for many USC students, has long had a reputation for property crime. Two suspects in 2008 were taken into custody in connection with nine burglaries of the complex, according to a report by Curbed LA.According to police, officers are currently investigating two suspects in connection to the crimes. As the complex has 24-hour doorman security and a gated parking garage, police suspect the burglaries to be an “inside job,” KPCC reported.Though burglaries and car break-ins are nothing new at the Orsini, increased security detail and efforts by the LAPD to educate residents on basic precautionary security have contributed to increased crime control.last_img read more

Follow live: Syracuse crushes Middle Tennessee State , 75-50, advances to Sweet 16

first_img Facebook Twitter Google+ Comments Published on March 20, 2016 at 6:04 pm Contact Jon: jrmettus@syr.edu | @jmettuslast_img