Because the equity market downturn had little effect on the scheme, due to its limited stock holdings, it explained that bridging the funding gap with any potential merger partner would now be easier.PME said the transfer of pension rights would be carried out on a ‘funding neutral’ basis.At the end of August, the Alcatel-Lucent scheme’s official policy coverage ratio stood at 97.5%, while PME’s policy funding was 99.8%.The Dutch regulator forced the transfer of pension rights after the Alcatel-Lucent scheme lost its sponsor’s support.Because the scheme was under-funded at the time, it was legally required to liquidate. However, the liquidation process was delayed after a court case between the pension fund and the employer, which the scheme lost last year. PME said Blue Sky Group would remain as pensions provider over the next six months.PME’s regular provider is MN. The merger of the Alcatel-Lucent Pensioenfonds with PME is part of an extensive consolidation process in the Dutch pensions sector. So far, several dozens of predominantly company schemes have joined PME, including the pensions funds of truck maker DAF, car manufacturer Nedcar, the industrial conglomerate Stork and ship yard De Schelde. Over the past six years, the metal scheme has seen its assets increase by €7bn due to value transfers from joining pension funds. PME manages the pension rights of approximately 630,000 participants who are affiliated with almost 1,300 large and medium-sized companies. The €700m Dutch pension fund of telecommunications company Alcatel-Lucent has joined the €40bn metal scheme PME as of 1 October.The Alcatel-Lucent scheme placed the pension rights of its 1,700 pensioners and 2,400 deferred members with the industry-wide pension fund for the metal and electro-technical engineering sectors.Because the sponsor company terminated its contract for pensions provision, the pensions accrual of the scheme’s limited number of active participants has been outsourced to Blue Sky Group since 2012.Last month, the Alcatel-Lucent scheme said it was accelerating its liquidation process to benefit from the recent decline in equity markets.
The Carbon Trust’s Offshore Wind Accelerator (OWA) plans to start a new industry competition next month with the aim of reducing emissions and fuel consumption in offshore wind vessels.OWA is now calling on the industry to respond to a Request for Information (RFI) to inform the scope of the competition.The RFI is the first stage in the competition that will have an estimated funding envelope of circa GBP 400,000. The results from the RFI will help gauge the current interest and development levels, and assist efforts to tailor the competition to best suit industry needs.The initial focus will be on systems, subsystems, and technology that support the operation of Crew Transfer Vessels (CTV). However the industry’s view for larger vessels such as Service Operations Vessels in the future is also worth consideration, the Carbon Trust said.The project is being led by BMT Defence and Security UK (BMT DAS) and Black & Veatch, commissioned by the Scottish Government and nine OWA industry partners – EnBW, EON, Iberdrola, Innogy, Ørsted, Shell, SSE, Equinor, and Vattenfall.
“The most important thing, and what he deserves the most credit for, is he hasn’t come in and tried to change everything,” said Schmeichel during the season.With new signings Huth, Christian Fuchs, Shinji Okazaki and French midfield monster N’Golo Kante carefully added to the blend, Ranieri ditched the back three used by Pearson for a 4-4-2 system.His underdog playing strategy — structured defence allied with rapid counter-attacks — would prove devastatingly effective.Leicester were top following a 4-2 defeat of Sunderland on the season’s first day and returned to the summit in November after Vardy’s record-breaking run of scoring in 11 successive games.There was only one real wobble — a run of one win in five matches immediately after Christmas — and to date they have been beaten just three times.Even when, no longer misdiagnosed as over-achieving minnows, Leicester found opposing teams massing themselves behind the ball, they ground out five 1-0 wins in six games to move to within sight of the title.Leicester’s triumph also owes a debt to the perfect storm that saw defending champions Chelsea collapse, Manchester United toil and Manchester City and Arsenal fail to last the course. MisdiagnosedLeicester escaped relegation last season by winning seven of their last nine games, so there was dismay when manager Nigel Pearson was sacked after his son, a Leicester youth player, was involved in a racist sex tape during a post-season tour of Thailand, home of club owner Vichai Srivaddhanaprabha.But Ranieri, the former Chelsea manager, was canny enough to see that there was momentum to be harnessed and had the good sense to retain key members of Pearson’s staff, such as well-regarded head of recruitment Steve Walsh. Coach Ranieri made history with LeicesterLondon, United Kingdom | AFP |Leicester City’s against-the-odds Premier League title success is a story of belief, dogged graft and inspirational leadership prevailing against the money-inflated complacency of England’s leading clubs.Exploiting the frailties of the presumed title favourites, the 5,000-1 outsiders surged to the summit and then held their nerve over four long, giddy months to complete one of the most improbable upsets in sporting history.In the words of the club’s genial Italian manager Claudio Ranieri, it was a triumph of “players who were considered too small or too slow for other big clubs”.“It gives hope to all the young players out there who have been told they are not good enough,” Ranieri said.Kasper Schmeichel left Manchester City aged 22 and spent five seasons rattling around in the second and third tiers before Leicester enabled him to emulate his father, the Manchester United great Peter, by keeping goal in a title-winning side.Right-back Danny Simpson and central midfielder Danny Drinkwater were released by Manchester United, but both have been Leicester mainstays this season, the latter earning a first England cap in March.German centre-back Robert Huth spent four years as a bit-part player at Chelsea. His centre-back partner Wes Morgan, the captain, did not play top-level football until he was 30.Winger Marc Albrighton was released by his formative club Aston Villa in 2014. His season began amid personal tragedy, after his partner’s mother was killed in the terror attack in Sousse, Tunisia last June.Most famous of all, now, are Riyad Mahrez and Jamie Vardy, signed for a combined fee of some £1.4 million ($2 million, 1.8 million euros) and who have become two of the most feared forwards in England.Dazzling Algerian winger Mahrez, told he was “too skinny” by his youth coaches in the Sarcelles district of Paris, recently became the first African to be named England’s Player of the Year.The prolific Vardy, rejected by boyhood club Sheffield Wednesday for being “too small”, is now a Premier League record-breaker and England international whose rags-to-riches tale is reportedly being turned into a Hollywood film.Overseeing it all has been 64-year-old Ranieri, derided as a nearly man by Jose Mourinho and mocked on his return to England last year, but whose lyrical soundbites became the soundtrack to Leicester’s drive to glory.Leicester players have played out of their skins But for an unheralded team composed of players with almost zero title-winning know-how, their success in leading from the front represents an astonishing feat of fortitude and sporting courage.The club’s disbelieving supporters will hope that by the time Champions League football arrives at the King Power Stadium for the first time next season, players like Vardy, Mahrez and Kante are still around.But whatever becomes of Ranieri’s ‘Impossibles’ in the months, years and decades ahead, their sporting immortality is assured.CLICK here to read Spurs versus ChelseaShare on: WhatsApp Pages: 1 2