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Pension fund for Alcatel-Lucent to merge with PME

first_imgBecause 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.last_img read more

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Update on the latest sports

first_imgUpdate on the latest sports Eskimos reportedly changing nameEDMONTON, Alberta (AP) — The CFL’s Edmonton Eskimos reportedly will change their name, although the team wouldn’t confirm that information.TSN and Postmedia said Friday the team will make a switch following a decision to do the same by Washington’s NFL team. The team issued a statement saying it takes this issue seriously as has been demonstrated by the three years it has spent engaging in Canada’s north and conducting research related to the name.NHL-NEWS Associated Press The Athletes Village and the main press center have also been lined up for 2021.That was the message delivered Friday to IOC members by Tokyo organizing committee president Yoshiro Mori and CEO Toshiro Muto. They spoke from Japan to a full session of the IOC membership meeting online.Estimates in Japan say the delay will cost $2 billion to $6 billion, with Japanese taxpayers picking up most of the bills.IOC MEETINGBach warns against Olympic boycotts, seeks re-election Share This StoryFacebookTwitteremailPrintLinkedinRedditPGA-MEMORIALBig finish allows Woods to make Memorial cutDUBLIN, Ohio (AP) — Tiger Woods teetered on the cut line before earning two more rounds at the Memorial. — Yankees second baseman DJ LeMahieu (leh-MAY’-hyoo) has returned to the field after missing nearly two weeks with COVID-19. LeMahieu was not in the lineup for Friday’s intraquad game but hit in a batting cage and was to take grounders on the field. Manager Aaron Boone wants LeMahieu to build up his legs and said it’s not clear whether he will be ready for Thursday night’s opener at Washington.— Royals pitcher Brad Keller is back with the team after missing two weeks due to COVID-19. He immediately hit the field for a 30-pitch bullpen session and had no issues. Keller was the Royals’ starter opening day last year. — Los Angeles Angels right-hander Justin Anderson will have Tommy John surgery. Anderson was a candidate for a spot in the Angels’ bullpen after going 3-0 with a 5.55 ERA in 54 appearances last season. He recently had an MRI that showed a torn ligament in his right elbow. — All-Star right-hander José Berríos (beh-REE’-ohs) will be the Twins’ opening day starter. Berríos went 14-8 with a 3.68 ERA and 195 strikeouts in 200 1/3 innings last year, all career bests. The 26-year-old native of Puerto Rico made his major league debut in 2016.NBA-POSTSEASON AWARDS UNDATED (AP) — New details released by the National Transportation Safety Board show Dale Earnhardt Jr. and a pilot struggled to open an airplane’s wing emergency exit as the aircraft began to burn and fill with smoke before the race car driver and his family managed to escape from the main door during a 2019 crash in Tennessee. Documents released Thursday by the NTSB provide pilot, passenger and witness statements about the Aug. 15, 2019 plane crash at an airport in Elizabethton, Tennessee. Earnhardt was with his wife, 15-month-old daughter, two pilots and the family dog when their Cessna crashed. TOKYO-COMPETITION SCHEDULETokyo Olympic venues lined up, schedule remains the sameTOKYO (AP) — The 42 venues for next year’s delayed Tokyo Olympics have been secured and the competition schedule will remain almost identical to the one that would have been used this year. NBA won’t consider seeding games in postseason award votingLAKE BUENA VISTA, Fla. (AP) — The NBA has told teams that none of the seeding games will be taken into consideration for any postseason award. Voting for honors such as All-NBA, rookie of the year and defensive player of the year will be completed before the July 30 restart of the season. Statistical championships, such as the scoring, rebounding, assist and steal titles, are technically up for grabs through the end of the seeding games in mid-August. Also around the NBA:— Bucks coach Mike Budenholzer confirmed Eric Bledsoe tested positive for COVID-19 but remains cautiously optimistic the veteran point guard will be ready for the start of the season’s resumption. Budenholzer’s comment came a day after multiple reports indicated Bledsoe said he had tested positive but was asymptomatic.The 30-year-old Bledsoe is averaging 15.4 points, 5.4 assists and 4.6 rebounds.FOOTBALL-EDMONTON ESKIMOS-NAME CHANGE GENEVA (AP) — International Olympic Committee President Thomas Bach is warning against Olympic boycotts. China’s human rights record is an expected target ahead of the 2022 Beijing Winter Olympics. Some lawmakers and diplomats have criticized China for its detention and treatment of its Muslim minority Uighur people and pro-democracy activists in Hong Kong. The issue is personal for Bach, who won a gold medal in team fencing at the 1976 Montreal Olympics but could not defend the title when West Germany joined the United States and others in refusing to send teams to the 1980 Moscow Games. Bach also confirmed he will seek re-election as IOC president next year. WOMEN’S COLLEGE BASKETBALL-OBIT-INDIANA-GORTONBea Gorton, Indiana’s 1st women’s hoops coach, dies at 73BLOOMINGTON, Ind. (AP) — The first women’s basketball coach at Indiana, has died. Bea Gorton was 73. Woods followed Thursday’s 1-under 71 with a 76 that puts him at plus-3 in his first PGA tournament since the coronavirus pandemic. He missed a pair of 3-foot putts and took a double bogey from the fairway before a birdie-par finish left him one over the cut line. Woods is a five-time winner at Muirfield Village, but his current 36-hole total is his worst since his first time playing it 23 years ago.Ryan Palmer fired a 68 to pull into a tie for the lead with Tony Finau (FEE’-now) at 9 under. Jon Rahm is one stroke back.MLB-NEWS5 more Major League Baseball players positive COLLEGE BASKETBALL-MICHIGAN-LIVERSMichigan’s Livers forgoing NBA, returning to WolverinesANN ARBOR, Mich. (AP) — Michigan forward Isaiah Livers has announced that he was removing his name from NBA draft consideration and will return to the Wolverines for his senior season, saying he was excited to come back to Ann Arbor. Livers has started 46 games in three seasons at Michigan. He led the Wolverines in scoring last season at 12.9 points per game, although he was limited to 21 games because of injury problems.EARNHARDT-PLANE CRASHDetails released in crash of plane carrying Earnhardt Jr. A total of 223 Division II games are off.In other college sports developments related to the COVID-19 pandemic:— Indiana University has put its voluntary football workouts on hold after six participants tested positive for COVID-19 this week. Athletic department protocols require each person with a positive test to self-isolate until further notice as contract tracing begins. Anyone deemed to be in close contact with someone who has tested positive also will be quarantined.— Southeastern Conference schools will honor the scholarships of athletes who opt not to participate in fall competition because of concerns about COVID-19. The SEC says athletes will remain in good standing with their team. The league said it will determine later if the policy should be extended at least to the spring semester.— The Atlantic 10 Conference is postponing its fall sports season, which includes soccer, cross country, field hockey and women’s volleyball. The conference announced it will try to play those sports in the spring semester, and has agreed to a “look-in” window during September to evaluate whether it is possible to conduct shortened, conference-only seasons in fall sports. UNDATED (AP) — Five more baseball players tested positive for COVID-19 in the past week, raising the total to 80 since testing started in late June. Major League Baseball and the players’ association said six out of 10,548 samples were new positives in the week ending Thursday, a rate of 0.05%. The week included a five-day span with no new positive tests. Including the initial intake screening that started in late June, 93 of 21,701 samples have resulted in new positives, a rate of 0.4%. The positives included 80 players and 13 staff members. In other MLB news:— A top Canadian government health official says problems remain with Major League Baseball’s proposed plan to play in Canada amid the coronavirus pandemic. Deputy Chief Public Health Officer Dr. Howard Njoo said the federal government is still looking very closely at the proposals by MLB and the Blue Jays, who have been given clearance by Ontario and Toronto officials to play at Rogers Centre. Njoo credits the Blue Jays for their willingness to live in a quarantine environment while they host games. NHL announces 3 finalists for the Vezina TrophyUNDATED (AP) — Tampa Bay netminder Andrei Vasilevskiy (va-sih-LEHV’-skee) has been selected as a Vezina (VEH’-zih-nuh) Trophy finalist for the third consecutive season.Vasilevskiy now has a shot at becoming the first back-to-back winner of the NHL’s top goalie award in 12 years. He finished with an NHL-leading 35 wins, which included a 21-game stretch in which he went 19-0-2Winnipeg’s Connor Hellebuyk (HEH’-leh-buhk) and Boston’s Tuukka (TOO’-kuh) Rask round out the list of finalists released on Friday following a vote by the league’s general managers.In other NHL news: — Edmonton Mayor Don Iveson says a preliminary assessment shows storm damage to Rogers Place is not structural and the arena will be able to hold upcoming NHL games. Iveson says Thursday night’s flooding and damage to the arena’s roof caused “cosmetic” damage. Edmonton and Toronto were chosen as the hub cities for the playoffs that were suspended when the pandemic hit in March. VIRUS OUTBREAK-COLLEGE SPORTSMore than 300 Division I football games have been canceled or postponed because of the pandemicUNDATED (AP) — A total of 315 Division I football games have been canceled or postponed because of the coronavirus pandemic. According to Associated Press research, 102 Football Bowl Subdivision games are off. That number is 255 for the Football Championship Subdivision. Included in those numbers are 42 matchups between FBS and FCS teams. The Colonial Athletic Association, Ivy League, Patriot League and MEAC (MEE’-ak) have canceled or postponed their seasons. The Big Ten and Pac-12 have canceled nonconference games. The CAA is allowing its members to play as independents this season. Gorton still has the best winning percentage in school history at .738 and holds the distinction of coaching the program’s only All-American, Debbie Oing. July 17, 2020last_img read more

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