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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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UP govt announces hefty cash awards for Olympic medallists

first_imgGreater Noida: Uttar Pradesh Sports Minister Chetan Chauhan on Thursday announced his government’s decision to give away hefty cash awards to Olympic medallists, that will see the winners getting richer by Rs 6 crore while the silver and bronze medallists will bag a purse of Rs 4 crore and Rs 2 crore, respectively.”Our government has decided to give Rs 50 lakh to gold, Rs 30 lakh to silver, and Rs 20 lakh to bronze medallists of Asian and CWG medal winners. On October 2, our Chief Minister Yogi Adityanath will felicitate all the medal winners in Lucknow,” he added.Besides the medal winners, a sum of Rs 5 lakh will be given to each participating athlete in the Asian Games and CWG.Chauhan said the government has taken this decision to uplift the conditions of sports and sportspersons in the state, from where 11 out of 44 athletes have returned with medals from the recently-held Asian Games.”We have taken so many decisions including giving Rs 6 crore to Olympic gold medallists. We know that UP has so much talent and the increased prize money will motivate them to perform at the highest level,” Chauhan said during the jersey unveiling ceremony of Pro Kabaddi League (PKL) franchisee — UP Yoddha.”In the recently-concluded Asian Games, 44 players from UP had participated and won 11 medals. Before that UP athletes won 7 medals in CWG. Our players are performing well and it’s our duty to help them financially.””This is probably the first time that a government will give some money to participating athletes. All athletes will be benefited by this decision and it will help uplift the financial condition of athletes residing in UP,” he said.”UP government has also decided to give financial help to retired sportspersons. All the athletes who won Arjuna, Dronacharya and Rani Jhansi awards will get Rs 20,000 per month pension.”We cannot forget those who have brought laurels for the country and state. Being a sportsperson I know what kind of difficulties they had faced. Our main aim is to promote sports culture in UP and these decisions will certainly help,” he added.Chauhan also promised jobs to the medallists from the state, besides allowing them four years to complete their graduation in order to be eligible for Class 2 level jobs.”We have decided that all the medal winner athletes will get class 2 level job in 11 departments of the government. Those who have not done graduation will get four years to get the graduation degree.”Since minimum qualification for class 2 officer is graduation we have decided to give athletes four years to get the graduation degree,” he said.Chauhan said that due to the policy of the state government, the players are coming back to the state.”We have given job to Sudha Singh. Now she is residing in Mumbai but after getting all the support from our govt, she wants to come back to Lucknow. In a way, our policies enable reverse migration. Earlier athletes were leaving the state due to lack of facilities,” Chauhan said.Regarding the growing popularity of kabaddi, he said, “Kabaddi is a game that is played all the time in childhood and with the start of the Pro Kabaddi League, the game is getting corporate backing. Now the audience is also involved.” IANSlast_img read more

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