Scandal rocks Finnish local government pension fund Keva

first_imgEarlier this week, local media also came out with claims that Ailus received child benefits from Finland and Norway simultaneously for eight years, which Norwegian officials are now claiming back.Ailus maintains she was unaware she continued to be paid the benefit after she moved away from Norway.Earlier this week, Keva’s deputy chief executive Tapani Hellsten reacted to the news by announcing he would give up his fringe benefits – a luxury car and a flat – in exchange for an increase in salary.Ailus said she would give up the car and the flats, but pointed out that, to low-earning pensioners, the fringe benefits of pension fund management might seem excessive.Keva will convene and comment on the issue on 22 November.Chairwoman Räty – who initially backed Ailus but recently changed tack – told IPE: “It is of the utmost importance that the management of a local pensions institution have sound judgement.“On the basis of the conversations I have had with Ailus in recent days, as well as the newest developments in this matter, I can no longer say that Ailus’s judgement is up to our standards.” Despite Räty’s announcement, Ailus organised a press conference for Keva staff on Thursday morning, declaring that she had no intention of resigning.Keva’s board will convene on Friday to discuss the issue, although several members of the board have announced that they agree with Räty.The Ministry of Finance, the supervisory body for Keva, is also evaluating the situation and will make its recommendations in mid-December.Keva has also set up an inquiry on its benefit culture.Many in the Finnish pensions industry and media, however, have questioned the objectivity of an inquiry managed by the fund’s own finance Tom Kala, who is one of Ailus’s subordinates.Keva insures 1.3m Finns working or having retired from local government jobs.Ailus was appointed as managing director of the €35bn scheme in 2009 out of a group of 20 applicants.Her appointment has been described as political, as she is a member of the Centre Party and arguably had less experience with the pensions industry than several other applicants.IPE asked Ailus to comment on the situation, but received no reply. Merja Ailus, managing director at Keva, the €35bn local government pensions institution of Finland, may lose her job after local media revealed evidence of tax evasion, prompting the fund’s chairwoman, Laura Räty, to say she had lost trust in Ailus.Last week, Finnish media reported that Ailus’s “fringe benefits” included two luxury flats in central Helsinki and a brand new BMW.Further, the reports alleged that she failed to pay the appropriate taxes for the flats, and that “rules had been bent” in the acquisition of the BMW.When starting at Keva in 2009, Ailus reportedly requested to live in a €2.3m flat and last year requested an increase of €6,100 on her monthly salary of €18,900.last_img read more

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Sampension poaches Nordea Life & Pension’s investment chief

first_imgDenmark’s largest labour-market pension fund, Sampension, has hired Jesper Nørgaard away from Nordea Life & Pension to take on the newly-created role of deputy CIO.Sampension, which managed DKK267bn (€35.9bn) of assets at the end of 2016, is expanding its investment department since merging two smaller pension funds from the now-defunct Unipension administrative alliance into its operation a year ago.Hasse Jørgensen, chief executive of Sampension, said: “We are very pleased to have hired someone with Jesper’s experience and skills as well as his strong professional and management profile.”Altogether, Nørgaard has worked at Nordea Life & Pension, part of banking group Nordea, since 2004. He has been group CIO for nine years. Sampension said that in creating the new deputy CIO position, it was bolstering its investment department strategically as well as in terms of management.The department, which currently consists of 28 staff and is led by CIO Henrik Olejasz Larsen, has grown because Sampension took over the management of The Pension Fund for Agricultural Academics and Veterinary Surgeons (PJD) and The Architects’ Pension Fund with effect from 1 January 2017.On top of these new inclusions, the department has been dealing with an increase in complexity due to tighter regulation, more focus on responsible investments and more investment tasks that have been brought in-house from external managers, Sampension said.Olejasz Larsen told IPE that although Sampension has succeeded to some extent in merging the investments of the two incoming pension funds with its existing portfolio – using common “building blocks” in the form of Sampension’s mutual funds – the newcomers still require extra work from the investment department.“There are some things we have to do three times – for instance, getting regulatory approval – and when we engage with other financial institutions they have obligations to know their client,” he said. “All these things stem from the fact the pension funds are not fully merged, but are still separate legal entities.”The primary reason Nørgaard’s new role was Sampension’s increased need for external communication regarding its investments, Olejasz Larsen said.“There is a need for more external communication with stakeholders, the boards of the new pension funds as well as the public, and this is all demanding management time,” he added.Sampension has been bringing more of its alternatives investment such as private equity, forestry and international real estate in-house since the global financial crisis, he said.Meanwhile, Nordea Life & Pensions has appointed Erik Callert – currently head of investment sourcing and product coordination – as acting group CIO.Nørgaard will remain officially employed at the company until 31 March, and is currently still working at the firm to facilitate a smooth handover, a spokesman said. Nørgaard will go on leave on 1 February.Nordea Life & Pension lost the CIO of its Danish operation to a labour-market pension fund last year as Anders Schelde moved to become CIO of MP Pension, the pension fund for academic public sector staff.last_img read more

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PGB to exclude supermarket chains over firearm sales

first_imgThe €24bn multi-sector scheme PGB has become the first Dutch pension fund to exclude companies selling firearms to civilians.As a result of the decision, the scheme said on its website that it would divest its stakes in US supermarket chains Walmart and Kroger.The decision followed a survey of its members conducted in 2017, which indicated that they didn’t want the scheme to invest in controversial weapons.Members also indicated that they were concerned about about gun violence at, for example, schools in the US. However, they supported these weapons remaining available to the police and the army. According to PGB, consultancy firm Sustainalytics had developed a method to screen companies for arms sales to civilians. Its work was prompted by a discussion among US pension funds.Walmart has already been excluded by several Dutch pension funds, including the €203bn healthcare scheme PFZW. However, this was for violating workers’ rights to unite through union membership.PGB didn’t identify the two other companies affected by its divestment decision, but said it was also screening arms manufacturers that targeted consumers, and manufacturers of parts for guns and other firearms.It said that its exclusion policy would also apply to firms whose subsidiaries produced firearms or focused on sales to civilians.PGB added that it would start divesting its stakes in the companies – all listed in the MSCI index – in the fourth quarter of this year.Earlier this year, asset managers State Street and BlackRock said they planned to engage with arms manufacturers regarding safety and distribution following a school shooting in Florida in February.last_img read more

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BW’s LNG newbuild wrapping up sea trials

first_imgBW LNG, a unit of the Singapore-based gas shipping giant BW Group, said its third ME-GI newbuild, the BW Pavilion Aranda is completing its sea trials. The vessel, BW’s third featuring ME-GI propulsion and reliquefaction system, is one of seven LNG carriers on order at the South Korean Daewoo Shipbuilding & Marine Engineering (DSME) yard.Upon delivery in early September, BW Pavilion Aranda will commence on a long term charter to Pavilion.To remind, in October last year Singapore’s Pavilion Energy signed a long-term charter for two M-type, Electronically Controlled, Gas Injection (MEGI) LNG newbuildThe 173,400-cbm vessels are scheduled for delivery between 2019 and 2020, and will be used to enable Pavilion Energy’s global portfolio and LNG trading expansions.In 2014, Pavilion Energy and BW formed a joint venture, BW Pavilion LNG to acquire, manage and charter maritime LNG assets, including LNG carriers.The joint venture’s fleet includes two Singapore-flagged LNG newbuilds, the BW Pavilion Vanda and the BW Pavilion Leeara, both of which are on long-term charter to Pavilion Energy.last_img read more

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Town police chiefs, prov’l directors face revamp

first_img“In the most recent performanceevaluation, town police chiefs, provincial and city police directors did well. Wala naman akong maipintas. I’msatisfied with their performance,” Pamuspusan added./PN The PRO-6 is also looking for a newChief of the Directorial Staff; Police Colonel Marlon Tayaba filed a leave ofabsence for health reasons. Pamuspusan said some municipal policechiefs would also be relieved from their posts either for promotion, schoolingor retirement. According to Police Brigadier GeneralRene Pamuspusan, regional police director, Vilela, only in his sixth month ofduty at the IPPO, will become the Philippines’ police attaché in California ,USA.center_img Iloilo Police Provincial Office (IPPO))director Police Colonel Roland Vilela will be leaving this month for anotherassignment while the director of the Negros Occidental Police Provincial Office,Police Colonel Romeo Baleros, will be retiring next month. ILOILO City – The Police RegionalOffice 6 (PRO-6) is revamping police provincial directors and municipal policechiefs.last_img read more

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Antique under ‘enhanced’ community quarantine

first_imgUnder theEO, the provincial government also adopted work from home for employeesauthorized by their respective department heads and division chiefs. Parenaadded that the quarantine pass, however, is transferable to other members ofthe family aged 18 to 60 years old who do not exhibit any COVID-19 symptoms. Accordingto Colonel Roy Parena, Antique Police Provincial Office director andInter-Agency Task Force for COVID-19 chairperson on March 23, the decision cameafter Western Visayas recorded to positives cases of the said virus. SAN JOSE,Antique – This province has been placed under enhanced community quarantine ina bid to curb the spread of the coronavirus disease 2019 (COVID-19). Employees of the local government unit of Caluya, Antique disinfect their municipal hall as one of the preventive measures against the coronavirus disease 2019. MUNICIPALITY OF CALUYA Cadiao, onthe other hand, cited the exceptions of the EO as the province ensures thedelivery of public service while observing social distancing and otherpreventive health measures. The staffof the Provincial Warden’s Office, skeletal workforce of the Office of theGovernor, provincial guards, and the personnel of the Provincial Administratorshall continue to report for work at the Capitol. Under theEO, all mayors of the 18 towns in the province are enjoined to implement theenhanced community quarantine within their respective territorialjurisdictions.center_img “Thealternative work arrangement shall be adopted for the duration of State ofPublic health Emergency and shall be applicable until Proclamation Number 922is lifted by the President of the Republic of the Philippines,” Cadiao said.(With a report from PNA/PN) “ExecutiveOrder (EO) Number 36 was issued by Gov. Rhodora Cadiao last March 22, whichplaced Antique under enhanced community quarantine until March 31,” he said. “Only onequarantine pass per household shall be provided by the barangay captain totheir constituents,” he said. “Asessential frontliners in the fight against COVID-19, the skeletal workforce ofthe Provincial Disaster Risk Reduction and Management Office, Provincial SocialWelfare and Development Office, Peace, Order and Public Safety, ProvincialHealth Office, all hospitals and infirmaries of the Provincial Government ofAntique are exempted and shall continue to perform their vital functions tomitigate the threat of the disease,” Cadiao said in the EO.  The Provincial Procurement and ManagementUnit, along with the Bids and Awards Committee shall also continue their duties. The 590barangays in Antique are instructed to issue one quarantine pass per householdin order to limit the number of people going out to procure their food suppliesand other essential needs. last_img read more

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Redknapp: I’m not under pressure

first_imgQPR boss Harry Redknapp does not want any assurances over his position and insists he is not under pressure at Loftus Road. But, with a home game against Liverpool to come on Sunday, Redknapp does not believe his job is under immediate threat if recent results do not improve. When asked if he was feeling any pressure, Redknapp said: “None whatsoever. ”Until you’ve been under pressure you don’t know what pressure is and I’m not under pressure, none whatsoever. I’m looking forward to the game on Sunday. ”We have played seven games, we are seven games into a Premier League season. We have played three home games, we got beaten by Hull 1-0 and missed a penalty, we beat Sunderland and drew with Stoke in a tough game – it is not easy. ”I still have every confidence in the players here that we will start getting the results, and hopefully that will start on Sunday.” Redknapp’s current deal at the club expires at the end of the current campaign and for weeks he had been expected to sign an extension. But the former West Ham and Tottenham boss is not concerned about negotiating a new contract and is still enjoying a close working relationship with Fernandes. “I don’t need assurances from anybody,” he said. The 67-year-old guided the Hoops back into the Barclays Premier League through the play-offs last year, but the side have struggled on their return to the top flight, sitting bottom of the table with just four points from their opening seven games. Former Stoke and Crystal Palace manager Tony Pulis has joined ex-Tottenham boss Tim Sherwood as a reported candidate to fill the vacancy, should QPR owner Tony Fernandes decide a change is required. “It is up to Tony what he does. If he is not happy come and talk to me – I’m a big boy. I’m going for dinner with him tonight. I’m not going to be there buying him dinner to keep my job – I will let him buy dinner. “The impasse over my contract is that I wasn’t bothered about signing a new contract, not in the slightest. “What is a contract? A contract is you work for a club. If they don’t want you, you talk to the chairman, sort out what you’re doing and you move on. “If we stay up and at the end of the year Tony wants to talk about another year with me I’d be delighted, that is what I want to do in my life.” Fernandes has backed Redknapp since he was chosen as the man to replace Mark Hughes in November 2012. But the Malaysian businessman will be all-too aware that Redknapp was unable to prevent QPR falling into the Championship having failed to win any of the first 12 league games under Hughes and will not want to see a similar pattern emerge this year. Although Redknapp has previously said he would have very little desire to remain in place if QPR were to be relegated, he insists his passion for the game still keeps him putting in the effort to turn things around. “I was up at four o’clock this morning,” he said. “I left my house at twenty-to-five, I must be doing it for some reason, not because I need to feed the dogs, it is because I love it. “When I don’t love doing it I won’t get up in the morning. When the alarm goes off I will turn over, and on the day I don’t feel like coming in that will be it for me. “It is not easy but I’m confident we will be okay. Certainly no-one is walking around, moping around feeling sorry for themselves. If we had seven points we would be delighted. We are a couple of points short of what we should have had.” Press Associationlast_img read more

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Clemson star Isaiah Simmons a do-it-all talent for the NFL

first_imgHe doesn’t have a position preference in the NFL.“I like an interception just as much as I like getting a sack,” Simmons said. “I don’t think I have a favorite.”Although he worked out with the linebackers at the NFL scouting combine, Simmons had a quick retort for anyone asking what position was in his blood.“Defense,” he’d say with a million-dollar smile.It’s not as if he’ll have to choose one position or another in the pros, either. “Tweeners,” as they were referred to — sometimes derisively — were typically downgraded for their lack of specialization. Now, adaptability and ambidexterity are attributes.“I think it’s really beneficial for me,” Simmons said. “I know years ago it wasn’t good to be a position-less guy. But now it’s become a benefit for me just because of all the versatility I’ll be able to (provide).”Although he’s had some multi-talented predecessors in recent years such as Chargers strong safety Derwin James, there’s not been anyone quite like Simmons, who can’t even count himself a genuine acolyte of any specific NFL player.“I don’t know if I truly have one person you could compare me to just for all the different things I do,” Simmons explained. “Simmons is built for today’s NFL,” said NFL Media analyst Daniel Jeremiah, “and his role could change week to week, depending on the opponent.”Simmons’ specialty is his versatility.“I can fit in anywhere,” Simmons said.Clemson defensive coordinator Brent Venables lined him up all over the field except nose tackle and defensive tackle. Back in Lynch’s playing days and even during most of his time in the broadcast booth, NFL teams leaned toward prototypical prospects who fit the mold as much as the scheme. Associated Press April 11, 2020 That said, he does have a trio of superstars he models.“If I have to go look at film of somebody to get something, it would be Von Miller just for pass rush, Jalen Ramsey for man techniques and Tyrann Mathieu just because he plays around everywhere, as well,” Simmons said. While Mathieu can play anywhere in the back seven, Simmons produced at all three levels on defense at Clemson. He seamlessly transitioned from defending the deep pass to covering tight ends over the middle, thwarting running backs in the box and rushing the passer off the edge.Playing up to five positions on an afternoon wasn’t uncommon nor physically too demanding for Simmons.“The hardest part about it is just the mental aspect, having to know what everybody else has to do,” Simmons said. “That was the most complicated thing I had to deal with. But I learn everything very fast. … At Clemson our back seven, we all meet in the same room, so I’m able to hear everything all at one time as opposed to having to go from room to room.” “He can do anything,” Jeremiah said. “… So with a guy like Isaiah Simmons, whether you want to list him as a linebacker or safety, I know you plug him into that defensive scheme and week by week you can deploy him in different ways depending on what the strength of your opponent is. “That’s why he has so much value.”Simmons believes NFL coaches will prove just as creative as Venables and Dabo Swinney in capitalizing on his many skills.“Mentally I feel like there isn’t anything I can’t do,” Simmons said, suggesting he’s the remedy for all those terrific tight ends winning so many mismatches on Sunday afternoons.“The game is evolving,” Simmons said, “Something has to be done to stop these Travis Kelces and George Kittles out there.” Share This StoryFacebookTwitteremailPrintLinkedinRedditSeveral years before building a Super Bowl roster in San Francisco, John Lynch the broadcaster was pining for a new kind of defensive playmaker. What the NFL needed to counter all the offensive innovations driving up scores, he said back in 2013, was a hybrid linebacker/safety who could stay on the field no matter the down and distance, regardless of the pace or the play.Some players have started to fit that bill, none the likes of Isaiah Simmons. The 6-foot-4, 238-pound Clemson captain lined up at linebacker, over the slot and in the deep middle for the Tigers. He projects as an even more all-purpose pro. And he’s just the man for the job. Or jobs.___Follow Arnie Melendrez Stapleton on Twitter: http://twitter.com/arniestapleton___ Clemson star Isaiah Simmons a do-it-all talent for the NFL More AP NFL: https://apnews.com/NFL and https://twitter.com/AP_NFL,Tampa Bay Lightning advance to face Dallas Stars in Stanley Cup finals, beating New York Islanders 2-1 in OT in Game 6last_img read more

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Fifa block Fulham man’s Swansea move

first_imgRafik Halliche has been left in limbo after Fifa refused to rubber-stamp the defender’s loan move to Swansea City.The Algeria international agreed to join City from Fulham before the recent transfer deadline. But because of a delay in processing the move, Swansea have been denied international clearance.The same applies to the Welsh club’s proposed £250,000 signing of Darnel Situ from French outfit Lens.AdChoices广告Swansea say they are “disappointed” with the decision and are awaiting written confirmation of Fifa’s verdict before considering whether to appeal.Halliche, 24, was not in Fulham boss Martin Jol’s first-team plans prior to Swansea’s approach.He was signed from Benfica in 2010 but his opportunities were limited, largely because of the fine form of Brede Hangeland and Aaron Hughes.last_img read more

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Estwick says still much work to be done ahead of T20 World Cup

first_imgLUCKNOW, India (CMC) – Assistant coach Roddy Estwick has hailed the work of his bowlers but believes there is still much work to be done if West Indies are to become a major force again in the white-ball formats.Speaking in the wake of the 2-1 defeat in the three-match Twenty20 series against Afghanistan last weekend, Estwick said it was important that the Caribbean side continue to learn from their mistakes and improve, especially as they prepare for next year’s T20 World Cup.“There’s a lot of work to be done in all white-ball cricket. That’s an area we’ve been falling down,” Estwick said.“Obviously the three-nil victory (in the ODI) series was very, very good. We played decent cricket. We started well in the T20s but we fell off a bit but we’ve got to keep learning from it.We’re building towards the World Cup next year in Australia so we’ve got to keep building blocks. We’ve got to keep learning, and we’ve got to keep teaching as well, because once teaching takes place learning will take place and once we can grow together as a group and learn from our mistakes, I’m sure we’ll be a lot better for this.”The reigning T20 World champions, West Indies, opened the T20 series with a 30-run victory but then suffered back-to-back defeats in the games following, to concede the series.However, Estwick said he had taken some positives from the outing, one being the way West Indies had executed with the ball to restrict Afghanistan to manageable totals.“A lot of the plans we put together, obviously the guys went out and executed, and when you look at the three games, the highest score against us was 156 … so we’ve got to be happy with that,” he pointed out.“We’re not happy with the result because obviously it’s a team performance but overall from the bowling group I thought we did reasonably well.”Estwick singled out seamer Kesrick Williams who bowled superbly to lead West Indies with eight wickets, and an excellent economy rate of just under six runs an over.The 29-year-old Williams was returning for his first series in 17 months following a spell on the sidelines.“Special mention must go to Kesrick Williams, obviously he is now coming back into the side after a period out of the side and I thought he was very, very good,” said Estwick.“I thought he bowled good lines, good lengths and also good change of pace. Special mention must also go to Shai Hope who wasn’t originally in the squad (but) came in at the last minute because of injury to Denesh Ramdin and he got a fifty and he kept tidily as well.”Estwick said it was important all players made the best use of the opportunities given them to establish themselves in the squad.“You’re trying to look at as many players as possible and for me that’s the key thing – the opportunities given to players so you can see what they’ve got to offer, so you can formulate your plans, so when you get to the World Cup you’re sure of your best XI and you’ve left no stone unturned.”last_img read more

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