Massachusetts Gov. Deval Patrick defended the state’s five-year-old health care reform Thursday (April 28), saying it has resulted in 98 percent of residents and 99.8 percent of children being covered by health insurance, and predicting that the state ultimately will figure out how to tame rising health care costs.Patrick said the law has worked well in the short term but acknowledged that rising costs are a long-term concern. He pointed out that those rising costs are not a result of the reforms themselves, but are part of the broader picture of rising health costs nationwide. Even so, he said, he is proposing to harness those costs by better integrating care and emphasizing primary and preventative treatment.“I believe Massachusetts will be the place where we crack the code on cost containment,” Patrick said.Patrick made an hour-long appearance at The Forum at Harvard School of Public Health (HSPH). Webcast live, the event is part of a new effort by the School to reach broader audiences via the Internet on key health care topics. Previous forum sessions have examined the response to the Japan earthquake and tsunami, the potential of vitamin D to improve health, and the importance of mammograms in fighting breast cancer.Patrick spoke for about 15 minutes and then fielded questions from the audience. His appearance was followed by a panel discussion featuring John Auerbach, Massachusetts public health commissioner, Hurmon Hamilton, president of the Greater Boston Interfaith Organization, Nancy Kane, HSPH professor of management, and John McDonough, director of HSPH’s Center for Public Health Leadership.Patrick was introduced by Robert Blendon, professor of health policy and political analysis, who praised Patrick’s leadership during the recession and said that most of the criticism of Massachusetts’ health care reform comes from outside the state. Though there is concern about long-term costs, Blendon said, few people in Massachusetts are talking about repealing it.In his remarks, Patrick cited several statistics that he said show the law is working. Seventy-six percent of employers now offer private health insurance to their employees, up from 70 percent before the reform passed. Costs to the state have increased by just 1 percent, while $300 million less is paid for health care for uninsured and underinsured patients.“Health reform in Massachusetts is doing exactly what it is supposed to do,” Patrick said.Rising insurance premiums are a major problem, however. Despite the recession, health insurance has risen at double-digit rates, and today the various state health insurance programs make up 40 percent of the state budget. Similarly, health insurance costs consume 14 percent of local budgets, using funds that could be targeted for other programs, Patrick said.Businesses are facing the same problem, Patrick said, and such costs can be especially burdensome for small businesses just as the economy strengthens and they’re beginning to hire again.Patrick said the answer may come from better-integrated programs and innovations being tried on a small scale in a number of places, citing community health centers, Atrius Health in eastern Massachusetts, and Blue Cross/Blue Shield’s alternative quality contract.“There are many, many good things happening in the market now, but we need scale,” Patrick said.Patrick expressed impatience with those who cite the system’s complexity as a reason for the lack of action on cost containment. Yes, the system is complex, he said, but it’s time to start taking steps to solve the problem. If everyone is committed to the same goal, he said, corrections can be made along the way that draw on lessons learned from experience.“We do not have to have a perfect solution,” Patrick said. “We have to take a step and then stick together as we adjust.”He urged the audience to support the effort and ignore the “overheated rhetoric” that is sure to come. Cooperation, collaboration, and a focus on shared goals will lead to success, Patrick said.“We are moving. This is going to happen,” Patrick said. “We need everyone to contribute to get the best solution we can. We’re not going to let people drown in health care premium increases.”
Seeking solid return on philanthropy ‘Genius’-level honor for Harvard historian Related Alumnus and former law professor John Palfrey takes over the MacArthur Foundation As the only one in his family with a bent toward science, Jerry X. Mitrovica grew up spending more time discussing Renaissance history at the dinner table than the latest issue of Nature. But he always knew that science was compatible with creativity.“Creativity comes from asking questions,” said Mitrovica, the Frank Baird Jr. Professor of Science in the Department of Earth and Planetary Sciences. “There is as much creative thinking that goes into great science as great art, looking at things and saying, ‘What’s a new way of understanding this and building on what’s gone before?’”Mitrovica’s creative work in geophysics was recognized today by the John D. and Catherine T. MacArthur Foundation, which granted him a coveted “genius” fellowship.The fellowships, which come with a stipend of $625,000, are awarded each year to 20-30 individuals who have displayed exceptional creativity in their field and have a history of accomplishment as well as potential for future success.Mitrovica’s research group studies paleoclimate and modern sea-level change patterns across the globe, using statistics, measurements of sea levels taken from land and satellites, and geological records both ancient and modern. The research has implications for predictive modeling of sea-level rise and changes in land formation as a result of global warming.“Studying paleoclimate provides us with a sense of [what] the natural rhythms of sea-level change should be, and we can also look to ancient geological records to look to other times when the planet was warmer than today or as warm as we are getting to,” he said.Mitrovica, whose findings have been published in research journals including Science, Nature, and the Journal of Climate, developed ice sheet and glacier “fingerprint” models that support the claim that sea levels do not rise uniformly across the globe as ice sheets melt. His models trace the ways in which melted ice sheets affect sea levels across the planet, decreasing near the melting ice sheet due to gravitational shifts and rising land, and rising elsewhere, particularly in highly populated coastal regions.“I’m always looking to answer questions about what sea levels were doing back in time, but we’re always cognizant of the lessons and tools that they give us to analyze modern sea levels,” Mitrovica said. “We’re faced with aggressively rising sea levels that are variable for many reasons, and we are going to face significant problems. The exact geometry of sea levels we’ll have by 2050 or 2100 are uncertain, but we know that the answer is not going to be pretty. That’s the next important step, to make accurate projections of sea-level rise, and greenhouse gas emissions as well.”Mitrovica joined Harvard in 2009 as a professor of geophysics after working as a faculty member in the physics department at the University of Toronto, where he earned his doctoral degree. In 2015 he received the Arthur L. Day Medal from the Geological Society of America, and he gave the W.S. Jardetzky Lecture at Columbia University in 2014.Pointing to the range of issues and questions studied in Mitrovica’s lab, Dean of Science Christopher Stubbs said the award is well deserved. “It’s wonderful to see such a creative and accomplished colleague be recognized with this generous and prestigious recognition,” he said.“Harvard has been the perfect place to develop the close culture that we have in our group between researchers and students,” Mitrovica said. “I’ve been extremely fortunate to work with remarkable graduate students throughout my career.”The students Mitrovica encounters in the lab and in the classroom will guide some of his decisions about his post-MacArthur activities. He has plans to develop more concrete diversity initiatives in the sciences.“I was in shock when I got the call from the foundation,” said Mitrovica. “It’s an honor and a recognition of our whole research group. But we’ll probably keep going and doing our work. I don’t know if our workday will look too different.” MacArthur Fellowship gives Sunil Amrith chance to pursue dream projects The Daily Gazette Sign up for daily emails to get the latest Harvard news.
Agree 100% with this article. My 19 year old son has the same symptoms as described above. We don’t know how to help him if he does not admit that there is a problem . Thank you for the article. Cannabis should be legal, only for people older than 18 (literally). Legalize only the natural cannabis (not just any kind of modified one, (PRESSED by traffickers, which characterizes crime.) or (MANIPULATED by the Government). In the first case, due to the high level of addiction. In the second case, due to the high level of the natural plantâ€™s attenuation effect, with the (EXCUSE) of transforming it (ANOTHER TRANQUILIZER) with the EXCUSE: â€œITâ€™S LESS ADDICTING.â€ Taking into account the health problems, ALCOHOL, and SMOKE both are harmful thatâ€™s obvious. Everything is a matter of conscience, that is, if one drank too much, it risks crashing the car due to the lack of motor coordination, and if one smokes too much gets veeeery slow due to the lack of adrenaline. This is no excuse: â€œI WAS HIGHâ€ (with marijuana.) or : â€œI DONâ€™T REMEMBER.â€ (in case of heavy drinking.) If it is because of health problems, that â€œALLâ€ illegal drugs should remain prohibited and the legal drugs should be prohibited (alcohol and smoking.) When each person has the right to choose between smoke, or alcohol, then yes, there is a change in peopleâ€™s behavior, and not the Government and some members of our societyâ€™s moralist intervention attacking our free will. Crime must be fought, crack and cocaine the deforestation of the Amazon forest, corruption, (yes, corruption.) how many congressmen (INFILTRATED) Are involved with (INTERNATIONAL SUPERDRUG DEALERS?)The cannabis legalization is so necessary, as life sentence or death sentence in Brazil. It is a sad reality, but PEOPLE inside the Government as well as some members of the society, (Corruption) PROFIT with the illegality either on the weapons business, drugs, even from a delicate childrenâ€™s toy, SIMPLY so-called PIRATE. For that reason death penalty hardly would be implemented because once it has been enforced, itâ€™s a point of no return. Even if one is POOR or RICH. On the other hand, they with their MENSALÃ•ES [bribe scandal] are called DOCTOR and us, with our marijuana CIGARRETES are the DANGEROUS CRIMINALS even maintaining our showing off with our hardworking money, the same money that supports the needs of this beloved BRAZIL. Hi, I think mariHuana should be legalized in Argentina. I am 15 and I’ve been smoking since I was 8, nothing (bad) ever happened to me. It is scientifically proven that marijuana is less (dangerous) than alcohol and cigarettes and is also an ANTI-CANCER cure. By Dialogo October 17, 2012 During the 2012 Summit of the Americas, some Latin American leaders have called for a review of U.S. policy regarding the War on Drugs. The Washington Post reported that some former heads of state in the Western Hemisphere have argued for legalizing marijuana with the notion that marijuana only poses modest health risks. Vice President Joe Biden was quoted as saying, “There are more problems with legalization than non-legalization.” What are the human consequences of allowing the youth of this hemisphere to legally use drugs? During an interview, Dr. Nora Volkow, director of the National Institute of Drug Abuse, argued that drugs pose a signification risk. Scientific research has proven that drug usage increased dopamine levels released to the brain by as much as 2 to 10 percent above those associated with life’s normal pleasures such as eating, listening to music, and sex. The National Institute of Drug Abuse released a report titled, The Science of Addiction, which stated “The effect of such a powerful reward strongly motivates people to take drugs again and again.” Therefore, when an innocent child takes a “legal” puff of marijuana, there is a high probability the child may become addicted. This scientific research supports Vice President Biden’s argument regarding compounding problems associated with the legalization of marijuana. A recent study published in the Proceedings of the National Academy of Sciences concluded that marijuana negatively impacts the cognitive ability of young adults. The study produced evidence that teens who began smoking marijuana by age 18 experienced an 8-point drop in IQ scores by the age of 38. At first glance, this number may seem insignificant; however, the lead researcher, Madeline Meier stated, “a loss from an IQ of 100 to 92 represents a drop from being in the 50th percentile to being in the 29th.” Additionally, The National Institute of Drug Abuse states, marijuana intoxication can cause distorted perceptions, impaired coordination, difficulty with thinking and problem solving, and problems with learning and memory. Marijuana is legal in Netherlands. A 2010 report produced by the Drug Enforcement Administration titled SPEAKING OUT Against Drug Legalization cited the head of Netherland’s best-known drug abuse rehabilitation center as stating that the strong form of marijuana that most of the young people smoke produces, “a chronically passive individual, someone who is lazy, who doesn’t want to take initiatives, doesn’t want to be active, the kid who’d prefer to lie in bed with a joint in the morning rather than getting up and doing something.” The message from those that support legalization argues that marijuana poses a moderate risk. The Organization of American States (OAS) must develop a synergistic approach to educating the youth of this hemisphere on the dangers of drug use by exercising shared hegemony. An effective Western Hemisphere strategy must be crafted to establish a framework that fosters increased cooperation within the alliance and inculcates a unified message to its citizens. For example, the second mandate, citizen security that resulted from the 2012 Summit of the Americas stated, “We agreed to strengthen cooperation and coordination as fundamental tools for combating violence, corruption, and transnational organized crime in all its forms.” Educating youth regarding the dangers of drug use must be the sole pillar upon which nations converge their concerted efforts to confront the increased use of marijuana. The Western Hemisphere must continue to maintain a competitive advantage in the global market place, one that inspires and leads its citizens to prosperity. Maintaining a global competitive advantage cannot be achieved if the youth of the Americas are allowed to consume marijuana openly and without consequence. Combating this problem requires the bonding of partnerships. General Douglas Fraser’s (commander, U.S. Southern Command) 2020 Command Strategy stated, “The nations of this region are inextricably linked, and we face common challenges to our security and stability. Success for us all depends upon the creation of a hemispheric environment that is inclusive and beneficial to all.” World economies have become extremely fragile, complex, and even more competitive as nations fight for survival. It is imperative the OAS prepare its youth and its current workforce to compete on a global scale. Integrating a permissive culture of marijuana use is contrary to the second mandate of the 2012 Summit of the Americas. *Dr. Williams is adjunct professor at Hodges University and a member of a Joint Staff within the U.S. Department of Defense
7SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Bo McDonald Bo McDonald is president of Your Marketing Co. A marketing firm that started serving credit unions nearly a decade ago, offering a wide range of services including web design, branding, … Web: yourmarketing.co Details “If it’s constantly crazy at work, we have two words for you: F**k that. And two more. Enough already.” How’s that for straightforward business advice? If your workplace is defined by 80-hour weeks, packed schedules, endless meetings, overflowing inboxes, unrealistic deadlines, Sunday afternoon emails and the like, It Doesn’t Have to Be Crazy at Work is a must read.In fact, as the YMC team kicks off our “Level Up Book Club,” this is the first book we’re reading in 2019. Why this one? Because the three words that define success for #teamymc in 2019 are quality, consistency, and calm. Quality and consistency are pretty attainable with proper focus and making the right decisions. But calm? How in the world do we achieve calm in a ten-year-old company that has been in growth mode for its entire life? Good question. Typically, as I read a book, I’ll tab a few pages for reference. By the time I finished this manifesto by Jason Fried and David Heinemeier Hansson, founders of Basecamp, almost all of the book’s 200 pages were tabbed. Needless to say, there’s plenty of practical wisdom to remember. So, what makes Fried and Hansson different from other business experts? In their own words, “We work on our company as hard as we work on our products.” They view their company itself as a product. That struck a chord, as I’ve been very intentional over the last few years to treat the YMC brand as a product of its own. As a team, we’ve done ok. But I know we can do better.Ask almost anyone you know “How are things at work?” and there’s a good chance their answer is going to reference some form of “crazy.” By breaking many long-held business traditions, Fried and Hansson have successfully bucked that trend at Basecamp. For example, they don’t set sales goals. Why not? “Because it’s disingenuous for us to pretend to care about a number we just made up, and because we aren’t willing to make the cultural compromises it takes to get there.” There’s a simple brilliance in this approach. That’s why, in 2019, our YMC goals are focused on stepping up our game in terms of quality and consistency, with a quarter of our success being measured on the results our clients see. No sales goals. No revenue goals.With their characteristic candor, the authors offer another simple, yet powerful takeaway: Don’t change the world. “Basecamp isn’t changing the world. It’s making it easier for companies and teams to communicate and collaborate. That is absolutely worthwhile, and it makes for a wonderful business, but we’re not exactly re-writing history.” The duo is keenly aware of their impact on their own workers’ lives, and it’s a responsibility they take seriously. It begins with protecting their team’s ability to focus on the work they were hired to do and complete that work within a standard work week. Without realizing it, our YMC team has spent the last two years setting ourselves up to succeed in this area in 2019. Over that time, we’ve shed a few clients who weren’t exactly who we would consider ideal clients. We chose not to work with micromanagers, verbally abusive people, or those who want change but are afraid to make the decisions required to accomplish that change. Today, we have more than 30 clients who value our time and the expertise we bring to the table. And most importantly, they understand that for us to do excellent work that will have a lasting positive impact on their credit union, we must have the necessary time and resources. In the end, Fried and Hansson give this advice: “Set out to do good work. Set out to be fair in your dealings with customers, employees, and reality.” That’s exactly what #teamymc is planning to do. Over the next 12 months, we will be considering another dozen or so ideas presented in the book and determine whether they are the right solutions to help us achieve quality, consistency, and calm in 2019. For even more takeaways, check out our video review of this book.
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Former Arsenal, Chelsea and England defender Ashley Cole announces his retirement aged 38 Comment Ashley Cole has won more FA Cups than any other player in history (Picture: Getty)Speaking as a pundit on Sky Sports on Sunday, Cole said: ‘After hard consideration, it’s time to hang my boots up and look towards my next chapter, which will hopefully be coaching.”AdvertisementAdvertisement‘As a young kid, I never expected to play one game or be a professional. Looking back, to be able to say I played in World Cups, Champions League finals, being lucky enough to lift Premier League titles – it’s a young kid’s dream.‘I fulfilled my dream and now I look to the future, hopefully as a great coach.’More: FootballRio Ferdinand urges Ole Gunnar Solskjaer to drop Manchester United starChelsea defender Fikayo Tomori reveals why he made U-turn over transfer deadline day moveMikel Arteta rates Thomas Partey’s chances of making his Arsenal debut vs Man CityHe added: ‘I look back now and think, ‘I played for my country over 100 times’. I’m proud of that and it’s just a little bit disappointing I didn’t get to a final, or even a semi-final, with England.’Cole travelled with Chelsea on their pre-season tour to Japan in an ambassadorial role this summer and has been linked with a return to the club since Frank Lampard was appointed as manager.More: Arsenal FCArsenal flop Denis Suarez delivers verdict on Thomas Partey and Lucas Torreira movesThomas Partey debut? Ian Wright picks his Arsenal starting XI vs Manchester CityArsene Wenger explains why Mikel Arteta is ‘lucky’ to be managing Arsenal Advertisement Metro Sport ReporterSunday 18 Aug 2019 2:50 pmShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link2kShares Advertisement Ashley Cole has announced his retirement at the age of 38 (Picture: Getty)Former Arsenal and Chelsea left-back Ashley Cole has announced his retirement from football at the age of 38.Cole spent the second half of last season on loan at Derby County in the Championship but following the end of his spell at Pride Park he has brought a glittering career to an end.During a decorated career which spanned two decades, Cole won three Premier League titles, seven FA Cups, the League Cup, Europa League and the Champions League across spells with Arsenal and Chelsea.On the international stage, Cole amassed 107 appearances for England, representing his country at three World Cups and two European Championships, while he also turned out for Crystal Palace, Roma and LA Galaxy at club level.ADVERTISEMENT
Varma, Swedbank Robur, KPA Pension, ABN Amro Pensioenfonds, NN Group, SRB, Hymans Robertson, MSCI, BNP Paribas, Aviva, Willis Towers Watson, Muzinich & CoPenSam – Benny Buchardt Andersen, director of DKK105bn (€14.1bn) PenSam, has decided to resign from the company at the end of September. Andersen, who is part of PenSam’s two-man leadership team alongside director Torsten Fels, said that after some very exciting and busy years at the Danish labour market pension fund, it was time for him to try something different. He has worked at PenSam for 10 years and became director a year ago. The company said that from now on, it would be led by Fels alone. Fels is now listed as chief executive of PenSam on its website. PenSam recently poached Claus Jørgensen from competitor PKA to become its new CIO. Varma – Hanna Kaskela has been appointed to the newly-created role of director of responsible investment at Varma, with effect from 1 September. She will report to Varma’s CIO, Reima Rytsölä, and will be a member of the Finnish pension insurance company’s investment operations’ executive group. A spokeswoman for the company said the creation of the new role underlined the significance of responsible investments for the firm. Varma’s responsible investing specialist had resigned from her position earlier, she said, and the company then decided to re-evaluate the responsible investment operations as a whole. Varma plans to recruit an analyst to further boost its responsible investment resources, the spokeswoman said.Swedbank Robur – Eva Axelsson has been hired by Swedbank Robur, Swedbank’s asset management subsidiary, as its new head of sustainability research. She comes to the company from Swedish local authority pension fund KPA Pension, where she was head of sustainability. She will start her new job in mid-October this year. Axelsson is replacing Anna Nilsson, who left Swedbank Robur in June. ABN Amro Pensioenfonds – Fred Steenwinkel has been named a non-executive member of the one-tier-board of the €26bn ABN Amro Pensioenfonds, representing the scheme’s pensioners. Steenwinkel had previously been a member of the pension fund’s accountability body. He is also a board member at the €652m pension fund Equens and the Dutch association of pensioners organisations (NVOG).SRB – Joanne Kellermann is to leave the Single Resolution Board, the European body tasked with managing bank bankruptcies, where she was a director. Her announcement came as a surprise, as she was two-and-a-half years into a term that would have ended in 2020. According to an SRB spokeswoman, Kellermann wanted to “broaden her horizon”. Kellermann left Dutch supervisor De Nederlandsche Bank in 2014, having been director of pension fund supervision for seven years. She was the first female member of DNB’s executive board. Prior to her job at DNB, Kellermann worked as a lawyer at NautaDutilh. She said she would stay on at the SRB until a successor has been found.Nationale Nederlanden (NN Group) – NN Group has appointed Arthur van der Wal, its director of pensions since 2014, to the new position of chief executive of Movir, its subsidiary for labour disability insurance. He started at NN’s collective pensions business and continued at ING Investment Management, where he worked from 1999 to 2011, when he became chief executive of pensions provider and NN subsidiary AZL. Van der Wal has been a member of the executive council of the Pensions Federation and is a member of the foundation council of Netspar, the network for pensions researchers and professionals, and of the advisory board of PensioenLab, the pensions think tank for young workers.MSCI – Guido Giese has joined the company as executive director for equity research, based in London. He was previously head of environmental, social, and governance (ESG) index solutions at RobecoSAM, and before that head of product development at STOXX. Earlier this month, MSCI ESG Research announced the appointment of Mervyn Tang as head of ESG research for Asia Pacific ex-Japan, based in Hong Kong. Tang previously worked at Fitch Ratings, where he was director, Asia Pacific sovereigns, responsible for sovereign analysis and macro forecasting.BNP Paribas – Joost Höppener has started as head of institutional sales at BNP Paribas Asset Management. He has succeeded Rogier van Harten, who was head of institutional clients for continental Europe and the Netherlands. This role has been abolished following the establishment of sales positions for individual countries. Höppener was previously senior relationship manager at BNP Paribas AM. He had a similar job at Fortis Investments before joining BNP Paribas AM. He has also worked as a sales manager at ABN Amro Asset Management.Aviva Investors – The asset manager has hired Sunil Krishnan as head of multi-asset funds. He will join the company in October, from Santander Asset Management. At Santander he was a senior portfolio manager responsible for outcome-oriented funds and asset allocation strategy. Krishnan’s previous roles include head of global asset allocation at Hermes Investment Management and head of market strategy at the BT Pension Scheme, Hermes’ owner. Aviva Investors has also appointed Gavin Counsell as a manager on the Aviva Investors Multi Strategy funds. Counsell has worked at the asset manager for more than five years and replaces Nick Samouilhan, who has joined T Rowe Price.Willis Towers Watson – Paul Devitt has joined the consultancy as a director in its global services and solutions practice. He joined from Aon Risk Solutions, where he specialised in global benefits consulting for over 15 years. He has specialist expertise in employee benefit captive consulting, which aims to help companies protect themselves against the rising cost of providing employee benefits.Hymans Robertson – Tom Dunster has joined the independent pensions and benefits consultancy as a senior investment research consultant. He will lead the firm’s equity research. Before joining Hymans, Dunster was head of fund research at C Hoare & Co, where he worked for six years. He has also worked at Principal Investment Management, now Sanlam Private Wealth, and HSBC Asset Management.Muzinich & Co – The corporate credit specialist has promoted Josh Hughes, formerly managing director of marketing and client relations, to head of global distribution with a focus on key international accounts. The position is new.
“It could push up costs so high that DB pensions become a thing of the past”Susan McIlvogue, head of DB at Hymans RobertsonSusan McIlvogue, head of DB at consultancy Hymans Robertson, said TPR’s proposals will hit remaining open schemes particularly hard, as the same requirements would apply to them as closed schemes.“This could force further DB closures by the back door, by pushing up future service contribution rates, and ultimately lead to the acceleration of the disparity between the security of accrued DB benefits and the level of pension provision for future service and future generations,” she said. “Likewise,” she added, “it could force more stressed employers into insolvency at the expense of trying to secure DB benefits, further tarnishing the reputation of DB in the corporate world, and potentially undermining promising initiatives like collective defined contribution.“Put simply, it could push up costs so high that DB pensions become a thing of the past.”Her comments at least partially echo those of consultancy LCP, which has claimed that hundreds of schemes will have to close, and that employers will be expected to pay more money into the scheme and come under greater pressure to prioritise pension contributions over dividend payments.Bob Scott, senior partner at LCP, said: “There is no doubt that these proposals, coupled with the laws currently going through parliament, mean that the regulator is going to be taking a tougher line on the funding of company pensions and represent a huge shake-up.“There are still nearly 3,000 open defined benefit pension schemes and these proposals could easily lead to a wave of closures.”A TPR spokesperson commented on LCP’s views, which were released on the basis of the consultancy seeing an embargoed copy of today’s consultation document.“We cannot know what the impacts will be yet since this is the first stage of an open consultation,” the spokesperson said. “The first consultation document asks for feedback on a range of proposals and ideas rather than a set of prescriptive measures.“We are mindful of potential impacts on employers and will, after we receive feedback from this consultation exercise, carry out an impact assessment to make sure that member security and impacts on employers are appropriately balanced.”The spokesperson added: “Affordable recovery plans and considerations around employers’ sustainable growth remain key tenets of our approach. Schemes with affordability constraints won’t be required to pay more than they can afford. However, we expect employers who can afford it to support their schemes properly.”On the subject of open schemes, David Fairs, executive director for regulatory policy at TPR, yesterday told journalists there was a large variety of open schemes, with many sharing characteristics of closed schemes.“For those schemes that are essentially closed they will reach a stage of maturity and we think it’s important schemes plan for that,” said Fairs.“For those schemes that are genuinely open with a flow of new entrants they are going to take a very long time to mature, if ever, and so the risk that we will tolerate within those schemes, and therefore the assumptions, means that they can take more investment risk over a very long period.”Investment herding?Investment risk is another of TPR’s main overarching themes, with Aon noting that the consultation document “although this is nominally a funding code there is a lot of material on investment”.This included the introduction of an asset stress test and mandatory de-risking over time.“The investment community will need to engage with this consultation – it cannot be left purely to actuaries”Daniel Haxby, senior risk consultant at AonDaniel Haxby, senior risk consultant at Aon, said: “While TPR states its role is not to direct how trustees should choose to invest, it is difficult to see how the combination of prescriptive journey plan parameters and maximum tolerated risk will not have a major impact on schemes’ asset portfolios.“While funding level de-risking is not ruled out, time based de-risking is definitely ruled in – and the extent to which covenant gives any leeway to investment strategy is uncertain.“The investment community will need to engage with this consultation – it cannot be left purely to actuaries.”Hyman Robertson’s McIlvogue said there seemed to be a “particularly acute” risk of herding with regard to investments, “as schemes going down fast track will all be chasing similar strategies, pushing up the cost of those assets”.TPR has said it does not know how many schemes might adopt the fast track valuation compliance route, as this would depend on the final guidelines for this approach, which will be covered in its second consultation. The possibility of forcing further closure of defined benefit (DB) schemes “by the back door” was among various aspects flagged in a plethora of initial industry reactions to The Pension Regulator’s (TPR) consultation on how it intends to develop a new code of practice for DB funding.Comments were both about what was in the consultation document as well as what was has been left for TPR’s second consultation, such as how it plans to enforce the code and the final guidelines for a proposed standardised “fast track” route to valuation compliance.Paul McGlone, partner at Aon, said: “It’s understandable that a consultation should be open, and not final, but it’s very difficult to comment helpfully on a concept alone, with just a few clues as to where the parameters will be set.”Andrew Coles, CEO of newly-formed pension advisory business Isio, said the regulator’s consultation document posed more questions to the DB pensions industry than it answered. “A key question is how quickly sponsors have to meet pension deficits and the regulator has reverted to its language of some years ago ‘as quickly as affordable’,” he added. “This could force employers to meet deficits unnecessarily rapidly, and we believe the regulator should focus on defining a short period – the suggestion of six years is mentioned – rather than language which is open to interpretation.”Joe Dabrowski, head of DB, LGPS and standards at the Pensions and Lifetime Savings Association, said: “TPR has clearly done a lot of thinking around the eight very sensible guiding principles but there’s usually devil in the detail that will need careful consideration.“This includes the new funding assumptions, assessment and changes proposed to schemes’ ability to benefit from a strong employer covenant,” he added. “It will also effect schemes’ thinking around long-term strategies – and whether to run on, consolidate or buy-out.”Future of open schemesOne of the themes of TPR’s first consultation is open schemes, which the regulator says the DB funding code should address given that the majority of schemes are still open to future accrual and, of those, “an important proportion” of members and assets under management are in schemes open to new members.
MORE NEWS: Accelerated buyer confidence leads to quick sales Coffey’s “surplus holiday home” has a $6.6 million price tag. Hedge fund manager Greg Coffey at the EuroHedge awards ceremony in 2008.More from news02:37International architect Desmond Brooks selling luxury beach villa10 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag1 day agoCoffey has an estimated worth of almost $460 million and retired in 2012 at just 41-years-old.He has been based in London for the past two decades. His nickname from the fantasy musical came after his early success and stellar returns during his time at GLG Partners, now Man GLG, which has offices across the world. Following his triumph, he had a stint at New York-based Moore Capital Management and after a six years in retirement he launched a new fund, Kirkoswald Capital Partners LLP, in 2018. It’s the first time the luxury apartment has been offered to the market since it was built.His 584sq m holiday home sprawls across two levels, plus a garage basement, and features a plunge pool, deck and grassed area that leads directly to the beach. Highlights include the opulent main bedroom, which features a spa, steam room and bar, while a neutral colour palette and fixtures and fittings from around the world emphasise the beachfront lifestyle on offer. The property is being sold through Tolemy Stevens of Harcourts Coastal, who declined to comment on the listing. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:55Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:55 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenIslands for sale around Australia00:55 The five-bedroom apartment is part of the Jade building at 16/35 Northcliffe Tce, Surfers Paradise. This Surfers Paradise holiday home is owned by millionaire Greg Coffey, also known as The Wizard of Oz.AUSTRALIAN hedge fund manager Greg Coffey is selling his luxury Surfers Paradise apartment. The UK-based businessman, known as The Wizard of Oz, and his partner Ania splashed $5.1 million on the brand-new beachfront pad in 2011. It has now been listed for the first time as a “surplus holiday home, rarely utilised” with the “overseas seller moving on.”Coffey and his wife have $6.6 million price hopes for the five-bedroom, five-bathroom apartment, which is in the Jade building at 16/35 Northcliffe Tce. MORE NEWS: Buyers swooping in to snap up dream homes fast
Hello, Hollywood glamour! Here’s a close-up of the wine display.The classy five-bedroom house, in Helensvale’s community The Surrounds, is currently a display home. The buyer will pocket 5 per cent of the purchase price per annum until November 2020, with the chance then to move in or continue leasing it back to the developer. Owner Fiona Bradbrook bought the property at 16 Clover Way with the intention of moving in, but changed circumstances have led her to putting her dream home on the market. “I fell in love with the house the first day I saw it,” she said. “It was open for a couple of hours and I just bought it.” A velvet bed is very fitting. It’s hard to go pass the celeb-worthy dressing room.Ms Bradbrook said her favourite parts were the central atrium with a cascading waterfall, and the dressing room. “It is stunning. Every lady would look at it and say ‘I need this, this is the best wardrobe ever’,” she said. More from news02:37International architect Desmond Brooks selling luxury beach villa9 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag1 day ago“It is suitable for a family with a busy lifestyle. It’s very practical and has the finest finishes. I’ll miss everything about it.’’ The five-bedroom house is at 16 Clover Way, Helensvale. It is on the market for $1.365 million.The elegant offering can be sold fully furnished and is listed at $1.365 million. Ray White Pacific Pines agent Frank Gardner, who is selling the house alongside Chris Gardner, said after a few days on the market there had already been three offers. “It’s the best, most unusually designed property in the entire Surrounds,” he said. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:01Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:01 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenAustralian homes fit for a celebrity01:01 Looking to live like an A-lister?LIVE like the rich and famous in this opulent Gold Coast house, which screams Hollywood glamour. A celeb-worthy dressing room, statement double-sided fireplace, display wine cellar and the finest of finishes set the property apart. Gold accents, marble features, polished concrete floors and vast expanses of glass heighten the luxury. MORE NEWS: Is this the ultimate gift? MORE NEWS: House back on the market a month after selling