Swedish roundup: Kåpan, Kyrkans Pensionskassa

first_imgBond-related investments produced a return of 8.9% in 2014, up from 1.7% the year before, while equities generated 14.8%, down from 22.8%.Alternatives — a class which is made up of venture capital funds, property, infrastructure and forestry and land — returned 14.4%, up from 5.9%.Total premiums were SEK4.10bn last year, up from SEK4.01bn in 2013.Meanwhile Kyrkans Pensionskassa, the pension fund for the Swedish Church, reported a big rise in investment returns in 2014 to 19.2% from 4.4% in the previous year.Total assets climbed to SEK14.15bn at the end of last year from SEK12.16bn a year before, the pension fund said in its annual report.The return was due in large part to the 17.2% profit generated on the pension fund’s fixed income investments, which make up nearly 60% of assets.This return compares with the loss made on the asset class of 2.9% in 2013.Equities produced a 22.7% return, down slightly from the previous year’s 23.9%, with foreign equity funds returning 29.9% and Swedish shares returning 16.8%.Real estate produced a huge return on paper of 37%, compared to 2013’s 8.0% return, according to the annual report.However, Kyrkans Pensionskassa explained that this apparent large profit was because of a one-off effect in 2014, due to the revaluation of its property investments.The investments, which are all managed by collectively-property company Stenvalvet, were booked at market value last year, having previously been accounted for at their purchase prices, the pension fund said.Premium income fell to SEK185m from SEK522m, the pension fund said, but noted this steep fall was largely due to changes in billing practices for defined contribution insurance.This change had led to much of the 2014 premiums being billed at the beginning of 2015.Kyrkans Pensionskassa’s solvency ratio was little changed at 162% in 2014, after 163% in 2013. Sweden’s Kåpan, which manages defined contribution pensions for public sector staff, made a return on its investments of 11.5% last year, up from 8.4% in 2013, but saw solvency levels weaken.In its annual report, the pension provider said assets under management rose by SEK9.12bn (€978m) to stand at SEK69.37bn at the end of 2014.The solvency ratio slipped back to 149% at the end of 2014, from 153% a year before, Kåpan said.It said: “The weakening is due to a higher valuation of the organisation’s pension liabilities, which the year’s positive return on assets was not able to fully compensate for.”last_img read more

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Accounting roundup: FRC sets out 2017 watchlist for shareholders

first_imgSeparately, Pensions & Investment Research Consultants (PIRC), has urged investors to ignore the FRC’s pronouncements, arguing that it has no legal authority.As part of its fight-back, the regulator released a report from its so-called Financial Reporting Lab in 2015 addressing dividend disclosures.The FRC launched the Lab project following calls from a group of institutional investors for routine disclosure of distributable profits. The project scope was subsequently widened to capture the wider issue of disclosures about dividends.On pensions, the watchdog’s letter signaled that companies “may need to provide sensitivity analysis to highlight the potential impacts” of low interest rates on their assets and liabilities.The letter also highlighted the need for companies to explain “significant judgements and accounting policy choices, particularly where there is diversity of treatment, in pension reporting, for example.”Separately, the FRC has launched a consultation on proposed revisions to Practice Note 15, which provides guidance on audit standards for occupational pension schemes. The consultation runs until 30 June.In its consultation paper, the FRC said the decision to update the note was driven by recent changes to the UK’s generally-accepted accounting practice – FRS 102 – as well as changes to both the pension-related statement of reasonable practice (SORP) and UK auditing standards.In addition, since the note was last updated in 2011, there have been a number of changes to regulatory codes and guidance issued by the Pensions Regulator, as well as a proliferation of master trust structures.The note addresses the application of FRC auditing standards for occupational pension schemes. It also applies to audits undertaken under the terms of a scheme’s trust deed – or in other circumstances – where an auditor has to provide a similar report. This can include cases where trustees request a report about a scheme that is exempt from audit or for financial statements prepared other than at the normal scheme year-end.The FRC noted that “much of the guidance” could also be useful to auditors of public sector pension schemes.The guidance is intended to be read alongside the relevant International Standards on Auditing (ISAs) and is based on the legislative position as at 12 April 2017.Meanwhile, the International Accounting Standards Board (IASB) was scheduled to discuss its proposals to amend IAS 19 this week.The amendments dealt with the need to remeasure defined benefit obligations following a plan amendment, settlement, or curtailment.The proposals had been delayed by the IASB taking a second look at whether or not the board should exclude minor plan amendments from the scope of the proposals. The UK’s accounting watchdog has highlighted improvements to dividend disclosures in a letter to investors as shareholder meeting season begins.The Financial Reporting Council’s (FRC) letter, signed off by chief executive Stephen Haddrill, also addressed corporate governance and pensions issues among other topics.In relation to dividends, the FRC said: “We have already noted examples of improved disclosure, and expect to see more over the coming reporting period. You may wish to challenge companies that provide insufficient information in this area.”Dividends have come under intense scrutiny in recent years following the decision by the Local Authority Pension Fund Forum (LAPFF), together with other long-term investors, to challenge the basis for dividend distributions under International Financial Reporting Standards (IFRS).last_img read more

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​Swedish government expands AP funds’ investment freedom

first_imgL-R: Kerstin Hessius (CEO, AP3), Johan Magnusson (CEO, AP1) and Niklas Ekvall (CEO, AP4) at the launch of Polhem Infra last monthIt said it was possible under current rules for the funds to make such investments via funds, but they had not yet done so to any great extent.“It can be confirmed that investors usually make co-investments for a long time before they even start making direct investments, but it is far from all investors who make direct investments,” the ministry said.Being a direct owner required a high level of skill, and one of the biggest challenges was to recruit and retain qualified staff, it said.“From a cost-efficiency perspective for the pension system, it is not justifiable that the four AP funds build up large organisations in order to be able to make direct investments in such infrastructure companies,” it said. Last month, AP1, AP2 and AP4 joined forces to launch an infrastructure investment firm, Polhem Infra.A month ago, consultancy group McKinsey recommended more “modernisation” of the investment rules for AP1-4, arguing in favour of allowing direct and co-investments. However, the firm emphasised that attention should be paid to the funds’ expertise.The AP funds have been lobbying for the ability to:make direct investments in unlisted infrastructure businesses;make co-investments in unlisted shares; investments in illiquid credit;retain holdings in excess of 10% of voting capital on listing of a company in which the funds had invested beforehand; andmake loans to businesses in which the funds have invested.IPE contacted AP1, AP2, AP3 and AP4 for comment. Sweden’s finance ministry has published draft legislation giving the country’s main four pension buffer funds greater abilities to make direct investments and invest in illiquid credit.The proposed changes and clarifications address five issues raised by the funds and discussed in the country’s cross-party pensions group, which build on the new investment rules which came into effect at the beginning of this year.In a memorandum, the government proposed adding the opportunity for the funds to invest in illiquid credit, but only via funds.In addition, the proposal – which is now out for consultation until 24 June – would extend the freedom for the funds to make loans to real estate companies and “riskkapitalföretag” (holding companies for unlisted investments) in which they hold shares. According to the wording of the proposed new mandate, the AP funds would be free to lend to such firms. Currently they are only able to do so in the case of real estate companies if the borrower is majority-owned by the four buffer funds.The memorandum also contained a draft change to clarify that the funds may not be operationally responsible for such holding companies.center_img The Riksdag in Stockholm, location of the Swedish parliamentThe ministry said: “It is proposed that it be made clear that the… AP funds may make joint investments in unlisted companies through holding companies for unlisted investments and that the AP funds may not assume the operational corporate governance responsibility in these holding companies for unlisted investments.”The proposal confirmed that AP1-4 could hold shares in unlisted companies via holding companies, but each fund should own no more than 30% of the voting capital.In its introduction to the memorandum, the ministry said the purpose of the proposals was to increase cost efficiency, return opportunities, and long-term perspectives regarding illiquid assets, but also to provide the four funds with similar conditions to those of comparable institutional investors.The draft legislation is planned to come into force in March 2020.Holdings restrictionsThe proposed rules would allow the funds to hold more than 10% of a real estate or holding companies for unlisted investments, if the entities were about to be listed.For holding companies, any holding that exceeded the limit would have to be sold “as soon as it is appropriate with regard to market conditions”, and “at the latest when it can be done without loss to the fund”, the draft law stated.However, in the case of real estate companies, the holding could exceed the 10% limit on listing and be retained, but could not be added to.The ministry said that, in order for the four AP funds to undertake direct lending, they would need to build up large internal credit review operations.“The provision that bonds and other debt instruments should be issued for public sale should therefore remain,” it said, but added that the buffer funds could make such investments via funds, which would increase return and diversification opportunities.Direct infrastructure not ‘justifiable’However, the finance ministry stated that the AP funds should not be permitted to make direct investments in infrastructure.last_img read more

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Colorado teens biggest pot smokers

first_imgSmart Colorado Newsletter 1 Feb 2016Colorado now leads the nation in the percentage of its teenagers who have used pot within the last month. This bad news, provided in a January report from the Rocky Mountain High Intensity Drug Trafficking Area and based on data from the National Survey on Drug Use and Health, is unlikely to surprise anyone.We’ve seen the tsunami of marijuana commercialization and it’s no wonder that so many of our state’s kids have been swept up by it.But it serves as a good wake-up call, reminding us all of the very human impact of the mass commercialization of marijuana in Colorado.A few facts from the report regarding Colorado youth ages 12 to 17 years old:• The number of kids reporting marijuana use in the past month increased 20% compared to the period prior to legalization of recreational marijuana – even as youth use declined nationally.• Colorado’s youth use rate is 74% higher than the national average.smartcolorado.org Keep up with family issues in NZ. Receive our weekly emails direct to your Inbox.last_img read more

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Juventus teammate claims Ronaldo text him for 11pm workout

first_img Former Juventus teammate Benatia, now playing for Qatar side Al-Duhail SC, told a story that explained exactly how much Ronaldo loves to work, “For the game against Atalanta we were the two unused substitutes because three days later we were going to play again and the coach wanted to make rotations. “When we were on the bus back [from Bergamo], Cristiano sent me a message: ‘What are you going to do now?’ I told him: ‘It’s eleven pm. I’m going home. Why?’ “‘Do you feel like doing some exercise in the gym? I didn’t sweat and I need it. Are you coming?’”, Benatia told AS. “I replied that it was eleven o’clock at night and I just wanted to get home and watch TV.” What makes the story even more impressive is the fact that the Morrocan is remembering the story slightly wrong. Loading… Read Also: Football legends pick the best between Ronaldo and Messi No matter what you think of the former Manchester United player there is no doubt that he always wants to improve himself. Along with his agent Jorge Mendes the Juve striker has donated €1 million between the Lisbon’s Hospital de Santa Maria and Santo Antonio hospital in Porto during the Covid-19 outbreak. A spokesperson for the Lisbon hospital told CNN, “They were absolutely unselfish and supportive. They wanted to improve the conditions of their compatriots. Therefore, we reinforced the critical care area, which is the one where the biggest fight will be fought.” FacebookTwitterWhatsAppEmail分享 The centre back was indeed an unused substitute for the match but Ronaldo came off the bench and scored an equaliser in the 78th minute to keep the Old Lady’s unbeaten run going at that point of the season. He then went home and felt like he ‘hadn’t sweat’ so needed to go and do some more work at the gym, the guy never stops. Speaking about the incident Benatia added, “At that moment I realized that Cristiano is not a normal person. When you work with him, you respect him more because you see that he sacrificed his whole life for football.” Cristiano Ronaldo’s work ethic is quite incredible and Medhi Benatia has told a brilliant story that sums up the five time Ballon d’Or winner perfectly. For all his skills and goal scoring ability probably nothing stands Ronaldo apart as much as his work rate and determination to win and be the best in the world.last_img read more

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Churee N. Cregar

first_imgFriends may visit with the family on Saturday, July 1, 2017 from 10 a.m. until 2 p.m. at Cook Rosenberger Funeral Home, 929 Main Street, Brookville.  Services will begin at 2 p.m. at the funeral home and burial will follow in Dale Cemetery, Connersville. Memorial contributions can be directed to a charity of choice.  To sign the online guestbook or to leave a personal condolence, please visit www.cookrosenberger.com.  The staff of Cook Rosenberger Funeral Home is honored to care for the family of Churee Cregar. Those surviving who will honor Churee’s memory include her husband, David Cregar; children, Dylan Cregar and Jaylee Cregar; mother, Yvonne Barkley of Brookville; a brother, Travis Smith of Noblesville; a sister, Lauren Short of Brookville, and several nieces, nephews and other relatives and friends.  One sister, Connie Smith, preceded her in death.center_img Churee N. Cregar, of Brookville, was born on January 26, 1977, in Panorama, California, the daughter of Phil Stevens and Yvonne Barkley.  On June 8, 2002, she married the love of her life, David W. Cregar in Metamora.  Churee was dedicated to her family – as a dance Mom, a basketball Mom and as a member of Cregar’s racing.  That dedication extended to others; having fought cancer for 14 years, Churee inspired so many to keep the faith and continue living their lives.  Her valiant effort battling cancer was ended on Monday, June 26, 2017.  At the young age of 40, she passed away with her loved ones by her side.last_img read more

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Farley Speedway to host April 8 open practice

first_imgBy Jerry MackeyFARLEY, Iowa ­– Farley Speedway will host an open practice session this Friday, April 8.The pit area will open at 5 p.m. and the track will open at 7 p.m. and will remain open until all race teams have had several opportunities to practice. The grandstand will be open free of charge; admission to the pits will carry a $20 charge.Farley Speedway will open the 2016 racing season on Friday, April 15 with a special night of rac­ing featuring the Deery Brothers Summer Series for IMCA Late Models. The 50-lap main event will award the winner $2,000. In addition to Late Models, the Precision Transmission Modifieds will also be in action.Hot laps get underway at 7 p.m. with racing to follow at 7:30 p.m.Farley Speedway is located on the west edge of Farley, just south of US Highway 20 on Olde Far­ley Road. For more information or to view the entire 2016 Farley Speedway schedule, log onto www.simmonspromotionsinc.com.last_img read more

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Walcott brace leads Arsenal to victory

first_img Press Association With three Barclays Premier League matches in six days before facing rivals Tottenham in the FA Cup, anything but victory in east London would have been a huge blow for the Gunners. It was a task Arsene Wenger’s men responded to manfully, recovering from going a goal down against the run of play to triumph 3-1 at Upton Park. This was not a victory without worrying moments, though, with Carlton Cole making the most of a Wojciech Szczesny mistake to put the Hammers ahead moments into the second half. It began a spell of pressure that belied West Ham’s insipid first-half display, but it was brought to an abrupt end when Walcott’s shot somehow evaded Adrian. The England forward then headed home three minutes later to turn the game on its head, with substitute Podolski wrapping up victory on his first appearance since suffering a hamstring injury in August. The result saw Sam Allardyce’s men slip into the drop zone and makes the January reinforcements promised by co-chairman David Sullivan look increasingly important. West Ham had begun the match at an impressive tempo, but they were struggling to cope with the visitors on the counter. Arsenal’s first chance came after seven minutes when Santi Cazorla, the only change from the side that faced Chelsea, ended a fine break with a shot James Collins did well to block. There was no respite for the Hammers, though, with Bacary Sagna floating in a right-wing cross moments later and Olivier Giroud somehow failing to make contact. Wenger’s side again came close in the 15th minute, with Adrian, playing ahead of Jussi Jaaskelainen, denying an impressive, if peculiar, Cazorla header from the edge of the box. Arsenal counterpart Szczesny also had to be alert in the early stages to claw away a Mark Noble free-kick that had been floating into the far corner. It was the Hammers’ only chance of note until the 25th minute, when Mohamed Diame burst forward on his own to unleash a long-range drive – rare respite for the struggling hosts. Arsenal were remaining patient as they looked to turn their dominance into the opening goal, with Walcott coming close with a cushioned volley from a delicious Aaron Ramsey ball. Cazorla saw a left-footed drive drift just over as the visitors continued in the ascendancy, before Giroud somehow failed to make it four goals in three appearances against the Hammers when miscuing when put through on goal. As if things were not already tough enough for the east Londoners, Allardyce was forced into a defensive reshuffle seven minutes before half-time after Collins sustained an injury. Unsurprisingly, the changes did little to stem the Arsenal tide. Ramsey continued to prove a threat, Mikel Arteta flashed a half volley inches wide and then Giroud somehow missed the a drive cross from Kieran Gibbs. Arsenal should have been home and hosed by this point, yet their inability to score saw them behind less than a minute into the second half. A tame Noble effort looked simple for Szczesny, yet the Arsenal goalkeeper inexplicably fumbled allowing Cole to slot home. It was a shocking goal to concede and one that seemed to boost West Ham. After Per Mertesacker saw appeals for handball turned down, the visitors were caught napping at the back and Matt Jarvis forced Szczesny into action. It did not stop there either, with Joey O’Brien heading wide after meeting a fine Diame ball from the right. Moments later Cole came closer still, meeting a fine Razvan Rat cross and prodding just wide under pressure. Having recovered from the initial shock, Arsenal began to settle again as the match entered the final 30 minutes and only a goal-line clearance prevented Cazorla levelling. Adrian did fantastically to deny Mesut Ozil soon after, with the Spaniard recovering well having fumbled Cazorla’s initial strike as the visitors upped the ante. The former Betis goalkeeper atoned for that error, but paid for another costly lapse in the 68th minute. Walcott cut in from the right and unleashed a hopeful strike that slipped through Adrian’s grasp, perhaps after taking the slightest deflection on its way through. Three minutes later the match was turned on its head. Podolski, brought on after Ramsey took a knock, swung in a fine cross from the left and Walcott ghosted in to power home a header from close range. It was quite the impact by Podolski in his first appearance since August 27, but looked like he would be denied a goal on his return after a good attempt was denied by Adrian. There would be a goal for the German, however, as Giroud held up the ball for him to bury a strike into the bottom corner to put the game out of sight. Nicklas Bendtner, another substitute, put just wide as Arsenal threatened a fourth, but fortunately for West Ham it never arrived. Theo Walcott’s brace and a strike from the returning Lukas Podolski saw Arsenal make the ideal start to a pivotal festive period at West Ham.last_img read more

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Windies scalp delights Porterfield

first_img “That was a tough loss,” he said. “Marlon Samuels and Darren Sammy put on a very good partnership, we were struggling till they added some impetus. “We tried to get wickets today but we just didn’t get them. I t hink we need to be a little more precise. “We’re leaking too many runs at the start of the innings. We need to tighten up.” Porterfield’s team won their opening Pool B match by four wickets at Nelson, chasing down their opponents’ score of 304 for seven with 25 balls to spare. Paul Stirling (92), Ed Joyce (84) and Niall O’Brien (79 not out) impressed with the bat to put Porterfield in buoyant mood. He told the post-match press conference, televised by Sky Sports: “It’s fantastic. The way we went about chasing down those runs was great, it sets us up for the next three games. It’s a great position to be in. “We firmly believe what we are capable of. We’ve just got to continue this throughout the tournament. “They obviously had a strong finish but 300 was about a par score. We knew it was a good pitch and a quick outfield. “The b elief is that we can qualify from the group stage.” Next up for Ireland is a match against United Arab Emirates in Brisbane on February 25 and Porterfield added: “The conditions will be different there but we ‘ll look to keep improving.” Man of the match Stirling said: “It’s great to get our first win in the competition. I’m pr etty happy. “I t hink it was a good toss to win. We got quick early wickets and the pitch got better as the day wore on.” West Indies captain Jason Holder was understandably less cheerful. Captain William Porterfield said victory over the West Indies puts Ireland in “a great position” in the World Cup. Press Associationlast_img read more

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