UK pensions watchdog unveils quality framework for DC master trusts

first_imgThe framework focuses on six areas – main characteristics of scheme design, governance, the people accountable for the scheme, ongoing governance and monitoring, administration and communication to members.It sets out a number of ‘control objectives’, based on many of the regulator’s DC principles and quality features, the two bodies said.Objectives on standards of practice for trustees should be underpinned by tough control procedures, they said.Andrew Warwick-Thompson, executive director for DC, governance and administration at the Pensions Regulator, said: “Gaining independent assurance will help manage confidence in this growing segment of the DC market and demonstrate the presence of governance and administration standards that meet our DC code and regulatory guidance.”Although the framework has been developed for master trusts, the regulator and the ICAEW said other larger DC schemes – such as group schemes – may want to adopt the framework as best practice.“The current regulatory landscape is a mess, with different regulators and different standards for different types of schemes.”The consultation closes on 16 December, with final guidance planned for publication in the spring of 2014.The NAPF said it welcomed the Pension Regulator and audit profession’s focus on improving the quality of master trusts, but criticised the excessive complexity of occupational pensions oversight in the UK.The association’s chief executive Joanne Segars said: “Master trusts are a good choice for employers looking for a scheme for auto-enrolment, and the sector is growing rapidly.”But she said there were very few barriers to setting up a master trust at the moment, and no guarantee they are all as well run as they should be.“The current regulatory landscape is a mess, with different regulators and different standards for different types of schemes,” she said.She said there was a risk that regulating one type of scheme more heavily would have unintended consequences, and that, with weak enforcement powers, there was no guarantee that badly run schemes would be forced to improve. “What is needed is a more radical overhaul of the regulation of workplace pension schemes with a single regulator, a greater focus on ensuring strong, independent governance and higher barriers to entry,” Segars said.She said the NAPF had already launched its Pension Quality Mark READY scheme to help employers identify good master trusts. UK accountants and the Pensions Regulator have set out their framework for ensuring the quality of defined contribution (DC) ‘master trusts’, which will form a key part of the country’s auto-enrolment occupational pensions system.But the National Association of Pension Funds (NAPF) said a more radical overhaul of workplace pensions regulation was needed.The Institute of Chartered Accountants in England and Wales (ICAEW) published a new draft assurance framework in conjunction with the Pensions Regulator, aimed at helping trustees of DC master trusts to show clients their scheme is well run.According to the draft, master trusts are expected to get independent assurance from a chartered accountant every year.last_img read more

Westport man arrested in multiple cases

first_imgGREENSBURG, Ind. — A Decatur County man is facing several felony charges from 4 criminal cases that have been filed against him in the last 7 days.According to police, Chadwick D Lucas, 37, of Westport was arrested on Saturday for domestic battery and criminal mischief.Police say Lucas attacked and injured a woman Thursday night about a month after collecting money on lottery tickets he had already redeemed.Lucas was formally charged with Battery resulting in serious bodily injury and criminal mischief in the first criminal case.He was also charged with battery resulting in moderate bodily injury in a separate case.Lucas also faces 4 counts of lottery forgery after collecting money on lottery tickets he had already redeemed at several different gas stations.He also faces charges of possession of a narcotic drug, possession of a controlled substance, and unlawful possession of a syringe after police found Lucas unconscious earlier in the year.last_img read more

78-year-old man arrested after fatally shooting a woman

first_imgA 78-year-old man is now facing murder charges after he fatally shot a 74-year-old woman before turning the gun on himself.The incident was reported around 8:30 am at a home in the 6800 block of Fairway Lakes Drive.The Palm Beach County Sheriff’s Office reported that when officials arrived at the home, the victim was already dead of an apparent gunshot wound.The suspect Morris Samit, suffered a non-fatal gunshot wound and was then taken to a hospital for treatment. Upon his release, Samit was then transported to a local jail where he was charged with homicide.While the victim’s family is aware of the incident, authorities are unable to publicly release her name because the family signed a form preventing the release of certain details in the case.last_img

2017 Limacol Round-Robin Knock-Out Football

first_imgUitvlugt upset NA United; Den Amstel squeeze SantosIT was a night of contrasting wins when the 2017 Limacol Round-Robin Knock-Out Football competition returned to the Leonora Stadium on the West Coast of Demerara, last Wednesday evening.In the first game, the home side Uitvlugt made light work of their Berbician counterparts New Amsterdam United by three goals to one while Den Amstel eased past Santos 1-0.Uitvlugt’s attacking style of play proved too much for the New Amsterdam team with goals coming from Jamal Harvey (1st, 73rd) and Trayon Bobb (15th)Harvey spoke to the media after, saying “to come from a loss in the first game to a win in the second game is a great feeling”.He says the side will be looking to continue their style moving forward.Meanwhile game two saw Santos downed 1-0 at the whistle with the decisive strike coming five minutes into injury time thanks to Joshua Butts.With that win, Uitvlugt move into second position in Group B, leaving the leaders Western Tigers untouched with six points but pushing Eagles United down to third due to superior goal difference.Den Amstel, on the other hand, move into the lead of Group C with Ann’s Grove second, Santos third and Pouderoyen in the cellar.The final round of matches begins today when Grove Hi-Tech face Northern Rangers at GFC from 18:30hrs and Uitvlugt oppose Western Tigers from 20:30hrs.Currently in third place, the Grove side will have to register at least a draw to climb into second position in Group A, which is held by Milerock (three points from two games), while a win would see them shoot into the lead with Winners Connection on four points from four games.Should Northern Rangers win by a four-goal margin, they will lead the group while a win by less than that margin will place them second.In the second game, the table-toppers of Group B, Western Tigers, will confront second-placed Uitvlugt. Should the Tigers continue their unbeaten streak, they will move further ahead in the group while Uitvlugt must win by more than two goals to move into the lead.last_img read more

Long goal could prove crucial in Euro campaign

first_imgThe 1 all draw means Ireland’s on 8 points while Germany and Scotland are on 10 with the Poles leading on 11.While delighted with the result the Gortnahoe-Glengoole native says the team need to be winning matches at homelast_img

First woman elected to FIFA ExCo

first_imgBurundi’s Lydia Nsekera made history on Friday when she became the first woman to be elected to the Executive Committee of football’s world governing body FIFA for a full term.Nsekera was voted on for a full four-year term at the FIFA Congress in Mauritius, while two other women, Moya Dodd of Australia and Sonia Bien-Aime of the Turks and Caicos Islands, were coopted on for one year.Nsekera was the first woman to be coopted on for one year at last year’s Congress in Budapest.Now there will be three women on the ExCo, compared to none two years ago.It is another step towards gender equality within FIFA, although there is still work to be done, with the ExCo comprising a total of 24 members.“One woman was coopted on to the Executive Committee last year for one year, and now a woman has been officially elected on to the executive committee, with two others coopted.It has taken us 109 years to get this far,” said FIFA president Sepp Blatter.last_img read more

Michelle’s Encore Dance Studio has open registration online

first_imgNow registering is easier than ever at Michelle’s Encore Dance Studio at 316 S. Washington. Just log onto here to register.New and returning students can register online at the studio, or by contacting us. Call us to find the best class for your dancer.Studio registration is:Friday, Aug. 14, 5 to 7 p.m.Saturday, Aug. 15, 10 a.m. to noon.Contact us or register by mail. Mail forms plus payment to:Michelle’s Encore Dance Studio316 S. WashingtonWellington, Kans. 67152.Follow us on Twitter. Close Forgot password? Please put in your email: Send me my password! Close message Login This blog post All blog posts Subscribe to this blog post’s comments through… RSS Feed Subscribe via email Subscribe Subscribe to this blog’s comments through… RSS Feed Subscribe via email Subscribe Follow the discussion Comments Logging you in… Close Login to IntenseDebate Or create an account Username or Email: Password: Forgot login? Cancel Login Close WordPress.com Username or Email: Password: Lost your password? Cancel Login Dashboard | Edit profile | Logout Logged in as Admin Options Disable comments for this page Save Settings You are about to flag this comment as being inappropriate. Please explain why you are flagging this comment in the text box below and submit your report. The blog admin will be notified. Thank you for your input. There are no comments posted yet. Be the first one! Post a new comment Enter text right here! Comment as a Guest, or login: Login to IntenseDebate Login to WordPress.com Login to Twitter Go back Tweet this comment Connected as (Logout) Email (optional) Not displayed publicly. Name Email Website (optional) Displayed next to your comments. Not displayed publicly. If you have a website, link to it here. Posting anonymously. Tweet this comment Submit Comment Subscribe to None Replies All new comments Comments by IntenseDebate Enter text right here! Reply as a Guest, or login: Login to IntenseDebate Login to WordPress.com Login to Twitter Go back Tweet this comment Connected as (Logout) Email (optional) Not displayed publicly. Name Email Website (optional) Displayed next to your comments. Not displayed publicly. If you have a website, link to it here. Posting anonymously. Tweet this comment Cancel Submit Comment Subscribe to None Replies All new commentslast_img read more

Arnett’s Waite hails goalkeeper after win

first_imgArnett Gardens coach Jerome Waite praised his goalkeeper, Damion Hyatt, after his team came away with a 2-1 win in the Red Stripe Premier League semi-final first leg against Humble Lion on Monday night.The Junglists will take their slim advantage into the second leg at the Effortville Community Centre field in Clarendon next Sunday.”It was a competitive and tactical game,” Waite told The Gleaner, “Our goal-keeper, Damion Hyatt, came up big with two outstanding saves, and we also created some clear chances and should have scored at least one more time,” he said after the game, which was played at the Anthony Spaulding Sports Complex.The home team settled early with some good attacking play and pushed back Humble Lion. They, however, had to wait until just before half time, when hot striker Fabian Reid found the back of the net.The home side doubled the advantage when star midfielder Vishinul Harris converted past Humble Lion’s goalkeeper Khadeen Davis in the 60th minute. However, the visitors responded with a goal from Kevon Reid two minutes later.POWER OUTAGEIt was, indeed, a good game for the spectators, despite rain before and during the game that started 15 minutes late due to a power outage.Harris, who came back from injury during the late part of the season, was replaced after scoring, and Waite said he wanted to save the player for the next game.”Vishinul Harris is a class player. We have another leg, so we made a decision to take him out as he is just back from injury,” Waite explained.Looking forward to the second leg, Waite said they are very confident.”Everybody is confident playing at home. In the quarter-final, we went to St James and beat Montego Bay United, so we can do the same to Humble Lion,” he said.last_img read more

Romeo tows TNT past Phoenix for 2-0 start

first_imgLATEST STORIES Scientists seek rare species survivors amid Australia flames James White paced the Fuel Masters (1-1) with 32 points and 11 rebounds.Sports Related Videospowered by AdSparcRead Next Jo Koy draws ire for cutting through Cebu City traffic with ‘wang-wang’ TNT pulled away in the second half to beat Phoenix, 106-98, for a 2-0 start in the 2018 PBA Commissioner’s Cup Saturday night at Ynares Center in Antipolo.ADVERTISEMENT Terrence Romeo led the way with 21 points, doing most of the damage in the pivotal third period where the KaTropa took control.TNT took a 49-47 halftime lead before it got going with Romeo, Troy Rosario and Jayson Castro making significant contributions.FEATURED STORIESSPORTSGinebra beats Meralco again to capture PBA Governors’ Cup titleSPORTSAfter winning title, time for LA Tenorio to give back to Batangas folkSPORTSTim Cone, Ginebra set their sights on elusive All-Filipino crownKaTropa import Jeremy Tyler also had his moments en route to a 17-point, 15-rebound double-double.Castro added 18 points and seven assists in only 23 minutes while Rosario and Jericho Cruz had 13 and 14 points, respectively. P16.5-M worth of aid provided for Taal Volcano eruption victims — NDRRMC Don’t miss out on the latest news and information. Iniesta exit deprives Barca of humble star who kept winning Volcano watch: Island fissures steaming, lake water recedingcenter_img Lights inside SMX hall flicker as Duterte rants vs Ayala, Pangilinan anew Green group flags ‘overkill’ use of plastic banderitas in Manila Sto. Niño feast Carpio hits red carpet treatment for China Coast Guard PLAY LIST 02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite03:23Negosyo sa Tagaytay City, bagsak sa pag-aalboroto ng Bulkang Taal01:13Christian Standhardinger wins PBA Best Player award In fight vs corruption, Duterte now points to Ayala, MVP companies as ‘big fish’ ‘Stop romanticizing Pinoy resilience’ MOST READ Truck driver killed in Davao del Sur road accident View commentslast_img read more

Long-absent Reps to be Punished

first_imgA decision to reprimand long-absent Representatives, in accordance to the House’s Rules and Procedures, has been finally approved by Plenary, the highest decision making body of the House of Representatives.A quorum of the House’s leadership, comprising of the chairmen and co-chairs of 14 Statutory Committees, including the Speaker and Deputy Speaker, will decide the fate of delinquent lawmakers on Monday, August 8 in a leadership meeting, and formally announce who the delinquents are on Tuesday, August 9, during the 50th Day Sitting.The unanimous vote was reached on Thursday, August 4, during the 49th Day Sitting predicated upon a letter from Nimba County District # 8 Representative, Larry Younquoi.House attendance rules It will be the first time for the House’s Plenary to punish absentee lawmakers, since the inception of the 53rd Legislature in 2011, if the rules are followed.Rule 21.1 of the House’s Rules and Procedures says: “No House member shall stay away from sessions without expressed approval of the House for a period of more than two weeks; for a period less than two weeks, permission may be sought from the Speaker. Violations shall be penalized in a manner deemed appropriate by the leadership of the House in consultation with plenary.”Nimba County lawmaker Younquoi argued that Article 38 of the Constitution empowers each House of the National Legislature to adopt its own rules of procedure and enforce same, which is aimed to ensure stability, decorum, orderliness, discipline and the proper distribution and delimitation of power, responsibilities and jurisdiction in the House.Article 38 of the Constitution states, “Each House shall adopt its own rules of procedures, enforce order, and with the concurrence of two-thirds of the entire membership, may expel a member for cause… All rules adopted by the Legislature shall conform to the requirements of due process of law laid down in this constitution.” Paid for not working“Mr. Speaker, distinguished colleagues,” Rep. Younquoi wrote, “my attention has been drawn to the continuous absence of some of our colleagues in recent times from Plenary as well as committee works; a situation that threatens to stall the work of the Legislature, has it not been for the fortitude of some committed members of this body who have always ensured that a quorum is obtained for the conduct of normal legislative business.“Hon. Speaker,” he continued, “what is even of interest and unjust about this is the fact that while the aforementioned group of lawmakers are staying away, they continue to receive the same salary and benefits as the rest of us who are making the ultimate sacrifice to maintain the sanity of the Legislature in these trying times of our nation.”Rep. Younquoi called for appropriate action to ensure a reversal of such a trend by the delinquent lawmakers, and to do what is expected of them.Sources said about 22 lawmakers might suffer the wrath of Plenary next Tuesday, while others said the exact number is unknown.In the debate of rendering retribution, Rep. Mariamu Fofana said the absence of the lawmakers is “outrageous and immoral,” and suggested that they be chastised.Further, Reps. Garrisu Yealue; Lester Paye; Prince Tokpa; Solomon George; Emerson Kamara; Adam Bill Corneh; William Dakel; and Matthew Zarzar said the absence of the lawmakers shows that they don’t have their respective constituencies at heart.They argued that the lawmakers’ delinquencies portray a lack of moral integrity, in that they collect pay for not working.For his part, Rep. Gabriel Nyenkan described the absences of his colleagues as treasonable, but urged Plenary to give at least an additional week before considering the intended action, a recommendation that was vehemently rejected.Since the May 11 Global Witness report and subsequent indictment of the House Speaker, there has been an uprising in the Lower House over the recusal of the Speaker.Some lawmakers, including Reps. Emmanuel Nuquay, Edwin Snowe, Bill Tweahway, Josephine Francis, Tokpa Mulbah and Prince Moye have led the campaign for the Speaker’s recusal. After the first attempt, Deputy Speaker Hans Barchue and other lawmakers joined but failed on the second attempt.This attempt, which marked the third time, includes about 33 lawmakers, out of which about 15 lawmakers are expected to be punished.Some of the alleged Representatives who would suffer penalty for long-absences include Dep. Speaker Hans Barchue; Rep. Emmanuel Nuquay; Rep. Josephine Francis; Rep. Tokpa Mulbah; Rep. Adolph Lawrence; Rep. Eugene Fallah Kparkar; Rep. Thomas Fallah; Rep. Bill Tweahway; and Rep. Henry Fahnbulleh, amongst others.Eclipsed by resolutionUp to press time yesterday, impeccable sources told the Daily Observer that the punishment of absentee lawmakers would be eclipsed by the long-fought resolution to compel the Speaker to step down, which is expected to take place the same day. The resolution, comprising a simple majority, must constitute at least 37 signatures, and perfected through physical votes.Other sources said the procedure of commencement of business and motions to be placed on the agenda, which lies with the Speaker in according with the rules, would give the Speaker leverage.The sources said the Speaker also has the power to invoke a motion for adjournment, take a recess up to a certain time, proceed to the consideration of executive session, and to postpone, among others.Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more