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  • Technology company Philips warns of funding shortfall at pension scheme

    first_imgThe Philips scheme has, therefore, ruled out the possibility of indexation next year. Earlier this year, the pension fund announced that it would reduce its matching portfolio from 70% to 60% in favour of its return portfolio.Its new strategic liabilities portfolio is now 35% euro-denominated government bonds, with allocations of 5% each for global government paper (including UK and US bonds), global credit, mortgages, high-yield credit and emerging market debt.The Philips scheme’s new strategic allocation in the return portfolio consists of holdings in equity (28%), property (10%), commodities (1%) and cash (1%).Last summer, the pension fund’s matching portfolio was 62.5% euro-denominated bonds and 15% global bonds, credit and mortgages.The Philips scheme fell 0.2 percentage points short of its benchmark with its quarterly return.It attributed the underperformance to the fact it failed to adjust the benchmark on a daily basis when rebuilding its investment portfolio.It also pointed out that the combined effect of its interest and inflation hedges had shaved 0.1% from the previous quarter’s return.The pension fund did not provide specific return figures for the individual asset classes, saying only that its commodity investments produced a loss.Philips Pensioenfonds has 102,640 participants in total, of which 57,320 are pensioners and 14,175 are active members. The €17bn pension fund of Dutch technology company Philips has warned of an expected funding shortfall, due to the combined effects of a riskier investment mix, low interest rates and stricter accounting rules within the new financial assessment framework (FTK). Despite generating a 4% return over the last quarter, the scheme saw its funding fall by 4 percentage points to 113% in September, following further drops in interest rates, which are used for discounting liabilities.The scheme’s required funding level increased from 107% to 109%, and the pension fund said it expected further increases once it completed the restructuring of its portfolio. It also said it expected that the stricter rules of the new FTK – which will come into force on 1 January 2015 – would lead to an additional increase in the required funding, which could rise to 117%, it said.last_img read more

  • 7-foot-2 Providence transfer Paschal Chukwu picks up Syracuse offer on visit

    first_imgProvidence transfer Paschal Chukwu picked up an offer from Syracuse on his weekend visit, per a source. The 7-foot-2 center has already visited Kansas, Michigan State and Nebraska, with several other schools in the mix.Chukwu would have to sit out the 2015-16 season, per NCAA transfer rules, but would have three years of eligibility remaining. He averaged 2.6 points and 2.4 rebounds for the Friars in his freshman season while blocking 23 shots.Syracuse’s current pair of centers includes the injury-plagued DaJuan Coleman and rising junior Chinonso Obokoh, who averaged less than a point per game in 13 contests played last year.Chukwu was ranked the No. 61 prospect in the Class of 2014 by Rivals.com and would likely play an integral role in the middle of the 2-3 zone. At the 1:00 mark in this video, SU point guard Kaleb Joseph is shown in a highlight reel that includes Chukwu when the two unofficially visited Providence in June 2013. Chukwu is shown starting at the 1:18 mark.AdvertisementThis is placeholder text Comments Published on June 27, 2015 at 10:36 pm Contact Matt: [email protected] | @matt_schneidmancenter_img Facebook Twitter Google+last_img read more

  • Line up for County Football Final complete

    first_imgKildangan came from behind this afternoon to beat Clonoulty Rossmore in the county under 21 hurling ‘A’ semi-final. That game in the Ragg finished Kildangan 2-12 Clonoulty Rossmore 1-11.While in the West under 21 B hurling semi-final Cappawhite/Tracys beat Eire Óg Annacarthy 3-16 to 5 points. The Mid Tipp side had a six point victory over Aherlow in Boherlahan this afternoon. The final score was Loughmore-Castleiney 3-5, Aherlow Gaels 8 points. The line up for the County Senior Football Final was completed when Cahir overcame the challenge of Thomas McDonagh’s in the second semi final today.  Elsewhere in local GAA results today:Clonmel Óg were relegated to intermediate football for next season. They were beaten today in the county senior football relegation play-off by Moycarkey Borris in New Inn. The final score was Moycarkey Borris 11 points, Clonmel Óg 8. In a more closely fought battle, Cahir overcame the nine club amalgamation on a final scoreline of 2-10 to 3-5…Cahir winning by 2 points to book their place in the county decider. The County Senior Football Final between Loughmore-Castleiney and Cahir will take place next Sunday, the 21st December.  The second intermediate football semi-final in Kickham Park was won by Upperchurch Drombane.They defeated Rockwell Rovers with a scoreline of 2-8 to 1-9. last_img read more