September 29

Dairy Crest cuts indexation through CPI switch

first_imgDairy Crest said: “Following detailed negotiations with the [trustees], in future annual increases will be linked to CPI rather than RPI. CPI is already used by the fund for increases in deferred pensions and is becoming more widely used across the UK including for the calculation of increases in public sector pensions.“This change was agreed as part of a broader package to put the fund on a stronger foundation for the future. This package includes continuing to move to lower-risk investments over time.”The move from RPI to CPI is a significant one as it has been suggested by many in the UK as a partial solution to the country’s pension funding problem.In February the government suggested giving schemes the ability to make the switch if they were struggling to reduce deficits. It also suggested allowing stressed schemes to suspend indexation completely.The subject was raised last year in discussions about the future of the British Steel Pension Scheme (BSPS). The scheme’s trustee board argued that a change in indexation would make it more sustainable.BSPS’ subsequent agreement with the regulator to spin off from its sponsor, Tata Steel UK, was confirmed today. A new scheme, sponsored by Tata, is to be set up with lower annual increases.However, other schemes are likely to find it more difficult to make such a change to indexation, as their rules are stricter in describing how increases should be applied. UK dairy products manufacturer Dairy Crest has cut its pension deficit by £45m (€49.6m) by altering the indexation of its retirement benefits.The £1.1bn Dairy Crest Group Pension Fund has switched its inflation measure from the retail prices index (RPI) to the consumer prices index (CPI). In the UK, the latter is typically lower, meaning inflation-linked benefit increases would also be lower in future.In a statement to the stock market, the company said the move has reduced its annual contributions to the pension fund by £12m a year for the next two years.In addition, the scheme’s actuarial deficit was calculated to be £100m as of March 2016, down from £145m three years earlier.last_img read more

September 20

Bruce gave his backing to Evans

first_img He told a news conference: “I have to be honest and say yes. “I’ve known Simon for a lot of years now. He’d looked at the case too. He was of the opinion to give the kid a chance. I can only say on behalf of myself, I know I might be upsetting people but there is a question of the rape and how he’s been convicted by a jury. “When you look at the evidence, it is there for appeal.” Evans was refused leave to appeal but his case is now going before the Criminal Cases Review Commission (CCRC). Bruce added: “I’m a big believer that if you have done your time everyone deserves a second chance, we have seen footballers involved with accidents and being given a second chance. “It’s a very difficult situation for everyone concerned. It’s a pity they could not have the appeal and get it over and done with. “It has divided opinion of course and when you look at the case in detail and, I don’t think most people have really, because they have just seen Ched Evans as a convicted rapist, when you do look at the case and look at the evidence then certainly Ched has got a case. “For me the appeal can’t come quick enough for Ched. It must be a frustrating and difficult time for him and I think the events of the appeal, for me, will see Ched be allowed to play football again.” The CCRC is an independent public body that reviews possible miscarriages of justice in the criminal courts of England, Wales and Northern Ireland and refers cases to the appeal courts . Oldham pulled the plug on a deal on Thursday after a storm of opposition but Bruce said he believed Evans should have been given a second chance. The League One club’s chairman Simon Corney had said three Premier League managers had offered him their support and Bruce confirmed he was one of those. Press Associationcenter_img Hull boss Steve Bruce has disclosed he was one of the Premier League managers who contacted Oldham to give his support to their moves to sign convicted rapist Ched Evans. last_img read more

September 16

What latest NCAA ‘relief’ reports could mean for spring athletes at SU

first_imgThe NCAA’s Council Coordination Committee has agreed that it would be “appropriate” to grant spring sport athletes an additional year of athletic eligibility following the cancellation of competitions, according to reports.On Thursday, the Atlantic Coast Conference announced it had “suspended all athletic-related activities,” and soon after the NCAA announced the cancellation of all spring postseason championship events due to the spread of coronavirus. The cancellations left many NCAA athletes wondering if they had played their last college athletic matches and games, but reports from the NCAA could give athletes additional eligibility. Published on March 13, 2020 at 2:28 pm Contact Mitchell: [email protected] Comments Facebook Twitter Google+center_img Syracuse men’s lacrosse was ranked as the nation’s No. 1 team after starting their season 5-0. The women’s lacrosse (7-1, 1-0 ACC) team was No. 4 and tennis had started the season 8-3 and 3-2 in conference play.The news does not mean every graduating athlete will necessarily return to Syracuse for another season. Additional eligibility would likely give graduating seniors the opportunity to participate during a postgraduate degree or fifth year of undergraduate classes.Joe Trimboli, the father of current SU men’s lacrosse senior Jamie, said his son has a job lined up for after graduation and “doesn’t know” if he’ll be able to return. “Jamie would give an arm to play another season,” Trimboli said. The NCAA is also discussing “issues for winter sport student-athletes,” Jeff Goodman reported, which could apply to men’s basketball and women’s basketball players. Syracuse men’s basketball team had previously advanced to the ACC tournament quarterfinal game before the conference suspended the tournament. SU’s women’s basketball team was awaiting a likely bid to the WNIT tournament, which was canceled. Senior staff writer Arabdho Majumder contributed reporting. The logistics are unclear — including financial aid, scholarship and underclassmen athlete implications — but the decision could directly affect Syracuse’s men’s and women’s lacrosse, softball, tennis, track and field and rowing teams.In a statement before the NCAA’s announcement, Syracuse Director of Athletics John Wildhack said the situation was “unchartered waters,” and that they will communicate updates — including discussions with ACC officials — as they have them.last_img read more