ABP chair: ‘Concept for new pension system lacks crucial elements’

first_imgWortmann highlighted that mandatory merging of pension rights is “crucial for ABP as an industry-wide pension fund”.“Without compulsary joining, the risk is that our sectors drag their heels, which will delay reform,” she argued.“And we don’t want a pension fund managing existing pension rights alongside a second one for accrual under the new rules.”The chair said the issue must be solved in order to improve conditions for ABP’s participants and pensioners.In her opinion, new DC arrangements – without pension claims, but with merely targets – also require solid assumptions for future returns. “This must be translated into different discount rules.”“It is important that, in times of economic tailwind, results can benefit participants rather than be added to a pension fund’s financial buffers,” Wortmann noted.However, she also acknowledged that participants must equally accept the impact of bad financial conditions on their pensions as well.ABP’s chair reiterated that it is too early to make firm predictions about any rights cuts next year because of current “unknowns”, but said that there is a “fair chance” that pensions need to be reduced.That said, she noted that the social partners and the minister could take the planned new pensions contract into account when deciding about a pensions reduction in 2021.Wortmann further highlighted the urgency of a new pensions system. “Given the low interest rates, the elaboration of the pensions accord must succeed,” she said.She said that the introduction of an entire new system as a “big bang” in 2027 – as reportedly being discussed in the steering group for pensions reform – would be a “very long shot”.“Although the introduction requires a lot of preparation, we hope that we can adopt the new rules sooner,” she said.The chair also said ABP had given up hope that it can ever make up for inflation compensation in arrears. The pension fund hasn’t been able to grant indexation in the past 10 years.Looking for IPE’s latest magazine? Read the digital edition here. Corien Wortmann-Kool, chair of the €440bn Dutch civil service scheme ABP, said she was worried that not all important issues would have been solved, when the concept of the fleshed out pensions agreement is to be presented in the coming weeks.In an interview with Dutch pensions publication Pensioen Pro, she said she wasn’t aware of any satisfactory proposals for merging existing pension rights with pensions to be accrued under new arrangements.She added that she had also failed to spot recommendations for more generous return assumptions that pension funds could apply under the planned defined contribution (DC) contract, which is to replace defined benefit (DB) plans.Social affairs’ minister Wouter Koolmees had promised to send the draft of a new pensions system to parliament before the summer.last_img read more

O’Connell praises Schmidt

first_img Attacking frailties blew a Grand Slam tilt this year, with the 23-16 defeat in Wales putting paid to Ireland’s ambitions of a clean sweep. O’Connell vowed Ireland would “keep the faith” with Schmidt’s game plan amid criticism for a lack of cutting edge that compounded defeat in Wales. The 35-year-old lock and his team-mates came good against an admittedly poor Scotland, running in four tries to land the Six Nations title on a six-point, points-difference margin. How it would all have been so different had those Ireland stars who had never worked with Schmidt before had failed to adjust to his unremitting regime. Schmidt’s steely attention to the most minute detail led Leinster to multiple Heineken Cup and Pro12 triumphs. When Munster claimed European glory on O’Connell’s watch, passion and fervour drove the Limerick legion as much as any acumen. O’Connell was typically blunt in 2013 defeat to Wales that unless Ireland married the two approaches, the Schmidt era would have floundered from the outset. “I suppose for a few of us we’ve a little bit to learn under Joe, there’s a lot of technical stuff we need to get right,” said O’Connell in the wake of that November 2013 Australia defeat. “But you can’t lose track of that intensity and that aggression that’s required at Test rugby as well. “You could see how high their emotion was in comparison to ours when we got our turnovers, and that was disappointing from our point of view.” Munster playmaker Conor Murray had just established himself as the British and Irish Lions’ top scrum-half in touring victory in Australia when Schmidt took the Ireland helm. The fast-improving half-back was not prepared to rest on his laurels however, and admitted that Schmidt has since taken him to task at every occasion, badgering him to refine and distil his precision still further. “When Joe came in we were nervous whether he would like you as a player, the style of play and would you fit into that,” said Murray, delighting in Ireland’s second Six Nations triumph. “That was the main part for me. I’m sure for a number of other players too. “As time went on, you knew how good he was with what he had done with Leinster. “It was just taking time to get used to his game plan. “It was a little different to what we have played with before with our province or Ireland, so it just took a little bit of time “But the information he gives you is so clear and so accurate, you see it on the Tuesday in the video room and it does happen on Saturday in an international game. That is no surprise. “He studies the game unbelievably hard and knows it inside out and we are blessed to have a coach like him.” Ireland skipper O’Connell hailed head coach Schmidt’s meticulous mindset in the wake of 40-10 victory over Scotland at Murrayfield that swiped the Six Nations crown once more. Munster talisman O’Connell believes Ireland’s twin glories are wholly constructed on full confidence in boss Schmidt – even in the wake of galling defeats. “He’s right up there with the best I’ve worked with, he is a fantastic coach,” said O’Connell. “I think the trust the players have in what he does and what his coaching staff do is a massive part of why we’re successful. “Certainly times like Australia in the first game, the England game last year, Wales last week, those were times where other teams might question themselves – but we never did. “I don’t think we’ve ever once done that. “There’s a lot of trust and a lot of confidence in the coaches.” Such unstinting praise is a far cry from the fallout from Ireland’s first loss under ex-Leinster boss Schmidt, a 32-15 Dublin defeat to Australian in November 2013 – and O’Connell knows that, too. O’Connell conceded Ireland had “a little bit to learn” in adapting to new boss Schmidt’s approach in 2013, with the head coach citing a “disconnect” among the players for that loss. Not since that Australia defeat could Schmidt label “defensive naivety” as among his side’s shortcomings. Paul O’Connell insists Ireland’s back-to-back RBS 6 Nations titles rest entirely on never once questioning taskmaster boss Joe Schmidt’s intense methods. Press Associationlast_img read more