Frijns: Dutch should shift toward PAYG pension arrangements

first_imgThe Netherlands should increase pay-as-you-go (PAYG) arrangements in its predominantly capital-funded pensions system to better address the impact of low interest rates, according to Jean Frijns, former CIO at the €355bn Dutch civil service pension fund ABP.In an interview with Dutch financial news daily Het Financieele Dagblad (FD), Frijns said capital-funding was “no longer fit for purpose”.“The pensions sector failed to foresee how much participants would be exposed to market shocks, and the pensions system no longer provides the certainty we expected,” said.Given the level of interest rates, he said PAYG arrangements, such as the state pension AOW, would now be more attractive than pensions saving – ageing population notwithstanding. Frijns’s proposal is likely to raise eyebrows in the industry, as the Netherlands has always dismissed pensions systems in neighbouring countries that rely heavily on PAYG.“We always thought capital would offer greater security, as well as pension value, than PAYG, which depends on political promises,” he said. “Because this is no longer true, we shouldn’t be afraid to adjust the ratio slightly between capital-funding and PAYG.”He said he was surprised by the lack of debate on this issue in the Netherlands.According to the FD, Frijns took pains to emphasise that he did not advocate raising the AOW, as non-workers would “unjustly benefit”.Instead, he called for a new national scheme with income-based contributions and benefits, which could also accommodate self-employed workers.The industry veteran conceded that introducing an additional PAYG system would not be easy.“But, from an economic point of view, it would be fantastic, as it would mean less saving, and it has the potential for increased spending,” he said. The Social and Economic Council (SER) is preparing a recommendation for the Dutch government on how best to design a sustainable pensions system.The SER is expected to call for a switch to defined contribution arrangements, with individual pensions accrual combined with various forms of risk-sharing.It marks the second time in five years that a reform of the Dutch pensions system has been the subject of debate.The first effort stalled after transition arrangements were deemed as overly complicated.“If new reform plans also turn out to be infeasible, pension funds should close and start new pensions accrual under individual arrangements,” Frijns told the FD.“That would be a simple and quick solution.”last_img read more

Everett Wood, 98, Cross Plains

first_imgA. Everett Wood, 98, of Cross Plains passed away at 6:40pm, Wednesday, April 3, 2019 at his home. He was born at Evergreen in Wolfe County, Kentucky on February 16, 1921 the son of Alfred and Martha Napier Wood. He was married to Myrle Hankins on September 6, 1943 and she preceded him in death on August 27, 2011. Survivors include two sons Ralph (Faith Ann) Wood and Robert (Dotty) Wood both of Versailles; one daughter Carol Berry also of Versailles; one sister Irene Scudder of Lawrenceburg; 9 grandchildren, 16 great grandchildren, 3 great great grandchildren and several nieces and nephews. He was also preceded in death by his parents, his granddaughter Linda Jane Berry, son-in-law William Berry, his brothers James and Henry Wood, and his sisters Daisy Tyra, Adah Jane Tyra, Elizabeth Wood, Nanie Mae Whisman, Virginia Nickell, and Leona Whisman. Mr. Wood was an Army Veteran of WWII serving with Company A of the 108th Infantry Division. He established A.E. Wood Excavating in 1954 and for several years operated heavy equipment. In 1970 he purchased the Versailles Implement Company and began Wood Farm and Industrial Supply in Versailles, retiring in 2006. He was also a farmer and worked with his family on the farm well past his 96th birthday. Everett received his pilot’s license in 1964 and maintained landing strips at home as well as at his machinery dealership in Versailles. He was a strong advocate of education and served many years as Brown Township trustee as well as on the Brown Township School Board. He assisted in the building of the Cross Plains Elementary School and the South Ripley High School. The greatest priority in his life was sharing the Gospel of Jesus Christ. The many hours he spent reading the bible were reflected in the way he lived. One of the most important priorities of Everett’s life was his faith. He was a member of the Bear Creek Baptist Church in Friendship since 1950. Many years where served as a deacon, trustee, and Sunday School teacher. He was also a member of the Versailles Masonic Lodge and the Brown Township American Legion. Funeral services for Mr. Wood will be held on Monday, April 8th at 11am at the Bear Creek Baptist Church in Friendship with Rev. Sherman Hughes officiating. Burial will be in the Cross Plains Methodist Cemetery with military graveside rites by the Brown Township American Legion. Visitation will be on Sunday form 4pm to 7pm at the Stratton-Karsteter Funeral Home in Versailles and from 10am until time of services Monday at the church. The Versailles Masonic Lodge will conduct services Sunday evening at 6:45pm at the funeral home. Memorials may be given to CEF (Good News Clubs) in care of the funeral home.last_img read more

Old face, new coach helps UW goalies

first_imgJEFF SCHORFHEIDE/Herald photoFor the first few weeks of the season, Wisconsin goaltenders Shane Connelly and Scott Gudmandson actually had to pay for their coaching. To make matters worse, they had to travel off campus once or twice a week to take advantage of the services of goalie coach Mike Valley.But those days are no more, as Valley will now be working with the team on campus as a volunteer assistant coach on Mike Eaves’ staff. He fills a void left by former assistant Bill Howard, who stepped down as goalie coach in the offseason after 36 years with Wisconsin.A former Badger goaltender himself — he played 33 games in net for UW from 1996 to 1998 — Valley was previously employed by Next Testing, an elite testing service that uses scientific methods to assess hockey talent. But since he dealt with potential recruits, Valley had to quit his job with Next Testing to join his alma mater, a choice that didn’t come easy.“I’m a volunteer coach; it’s not something that puts food on the table,” Valley said. “For me, it’s something that I’ve always wanted to do. I’ve enjoyed working with guys like [former Badger Brian] Elliott and [former Michigan goalie] Al Montoya in the summer time. But to be in a full-time position is something I’ve wanted to do.”“The big thing for me is he’s been in my shoes,” Connelly said. “He knows what we’re going through. It’s not that long ago that he was doing this.”Eaves doesn’t foresee much change as far as the relationship between Valley and the goaltenders, since he had already gotten familiar with them early in the season.“He’s been working with them,” Eaves said. “It’s a matter of repetition for them. It’s not like he’s starting now. He’s got a running start.”The two Badger goaltenders have gotten off to less than ideal beginnings in the 2008-09 season. Connelly has allowed 4.45 goals per game and is 0-3-1 in four starts, while Gudmandson’s 0-2 record stems from the 6.03 GAA he has experienced in two starts in net.However, Eaves knows that bringing Valley on staff won’t mean an instant fix.“The proof and the cure will be everything coming together,” Eaves said.Valley admitted it had become tough for him and the Badger netminders to effectively work together now that the season is underway. Now that he’ll be with the team on a regular basis, however, that should change.“Having the goaltenders work away from the rink is something that works in the beginning of the season when they had more captains practice,” Valley said. “But now that they’re busy with their school and with limited practice time, it really helps them out for me to be able to come out on the ice three to four times a week. It’s a positive thing for the goaltenders because you can provide a little bit more mentorship.”“It’s all about getting reps on the ice,” Connelly said. “When there’s dead time, he’s flying over there and doing a quick drill with us. Or, at the end today, working on different stuff. It should take my game to the next level.”Valley has been impressed with what he’s seen in Connelly so far, noting the senior’s high confidence level despite facing a high number of shots in his first four games.“I think Shane’s been really good,” Valley said. “Friday’s game (against Minnesota), he stopped 34 shots and played really well and helped us get that point. Obviously, we wanted the win, but we got a point out of it. In Denver he saw 52 shots and has been really, really comfortable.“I talked to Shane about those. Even though he’s seen a lot of shots, even though he’s seen a lot of opportunities, he has to find a way to make that extra save to keep us in it. It doesn’t matter if it’s a 2-on-l, it doesn’t matter if it’s a breakaway. Our job as a goaltender is to come up with that save. Shane’s got to find a way to come up with that save.”But as his team is still winless heading into a weekend series against North Dakota, how have these early games affected Connelly’s confidence?“It’s really good. You confident right now?” Valley asked Connelly as he walked past his coach after practice.“Absolutely,” Connelly responded.“His confidence is real high,” Valley said. “His practices have been really good, his games have been really good. It’s just a matter of getting everything to click now, not only in goal but all over the ice, and that’s coming. It’s a young team, and it’s been a tough start against some good competition.“The nice thing is the guys’ attitudes are up and they can see the light at the end of the tunnel.”last_img read more