The reform of the Betriebsrentengesetz, the law that protects German Pensionskassen in case of an employer’s bankruptcy, can have an impact on the appeal of occupational pensions, according to consultants.Under the new rule, employers are required to contribute to the equalisation fund set up by the mutual insurance association for German occupational pension schemes, the Pensions-Sicherungs-Verein VVaG (PSV).Contribution are calculated in 9‰ (promille), which takes into account the rate for 2021, set at 3‰ (promille), and an additional contribution of 1.5‰ (promille) for the years 2022-2025.“The employer has to pay the contribution to the PSV, but the PSV will step in only if the Pensionskassen cannot pay pensions in full and the employer is insolvent,” Kai Lehmberg, consultant for policy matters at the Hannoversche Kassen, told IPE. Employers will reconsider how and if to continue to provide occupational pensions, he said.“In this case we will have to see what kind of consequences the reform will have on occupational pensions.”BaFin, the Federal Financial Supervisory Authority, has 36 Pensionskassen under intensive scrutiny, according to a reply from the German government to a parliamentary inquiry, and has already approved applications to cut pension benefits filed by seven funds.With the reform, the legislator decided to widen the scope of the PSV for regulated Pensionskassen precisely given the difficult situation that retirement funds navigate, said Michael Ries, managing partner at Ries Corporate Solutions.But, he added, the reduction of benefits by Pensionskassen will lead to problems for sponsor companies, which will have later on to compensate for reductions and pay contributions to the PSV.“This is catastrophic for the Pensionskassen, and will be fatal for the acceptance and the appeal of occupational pensions,” Ries said.“This is catastrophic for the Pensionskassen, and will be fatal for the acceptance and the appeal of occupational pensions” Michael Ries, managing partner at Ries Corporate SolutionsEmployers that run occupational pensions through regulated Pensionskassen will have to pay contributions to PSV on top of the normal contributions for old-age provisions.“The legislator wants to have the highest level of security, and it is the only way that makes sense because the alternative is the liability of state, and that is not a viable realistic alternative,” Lehmberg said.He added that, however, further contributions may lead employers, in particular small firms, to consider whether to provide occupational pensions through Pensionskassen.Unfair treatmentHannoversche Kassen has adjusted the interest rate for future benefits because it cannot always guarantee to generate 3% return, and make promises that won’t be able to keep, Lehmberg said.“We have the possibility to react flexibly and to generate for the future what we have promised,” he said, but employers pay the same amount of contributions for Pensionskassen that have taken, or have not taken risks.“It is unfair that all regulated Pensionskassen are treated the same way even though some are financially well in shape and others not so financially well equipped. The reform does not close this gap and all regulated Pensionskasse are disadvantaged,” he said.The reform extends the protection provided by PSV to company pensions organised through Pensionskassen, excluding public sector schemes and company pensions organised through funds that already fall under the Protektor Lebensversicherungs, the guarantee scheme for German life insurers.Hannoversche Kassen believes the Protektor Lebensversicherungs is not as well equipped as the PSV.“If the employer manages the occupational pension through a Direktversicherung (direct insurer) and the insurer struggles financially, then the protektor steps in. The Protektor does not have to pay full pensions in special cases, and the difference has to be paid by the employer. The protector system is not always beneficial,” Lehmberg said.Through the reform, the legislator has changed the insurers’ contract formula, or versicherungsvertragliche Lösung, which gave employers the possibility to limit the number of claims from an employee that decided to step out early from an occupational pension organized through a direct insurer.“We welcome this part of the reform because it gives planning security, and there will not be litigation between the parties,” Lehmberg said.For Ries, instead, the employer remains liable to compensate the Pensionskasse’s reductions of benefits.“The legislator wants to reinforce the cover of the beneficiaries but impacts the reputation, the appeal of the occupational pension and will reach the opposite result of that of the Betriebsrentenstärkungsgesetz. It will be a catastrophe,” he said.Looking for IPE’s latest magazine? Read the digital edition here.
The apartment has an estimated rental return of $450 per week. One of the balconies is a nice sunny spot. The other is a covered entertainment area. John Henderson Professionals Mermaid Beach partner Luke Henderson, who is marketing the property with Cindy Katene, said the garden apartment’s front and rear balconies were a highlight. “The balconies are really the ideal spot to entertain your family and friends or for simply enjoying lazy mornings and relaxed afternoons,’’ he said.The covered front balcony has outlooks to the complex’s gardens with the greenery also providing privacy. While a large sun-drenched balcony is at the rear. The apartment has an open-plan design in the main living area. The main bedroom has mirrored built-in wardrobes, a ceiling fan and airconditioning, plus access to the rear patio. The previous digs of a well-known Gold Coast restaurateur has been dished up to the market. A trendy Mermaid Beach apartment once owned by a renowned Gold Coast restaurateur has been served up to the market. The two-bedroom pad was previously owned by Simon Gloftis, the man known for changing the Glitter Strip’s dining scene and the powerhouse behind some of its hottest resturants including Hellenika, Fish House and Nineteen at The Star. CoreLogic records show Mr Gloftis owned the apartment at 2/108 Petrel Ave from 2008 to 2016. Now, the stylish pad is set to change hands again with an asking price of more than $500,000. It has a price tag of more than $500,000. The apartment has an estimated rental return of $450 per week. Councils rates are approximately $1900 a year, water rates $1300 and it has a body corporate fee of $60 per week. It is part of a boutique complex of just 12 apartments and is one of the largest in the block. The two-bedroom apartment at 2/108 Petrel Ave, Mermaid Beach. It has had a complete renovation and is very trendy. More from news02:37International architect Desmond Brooks selling luxury beach villa11 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days agoIt has had a chic renovation to make it a modern and sophisticated home and features polished concrete floors, a grey feature wall and dark timber kitchen. Plus, its location is second to none. It stands in the heart of trendy Nobby Beach, moments from an eclectic mix of restaurants, bars and cafes, including Hellenika, and is a short stroll to a patrolled beach and the surf club.
Published on November 5, 2016 at 4:18 pm Contact Paul: firstname.lastname@example.org | @pschweds Facebook Twitter Google+ Syracuse sophomore quarterback Eric Dungey left the Orange’s game against No. 3 Clemson on Saturday with about three minutes remaining in the first quarter after taking a shot to his shoulder and head area. SU lost, 54-0.Clemson linebacker Dorian O’Daniel launched his head toward Dungey, who ran toward the left side of the field on a quarterback keeper. O’Daniel made contact with Dungey and the sophomore’s helmet flew back on his head. While lying on the field for minutes after the play, Dungey appeared to try to stand up but struggled to do so. Dungey was taken to the locker room after the play.Dungey came back to the sideline wearing a Syracuse T-shirt and hat with about six minutes left in the second quarter. He was shown on the ABC broadcast chatting with replacement Austin Wilson. Dungey didn’t return to the game.Wilson replaced Dungey with the score 10-0 in Clemson’s favor. Saturday marks Wilson’s first appearance of the season. He’d previously been the Orange’s third-string QB while Zack Mahoney was the second string. Mahoney subbed in for Dungey two weeks ago when he suffered an injury against Virginia Tech. Dungey missed just one offensive play, though.AdvertisementThis is placeholder textDungey missed four games last season and parts of three more due to injuries caused by hits to the head.Follow along for live updates throughout the game, here. Comments
Michael Ryan may have to plan without Patrick Bonner Maher for the Tipperary Senior Hurlers opening championship game in a fortnight’s time.It’s understood he picked up a hamstring injury in his club’s Lorrha -Dorrha championship loss to Templederry Keynon at the weekend.The extent of the injury isn’t yet known or whether it could affect his chances of being included in team against Cork.