€502m nuclear pension scheme to transfer to PGB

first_imgIt was not clear whether the Urenco scheme could keep existing pensions and future pensions accrual with the same provider, as the employers hadn’t announced where accrual would be placed.A complicating factor was that ETC was exempt from mandatory membership of PME, the €47bn pension fund for the metal and electro-technical engineering industry.Were the company to place its pensions accrual elsewhere, it would have to apply for a new dispensation.The pension fund said it had considered joining a general pension fund but instead it opted for the €25.5bn PGB as its new provider, after consulting its employers, unions, and independent accountability board.Spun’s funding ratio was 117.1% at the end of September, comparing favourably to PGB’s, which stood at 109.3%.Spun said the collective value transfer to PGB was still subject to approval from DNB, but it expected to complete the transaction by 1 April next year. Spun, the pension fund of Dutch uranium enrichment firm Urenco, is to transfer its €502m of assets to the large multi-sector scheme PGB and wind up its operations next year.The scheme, which also manages the pension arrangements for ETC, a designer of uranium enrichment facilities, said the high and increasing cost of pensions provision was the main reason for its decision to cease its operations.Last year, Spun’s cost of pensions administration rose to €860 per member. PGB’s administration cost was €175 per member, according to data from regulator De Nederlandsche Bank (DNB).The pension fund has approximately 500 active members, a number that has been steadily decreasing in the past few years. Source: olafpictureslast_img read more

NPFL: Rangers Fire Coach Benedict Ugwu

first_imgUgwu aka ‘Surugede’, who replaced Gbenga Ogunbote as Rangers coach in the off-season, qualified Rangers to the group stage of the CAF Confederation Cup, but ‘The Flying Antelopes’ have struggled to impress in the NPFL this season.They were 14th on the NPFL table before this weekend’s matches with four points from as many matches after they won one, lost two and drew one of their matches.The club begin the group phase of the Confederation Cup next Sunday when they host big-spending Egyptian club Pyramids FC.Meanwhile, Match-day 5 produced three away wins with the most remarkable the win for Starlets in Enugu.Plateau United stay on top having won on the road, while Lobi Stars remain in No 2 and Enyimba replace Wikki Tourists in third place.Former champions Kano Pillars fail to crack Wikki Tourists at home and stay second from the bottom.NPFL RESULTSDT Force 1-3 Plateau Utd K’ Pillars 0-0 WikkiHeartland 1-0 Jigawa Stars IfeanyiUbah 0-0 Lobi StarsRangers 0-2 Akwa StarletsW’Wolves 0-1 Rivers UtdAbia Warriors 1-0 MFMEnyimba 2-0 Adamawa UtdKatsina Utd 2-0 SunshineAkwa Utd 1-1 Nasarawa UtdShare this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram Coach Christian Chukwu (Mfr) in white with coaches and officials of Rangers led by care-taker coach, Benedict Ugwu during a visit to the legend Strings of uninspiring displays and home loses have caused the management of Enugu Rangers Football Club to sack Coach Benedict Ugwu after they lost again today 2-0 to promoted Akwa Starlets in continuation of the NPFL.In a terse statement by Rangers, a new set of coaches will be named within today.“Rangers coaching crew handed indefinite suspension by the management of the team while a new crew to be named in the next 48 hours,” the club announced on their official Twitter handle.last_img read more