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UK charities are facing pension deficits proportionately higher than listed company schemes, according to a report from consultancy firm Hymans Robertson report.The report, titled ‘DB pension funding in the charitable sector’, found that across 40 of the largest charities in England and Wales, the average pension deficit equalled 18% of their unrestricted reserves – funds freely available to spend on a charity’s purposes, and which therefore indicate a charity’s ability to support its defined benefit (DB) obligations.In contrast, the DB scheme deficit for the average FTSE 350 company was only 1% of its market capitalisation, the consultancy said.Alistair Russell-Smith, head of corporate DB consulting at Hymans Robertson, said: “Charities are facing the double whammy of fundraising pressures hitting income, at the same time as The Pensions Regulator [TPR] wants them to put more cash into their pension schemes.” Action for Children£614.4m£614.6m(£0.1m)100% RSPB£194m£267.6m(£73.6m)72% Royal National Institute for the Blind£263.7m£266.4m(£2.7m)99% National Trust£628.9m£754.1m(£125.2m)83% RSPCA£260.3m£306.6m(£46.3m)85% Cancer Research UK£725.3m £651.8m £73.5m111% NSPCC£168.4m£186.4m(£18m)90% Barnardos£684.6m£823.5m(£138.9m)83% Age UK£125.2m£143.3m(£18.1m)87% Mencap£131.2m£140.1m(£8.9m)94% General Medical Council£233.3m£219.4m£13.9m106% Royal National Lifeboat Institution£329.9m£380.4m(£50.5m)87% Guide Dogs for the Blind£302.8m£298.6m£4.2m101% Canal & River Trust£551.8m£539.7m£12.1m102% In its report, the consultancy warned that TPR was expected to introduce stricter funding requirements for DB schemes, which many charities could feel was “onerous”. The company also expressed concern that such a regime could force some schemes to take more investment risk.However, Russell-Smith said charities should seek to make use of their advantages over companies.“Charities tend to have far less covenant leakage than corporates – they don’t pay dividends, often have no debt, and there tends to be a strong focus on preserving reserves,” he said. “So pension scheme trustees may have more confidence in the long-term covenant support than with a corporate.”He added that some charities had unencumbered assets such as property on their balance sheet, which could be used to provide additional covenant support to the pension scheme.“The long-term covenant, bolstered where possible with security over charity assets, could support a longer recovery period for the pension scheme,” he said. “All this helps set a sustainable funding and investment strategy for the pension scheme with appropriate contingency plans in place.“As The Pensions Regulator becomes tougher and intervenes more in pension funding in the sector, I expect this to become an increasingly important feature in a charity’s toolkit.”Russell-Smith also highlighted consolidation as an option for charity DB schemes. One option was “sectionalised DB master trusts”, which he said could reduce scheme running costs by as much as 50% while removing the ‘last man standing’ risk inherent in some multi-employer schemes.TPT Retirement Solutions is one such offering, and already runs a number of charities’ DB funds.Russell-Smith added: “Commercial consolidators can provide a clean break to employers from their DB pension scheme at a lower cost than buy-out, and especially for charities in multi-employer schemes to exit cost-effectively, while improving benefit security for their members.”Pension funding levels of UK charitiesFor some UK charities, maintaining DB schemes has proven a near-impossible challenge, writes Nick Reeve.In March this year, a small development charity in Northern Ireland shut down, citing the unaffordable cost of its DB scheme, and IPE research has shown that larger charities also face large shortfalls.More than half of 44 charity DB pension funds analysed by IPE were in deficit according to their latest annual reports. Of the sample, 29 funds recorded a shortfall, and in some cases the nominal deficit was a significant proportion of the charity’s annual income.Hymans Robertson’s report showed that the average charity DB fund deficit was equal to 24% of annual unrestricted income, but this figure was much higher for some individual charity schemes.Animal charity the PDSA’s £49.7m pension fund deficit, recorded at the end of December 2017, was more than 48% of its total 2017 income, while Blind Veterans UK reported a DB pension deficit of £17.6m at the end of March last year, 59% of its annual income.Pension funding levels of UK charitiesCharityAssets Liabilities Deficit/(Surplus) Funding level PDSA£119m£168.6m(£49.7m)71% Children’s Society£143.2m£146.4m(£3.2m)98% Save The Children UK£161.3m£176m(£14.7m)92% Salvation Army£313.1m£341.3m(£28.2m)92% Oxfam£193.3m£196.6m(£3.3m)98% Scope£111m£96.9m£14m114%
Earlier this year, the Fraunhofer Institute for Wind Energy and Energy System Technology (IWES) released the first wind index for offshore wind farms. The Fraunhofer IWES Offshore Wind Energy Index (FROENIX) helps with estimating the inter-annual power density variation at offshore wind farm sites.Indexes have been used for onshore wind farms in Germany for several years now, allowing the achieved wind farm output to be compared against the expected output and thus enabling operators to identify and remedy the causes of performance losses.With the new FROENIX, Fraunhofer IWES recently made it possible to use the methodology at offshore wind farms in the German Bight.Find out more in our Expertise Hub interview with Martin Dörenkämper, Scientist at Fraunhofer IWES.For more Expertise Hub interviews, visit Navingo’s Offshore WIND channel on Vimeo.
A consortium between Seamec and Adsun Offshore Diving Contractors has secured a charter contract for Seamec III multi-functional diving support vessel from Oil and Natural Gas Corporation (ONGC) India.The charter is for a period of one year, Seamec informed.The total contract value is approximately USD 22.1 million.The vessel is likely to be mobilized in next working season starting from October, 2018.Built in 1983, the Seamec III is capable to provide services including S.B.M maintenance removal and installations, platform, riser and pipeline repairs, subsea construction and maintenance operations.
Miamitown, OH—Police are searching for a suspect who allegedly approached a 10-year-old boy and asked him to get in his van in an intersection less than 500 feet from Miamitown Elementary School Wednesday morning. The Hamilton County Sheriff’s Office stated the 10-year-old victim was walking down the street when he was approached by an older man in a rusty green-colored van. The man asked the boy if he wanted a ride. When the boy said no, the suspect then offered him candy if he got into the car. The victim told the suspect no and that he was going to call the police. The suspect then fled the area, the Sheriff’s Office said.Anyone with information on the situation is asked to contact the Hamilton County Sheriff’s Office at 513-825-1500.
He added: “The person that actually called me from the start, told me about the project and put their faith in me was Nicola. “I have great respect as well for Southampton, the club and the supporters, but Nicola has been the one that has placed his trust and faith in me. “I wouldn’t see myself in this club if it was not for him. I think I am a very transparent person, a very honest person.” Cortese stayed on after the Swiss billionaire died suddenly in 2010 and helped the club rise from League One to the Premier League. Saints head into Sunday’s final game against Stoke with another season in the top flight already assured, although whether Cortese is there to see it is another matter. The executive chairman will make a decision on whether to remain at the club within the next month. The former Espanyol manager’s forthright comments at the press conference came as a surprise to many, especially as he does not expect to have to go through with his threat. Pochettino spent much of the time speaking about a bright future and how he hopes to do most, if not all, of his transfer business by the start of July. “I have total confidence, total faith that Nicola is going to be here for next season,” Pochettino said. “We are all working towards that goal, towards next season to have everything prepared by July 1 so I have total faith that I will be here and Nicola will be here for next season.” Press Association Southampton manager Mauricio Pochettino has warned he will quit the club if executive chairman Nicola Cortese leaves. There has been much talk this week about the future of the Italian businessman, who was instrumental in the club’s purchase by Markus Liebherr in 2009. Press Association Sport understands Cortese is considering his position at the club due to frustrations over the backing he receives, feeling those in charge of the Liebherr trust are not committing themselves to his ambitious plans. “I am a very honest person and I am very, very grateful to the people that put their faith in me,” Pochettino, who controversially replaced Nigel Adkins in January, said. “I would not understand staying in this role if Nicola was not here.”
The permanent transfer of the 24-year-old from Villarreal was confirmed on Wednesday night after all the formalities of international clearance on a work permit were completed. Part of the deal, reported to be worth around £15million, sees Costa Rica striker Joel Campbell move in the other direction on loan for the rest of the season. Press Association Arsenal’s new Brazilian defender Gabriel Paulista has all the qualities needed to be a big hit in the Barclays Premier League, according to manager Arsene Wenger. “We needed some cover, or we would not be responsible,” added Wenger, who could put Gabriel straight into the squad for Sunday’s Barclays Premier League game at home to Aston Villa. “We needed another centre-back because we have lost (Mathieu) Debuchy. (Nacho) Monreal can play centre-back and we are a bit short there if something happens, especially with the Achilles (problem) of Koscielny since the start of the season. “(Gabriel) can (also) play right-back and left-back, and that is of course a good quality as well.” Campbell, meanwhile, is hoping to make the most of his second loan spell in Spain, having spent a season at Real Betis as he awaited international clearance to join up with the Gunners’ first-team squad. The 22-year-old said at a news conference ahead of Thursday night’s Copa del Rey tie against Getafe: “I am very eager to get started on this new stage in my career. “A lot of people spoke very well about the club, the first of those being (Arsenal midfielder) Santi Cazorla, who, when it was time, helped me decide to come here. “I know La Liga and I feel like that is an advantage working for me as I adapt my style to the club’s. “I am going to give 200 per cent and I hope my football can bring joy to the fans.” Arsenal, who went through to the FA Cup fifth round with victory at Brighton last weekend, will look to continue their Premier League revival with victory over Villa. Wenger, however, revealed Chile forward Alexis Sanchez could miss out because of a hamstring problem. England international Danny Welbeck has not played since December 28 because of a thigh injury, but is expected back early next week ahead of the north London derby at Tottenham. Elsewhere, midfielder Alex Oxlade-Chamberlain (groin) is still not fully match fit, while Wenger said Jack Wilshere “should join in normal training in 10 days” following his recovery from ankle surgery. Wenger admitted Arsenal were short on defensive cover, but although he believes it will take Gabriel time to settle, the Gunners boss insists the player has what it takes to become an integral part of the squad. “He is a promising Brazilian defender. Just 24 years old and we got the work permit. He has good pace, is good in the challenge and is tall, so he can adapt to English football,” Wenger told Arsenal Player. “Maybe it will take some time to adapt completely, but overall it is very good to have him. “This season he has played every game for Villarreal and we have seen him many times. We are convinced about his quality. “He is very ambitious, focused and serious. That is important at a club like ours – you need to have a complete focus on your job. He has that. “I like the players who come from nowhere and show they can adapt. From Brazil, he has (then) adapted to Spain. That means he has already made it and adapted in another country, and so that is another important quality.” Arsenal’s preferred central defensive partnership has been Per Mertesacker and Laurent Koscielny. However, Wenger accepts given the wretched run of injury misfortune, to head into the defining period of the campaign with not enough strength in depth at the back would have been folly.
The first game will be between AGF and Randers to complete the 24th round. The 25th round will start on May 29.All games in the 26th and final round will be held on June 7. The playoffs will follow with the season scheduled to end on July 29.The league says games will take place at various times during the daytime and evening “so that as many matches as possible are made available to football fans” while stadiums are closed.FC Midtjylland leads FC Copenhagen by 12 points at the top of the standings.___ World Athletics says the adapted program can “give athletes time to prepare mentally, stay motivated and adjust training for competition.”The series is now set to start in Monaco on Aug. 14 with two more European meets scheduled for later that month. Four more European meets in September will be followed by Shanghai on Sept. 19.The Prefontaine meet in Eugene, Oregon, is set for Oct. 4. The season-ending meet is Oct. 17 in China at a city to be decided.World Athletics says Zurich will now have the finals in 2021 and 2022 and Eugene has agreed to push back its finals back by one year to 2023.___ Associated Press The Latest: Austrian soccer league cleared to resume The former Italy defender says that for 20-25 days beginning in early March his back was in so much pain that he couldn’t sit down.He adds in an Instagram chat that he felt constantly weak.The 56-year-old Bergomi says he has recovered.Bergomi played for Inter Milan and is now an analyst for soccer matches on Italy’s Sky TV. He helped Italy to the 1982 World Cup title.___ ___FIFA has rescheduled two women’s events for next year and will hold its 2020 annual meeting online.FIFA says the Under-20 Women’s World Cup in Costa Rica and Panama will start on Jan. 20 and the Under-17 Women’s World Cup will be in India from Feb. 17.Both 2020 tournaments were postponed in April because of the coronavirus pandemic.FIFA says both tournaments will retain their eligibility rules. The same players can be selected even if they have a birthday early in 2021. London Mayor Sadiq Khan says he believes it is too early for the Premier League to be planning a resumption of the season amid the coronavirus pandemic.Premier League clubs Arsenal, Chelsea, Crystal Palace, Tottenham and West Ham all play in the capital.The mayor’s office says the league should resume only “when it is safe to do so.”British Prime Minister Boris Johnson said Monday that sports events in the country could resume in June if there is not a new spike in COVID-19 infections.Liverpool led the league by 25 points with nine games remaining when the league was suspended in March. More AP sports: https://apnews.com/apf-sports and https://twitter.com/AP_Sports,Tampa Bay Lightning advance to face Dallas Stars in Stanley Cup finals, beating New York Islanders 2-1 in OT in Game 6 The German league is scheduled to restart on Saturday.The German league also says it will stop publishing centralized statistics for its coronavirus testing program and will leave that up to the clubs.___The Danish soccer league will resume on May 28 with games in empty stadiums.The league has been suspended since March 9 because of the coronavirus outbreak. May 12, 2020 Share This StoryFacebookTwitteremailPrintLinkedinReddit The Latest on the effects of the coronavirus outbreak on sports around the world:___The Austrian soccer league is set to resume next month in empty stadiums following clearance from the government. The Diamond League event in London is the latest track meet to be canceled because of the coronavirus pandemic.The meet had been scheduled for July 4-5 at the Olympic Stadium.British Athletics says “the decision has been made in light of the ongoing global pandemic.”___World Cup winner Giuseppe Bergomi says he had COVID-19. The FIFA Congress was due to be held in Addis Ababa, Ethiopia, on Sept. 18 but will now be an online event.___German soccer clubs will decide whether to adopt a rule change to increase the number of substitutions when they meet by video conference on Thursday.The International Football Association Board agreed last week to let teams use two extra substitutes per match in 2020. That should help leagues clear a backlog of games created by the coronavirus pandemic.Leagues can choose whether or not to adopt the rule change. Soccer federation president Leo Windtner met with vice chancellor Werner Kogler and says the path is clear to restart. Training could resume this week.The league is expected to set a date for games at a meeting of clubs Wednesday.No Austrian league games have been played since early March. LASK Linz leads Salzburg by three points at the top of the standings.___The Diamond League circuit of track meets has a new, shorter schedule from mid-August through mid-October because of the coronavirus pandemic. The qualifying tournament for the 2021 Women’s Cricket World Cup has been postponed because of the coronavirus pandemic.Bangladesh, Ireland, the Netherlands, Pakistan, Papua New Guinea, Sri Lanka, Thailand, the United States, the West Indies and Zimbabwe were to play in the tournament in Sri Lanka from July 3-19 and three were to qualify.The International Cricket Council has not set new dates.The Women’s World Cup is in New Zealand in February and March.___
Annenberg School for Communication and Journalism Dean Ernest J. Wilson III hosted an open forum with Robert Herjavec, president and CEO of the Herjavec Group, one of the “sharks” on ABC’s show Shark Tank and author of two books, Driven: How to Succeed in Business and Life and The Will to Win: Leading, Competing, Succeeding, Thursday afternoon in the Geoffrey Cowan Forum,Shark bite · Shark Tank’s Robert Herjavec, CEO and president of the Herjavec Group, spoke to students about his ‘journey to success’ in the USC Annenberg School for Communication and Journalism on Thursday. – Corey Marquetti | Daily Trojan Only 75 seats were available and students began lining up close to two hours before doors opened.The forum began with a slideshow from Herjavec, where he explained his life story as well as his journey to success. The presentation allowed Herjavec to give advice that he has learned throughout his life while cracking a joke every minute or two after.Herjavec, the son of a factory worker who escaped from jail to bring his family to the United States, was the first person in his family to attend university. When Herjavec was in college, his goal was not to be rich, he just didn’t want to be poor.“The number one reason why I am a little bit successful, and everyone else I have met is successful, is that ability to drive through failure, through objection, through all that crap that happens to you,” Herjavec said. “Because I will guarantee you, in life, you will fail far, far, far more than you will succeed.”After the 35-minute presentation, the floor was opened to questions, which ranged from whether or not every startup needs an investor to succeed to how he keeps his energy so high all the time.“However busy you think you are, you can do more,” he said.Herjavec gave three basic rules for giving “the perfect pitch:” get their attention; be very careful about blowing things out of context and know the numbers.Dean Wilson asked Herjavec the final question.“Tell us the most useful thing about how to prioritize,” Wilson said.Herjavec said the first step is to be very careful with the words you choose because no one is ever good enough to lie to his or her subconscious. The skill, however, is about being “the eye of the hurricane.”“Effectiveness is about understanding the urgent from the truly important,” he said. “The ball has got to keep bouncing because the minute the ball stops bouncing, everything stops.”Felipe Da Paz, a sophomore majoring in business administration, already has a startup company. Da Paz will be attending a pitch competition tomorrow.“For me, it was really cool to learn about what [Herjavec] looks at when someone is pitching at him,” he said. “He was talking about getting [the investors’] attention, and I think it is very good to have that clear in your head. You must do something to really grasp their attention.”Nahal Aghajani, a junior majoring in public relations, was the first person in line to see Herjavec speak.“[I am] a big fan of the show,” Aghajani said.She believes that Herjavec is the most knowledgeable and humble of the sharks.“He told you that the point of a business isn’t about making money,” she said. “He does it for something bigger than himself, and if you are going to start a business, it has to be for something bigger than yourself.”
It was already a given entering the 2013 season that youth and inexperience would be important factors contributing to the progress of the USC men’s volleyball team, especially with the losses of key players Tony Ciarelli and Steven Shandrick from the 2012 squad. Unfortunately, those factors have become even more glaring in a difficult and trying campaign for the Trojans.A week-long break following a win over Pepperdine failed to generate any momentum for the Trojans, who suffered a tough five-set loss to No. 7 Cal-Baptist Thursday night in Riverside (20-25, 25-23, 19-25, 25-23, 15-10). The setback drops USC to a disappointing 5-14 record, distancing the club even further from its 26-7 record of a year ago.“I thought we were okay passing the ball, but we didn’t do as well as we needed to serving the ball,” head coach Bill Ferguson said. “We ran into trouble there. I thought we blocked well at times, but we didn’t do it consistently enough throughout the match.”Sophomore outside hitter Cristian Rivera again paced the Trojan attack, registering 15 kills. Redshirt freshman outside hitter Austin Rysyk contributed 14 kills, while sophomore middle blocker Robert Feathers was once again strong down the middle, recording nine kills, six blocks, and a .350 attacking percentage. But the Trojans were significantly outhit (.318 to .216) and outnumbered in digs (42 to 30), a sight that is becoming increasingly familiar with each match.“I think, at times, we made some heads-up plays and followed the game plan, but at other times there were blown assignments,” Ferguson said. “There’s still a little bit of immaturity, and it’s unfortunate to have that at this point of the season.”Resilience might be one positive that Ferguson and his players take away from the loss, as USC twice overcame dropped sets to tie the game. After the Lancers pulled away to take the first set by five, the Trojans came back in the second, putting together a solid run before a couple of errors awarded them the set and a 1-1 tie. The Trojans again overcame a Lancer win to take the fourth set by two points, but faltered in the final frame, hitting just .059 en route to the loss.While the loss was disappointing, Ferguson saw the fifth set as an important source of experience for his young roster.“The main thing is that our guys are all young, and they haven’t played a lot in the past,” Ferguson said. “This gave them some practical experience. There’s really no way to simulate this in practice, so this is going to be valuable for the development of our team.”Success has come in small spurts for the Trojans this season. After a 2-1 start that saw them knock off reigning champion UC Irvine, the team mired itself in a dismal 2-12 skid before snapping a five-game losing streak with a victory against Pepperdine last Thursday.“We made some lineup changes – we put Rysyk at one of the outside positions and Rivera at opposite,” Ferguson said. “With him and [sophomore setter] Micah Christenson serving on opposite sides, we were able to field our two best servers every couple of rotations.”Serving was indeed the key to the Trojans’ upset of Pepperdine, as their 12 service aces marked their highest since notching 13 in a game against Ohio State in 2010. USC also outhit the Waves .284 to .250 and recorded 11.5 blocks.The aforementioned losses of Ciarelli and Shandrick have thrust into the spotlight a bevy of younger players, and it’s no surprise that the likes of Rivera, Rysyk, and Feathers have stepped up in the recent absence of redshirt junior opposite Tanner Jansen. As the team enters its final stretch of matches, there will be an even greater emphasis on the need to receive consistent performances from the entire lineup.“We obviously want to win out, but mainly we’d like to play a complete match where we execute our game plan and play smart volleyball,” Ferguson said. “We came close to that against Pepperdine, but we weren’t good enough tonight, so we just need an extended period of consistent, good volleyball.”The Trojans will next travel to Utah, where they will square off against BYU Saturday before returning home for two matches at the Galen Center next week.