German Pensionskassen announce major cuts to reserves

first_imgGermany’s financial regulator has permitted two Pensionskassen to cut their reserve funds to enable them to implement funding recovery plans.The €475m Pensionskasse for the catholic aid organisation Caritas and the €345m Kölner Pensionskasse have made cuts to their actuarial reserves of almost 20%.BaFin moved to close both funds for new business a year ago – the first time it had taken such a step – citing a severe lack of funding.After “intense negotiations”, as one insider put it, the Pensionskassen and their board members have announced a “comprehensive recovery plan”, according to statements from the two funds. For the Caritas Pensionskasse, the recovery plan measures include a 19.9% cut in its actuarial reserve, defined as the present value of future liabilities minus expected contributions. BaFin’s office in FrankfurtAt the Kölner Pensionskasse, which has a significantly younger membership structure, the cut was just over 12%.The actual pension cut for each individual contract still has to be calculated in detail.For the Caritas Pensionskasse the amount necessary to cover both the existing deficit as well as costs for the recovery was calculated to be €146.6m, while the Kölner Pensionskasse required €62.5m.Both Pensionskassen stated that these amounts were “covered by the agreed cuts in future payouts, the offsetting of assets as well as the loss reserves”.No more details are being given out to the public at the moment, according to one source with knowledge of Caritas’ situation.The websites for the two pension funds state that their annual reports 2017 are “to be published shortly”, after being approved by actuaries, auditors and the regulator.Interest rates, longevity hit PensionskassenIn almost identical statements, the two pension funds admitted to having “insufficiently accounted for the long-lasting low interest rate environment and the increase in longevity” in their calculations in the past.The funds also admitted to having “made mistakes in calculating rates”, which led to pension promises – and in turn the 2017 deficit – being “too high”.“Agreeing on the recovery plan is a major landmark for the future of the Pensionkasse and for securing payouts,” said Olaf Keese, chairman of the board both at the Caritas and Kölner Pensionskassen.Since 1 May, Keese has had a new colleague on the boards of both schemes. Robert Müller has been named as a full-time board member on the joint board for the Pensionskassen, replacing Stephan Sander who left at the end of April.Müller joins the Pensionskassen from S-PensionsManagement, the management arm of the Sparkassen pension funds, where Keese was its long-term chairman until 2017.last_img read more

No. 1 SU storms past Johns Hopkins, 15-9, continues undefeated start

first_imgRyan Darby raced up the sideline on Johns Hopkins’ man-down clear attempt, trying to fend off Chase Scanlan’s ride. When the Syracuse attack eventually popped the ball out of Darby’s goalie’s stick, another SU rush ensued in the fourth quarter. But this time, the net was open.Long-stick midfielder Jared Fernandez scooped up the ground ball and lifted a pass to Scanlan, who easily deposited the ball into the net and extended the Orange’s lead to six. The Blue Jays had tried to recover for the last 30 minutes from a first-quarter run by SU that became insurmountable with each additional tally, and Scanlan’s fourth goal.In its first road test of the season, No. 1 Syracuse (5-0) continued its undefeated start with a 15-9 win over Johns Hopkins (1-4). The Orange’s offense exploded in a seven-goal first quarter, and after it settled in the defense and Drake Porter (16 saves) emerged. Ten goals came from SU’s midfield — which Hobart head coach called the best unit in the country, and Syracuse ensured its place atop Inside Lacrosse’s rankings for more than a week.When Syracuse lost the opening draw and Nick DiPietro earned a 30-second push flag just 15 seconds in, though, an eventual offensive outburst was temporarily delayed. Face-off specialist Kyle Prouty gathered the opening draw and raced toward the cage before DiPietro’s trip forced his shot attempt to bounce wide.On the man-up, JHU’s Garrett Degnon’s shot was saved by Porter, but the Blue Jays immediately earned possession back when the Orange were called offside. Syracuse was already missing two of its top defenders before the game started when short-stick defensive midfielder Peter Dearth was ruled out with a knee injury. Through the opening four games, the Orange mitigated Nick Mellen’s absence, but Dearth’s loss posed another threat.AdvertisementThis is placeholder textOwen Murphy — making first career start at attack for JHU after notching a hat-trick last week against Princeton — earned short-stick time for Dearth’s backup Dami Oladunmoye, and Johns Hopkins relied on picks near the cage to open lanes for Murphy, Degnon and Cole Williams.But at the 12-minute mark of the opening quarter, Syracuse’s offensive conversions commenced. Scanlan scored first from the left side, and then Rehfuss drew a short-stick behind the net that he dodged around and found Trimboli.Jacob Giacalone started the game in goal for Johns Hopkins but was eventually replaced by Darby after allowing four quick goals — the final one from Dordevic, who flapped his arms after his shot found twine. Syracuse combined over the next three quarters to match its opening frame’s output, but Porter’s one-on-one saves and tight defense against JHU’s attack and midfielders limited the Blue Jays’ opportunities.Syracuse’s seven opening-frame goals provided enough of a cushion against a Johns Hopkins team amidst its worst start in at last 20 years. Murphy led the Blue Jays with a second-half hat trick, and the Orange avoided a major scare when Dordevic spun out of his roll dodge hopping on his right leg — the one that forced him to miss all of last season. He hobbled over to the sideline with cramps and returned for Syracuse’s next goal, another tally by Trimboli.With just over eight minutes remaining, William’s behind-the-back effort was blocked, and Syracuse close defender Brett Kennedy sprinted up in transition. With yards of space in front, Kennedy lifted his stick — hinting at a shot — but then lowered it. Against JHU last year, Kennedy took that shot and scored on the run, but now the Orange just needed to run the clock down. The ball cycled around the wings and behind the cage. Arms moved up and down on the Syracuse sideline, motioning for the offense to slow down. Eventually, Rehfuss spotted Scanlan on the left side and flung the ball cross-field. Scanlan cut toward the middle, dipped his right knee and shot while falling. After the ball sunk past Darby into the top right corner, Scanlan lifted himself off the ground, squatted and roared. With a 14-7 lead that doubled JHU’s offensive output to that point, Syracuse’s offense had all it needed. Comments Published on March 7, 2020 at 4:29 pm Contact Andrew: [email protected] | @CraneAndrew Facebook Twitter Google+last_img read more