Dutch roundup: PGB, Shell Netherlands, APF

first_imgOver the last five years, PGB – initially the industry-wide pension fund for the printing sector – has taken in more than 10 schemes from other sectors, including the cardboard industry, the wholesale sector for flowers and plants and the maritime fishing industry.The scheme for the rubber and plastics sector also recently joined.PGB reported a return on investments of 4% but saw its net return drop to 1.4% after losses on its currency hedge.It had covered 81% of its currency risk through forward contracts.PGB reported asset management and transaction costs of 0.24% and 0.06%, respectively, and said it had spent €158 per participant on administration.Its coverage ratio stood at 97.5% at the end of June.In other news, Shell’s new individual defined contribution scheme (SNPS) said in its annual report that its sponsor was exploring its options for setting up a general pension fund (APF) for its two company schemes.In 2013, Shell Netherlands closed its €25bn defined benefit scheme SSPF and started SNPS for new workers, which now manages €56m in assets.With its plan, Shell becomes the second company to place its company schemes in an APF.At the moment, Unilever is waiting for a license to operate a general pension funds for its closed DB scheme Progress and its new DC pension fund Forward.Recently, Rob Kragten, director of both Unilever schemes, claimed APF legislation was not geared to transforming company pension funds into general pension funds, which had caused delay in the licensing process. PGB, a €23.5bn ‘multi-sector’ pension fund in the Netherlands, has said it will continue to focus on achieving “controlled growth to benefit participants” despite the lack of clarity on the new pension system.In its 2015 annual report, chairman Ruud Degenhardt said increasing PGB’s scale would allow it to reduce costs and negotiate better contracts with asset managers.Added scale would also increase the scheme’s options for diversifying its investment portfolio.Degenhardt said PGB would not need the new general pension fund (APF) to achieve its goal.last_img read more

Ella Turner September 8, 1923 – January 19, 2019

first_imgElla Turner, age 95 of West Harrison, Indiana passed away Saturday, January 19, 2019. Born September 8, 1923 in Hazard, Kentucky the daughter of Thomas and Sarah (Gaye) Sizemore,Ella married Isaac Turner June 19, 1941 in Newport, Kentucky. Member of St Leon Church of Christ, was a story teller, poem and song writer. Foster parent of six foster children for many years.Ella is survived by her children Eugene (Debbie) Turner of West Harrison, Indiana, Donald (Linda) Turner of Okeana, Ohio, Lonnie (Vivian) Turner of Bethel, Ohio, Wayne Turner of Harrison, Ohio, Greg (Debbie) Turner of West Harrison, Indiana, Rosezetta (Floyd) Brown of Bright, Indiana and Lana (BJ) Wolf of West Harrison, Indiana. Grandmother of 16, great grandmother of 33.Preceded in death by her parents Thomas and Sarah Sizemore, husband Isaac Turner and sisters Bessie Palmer and Cassie Sizemore.Visitation will be held Tuesday, January 22, 2019 from 10:00 A.M. until time of funeral services at 12:00 P.M. all at Jackman Hensley Funeral Home 215 Broadway Street Harrison, Ohio 45030. Burial will follow at New Haven Cemetery Harrison, Ohio.last_img read more