Ambachtsheer questions El-Erian’s backing of third-pillar pension savings

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first_img“The other thing countries with high MMGPI scores do is to facilitate high levels of participation in Pillar 2 pension plans, and to create cost-effective, fiduciary oriented Pillar 2 pension intermediaries,” Ambachtsheer added.“The combination of these two features ensures broad Pillar 2 coverage, creates measurable ‘value-for-money’ for participants, and eliminates the need for high cost Pillar 3 ‘solutions’. “The most recent MMGPI saw Denmark, the Netherlands and Australia returned to the top three slots. All three companies offer either a predictable means-tested state pension, a high contributory retirement benefit, or a combination of both.Ambachtsheer then went on to criticise the colourful language employed by El-Erian, who likened pension systems across the world to the Titanic, believed unable to sink on the eve of its ill-fated maiden voyage.“Far from being Titanics,” Ambachtsheer said, “these cost-effective, fiduciary oriented Pillar 2 pension organizations are a critical ingredient of sustainable 21st Century capitalism.” Workers should not be incentivised to save into expensive third-pillar pension systems, according to Keith Ambachtsheer, who criticised a number of reform proposals put forward by former PIMCO co-CIO Mohamed El-Erian.Ambachtsheer argued it was harder to think of a “worse” policy initiative than to improve pension savings rates by nudging savers into such third-pillar options, and added the fees associated with such options could cost savers significant sums over several decades.Responding to an opinion piece by El-Erian, who remains chief economic advisor at Allianz following his departure from PIMCO, the academic also said that it was often the wealthy who believed it benefitted less affluent workers to save into third-pillar arrangements.However, in a policy paper he argued countries with high pension sustainability ratings – such as those granted under the Melbourne Mercer Global Pension Index (MMGPI) – offered means-tested state pension arrangements, thereby removing the incentive for such third pillar savings.last_img read more


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first_imgThe Patriots head to Cincinnati to take on the Bengals in hopes of keeping pace in the AFC first-round bye race.New England (10-3) is in unusual territory, losers of two of the last three games behind a series of shaky offensive performances. Tom Brady has struggled recently and his team’s offense has failed to put up more than 23 points since defeating the Browns in Week 8. MORE: Watch Patriots vs. Bengals live with fuboTV (7-day free trial)Opposite of New England is the league’s worst team in the Bengals. Cincinnati (1-12) is looking the part of a team that will be the first on the clock in the 2020 NFL Draft. The Bengals got on the board with their first win two weeks ago against the Jets, but have dropped a handful of one-score games throughout the season.Is this finally the week Brady and the Patriots offense can get back on track? The Bengals present an opportunity for New England to build some momentum heading into the playoffs.Here’s everything you need to know to watch the Patriots vs. Bengals game on Sunday, including kickoff time, TV channels and a full Week 15 NFL schedule.WEEK 15 NFL PICKS:Against the spread | Straight-up predictionsWhat channel is Patriots vs. Bengals on today?TV channel (national): CBSTV channel (New England): WBZTV channel (Cincinnati): WKRCLive stream: fuboTVThe Patriots vs. Bengals matchup can be seen on CBS and live streamed on fuboTV. Andrew Catalon (play-by-play), James Lofton (color commentary) and Amanda Balionis (sideline reporting) will be on the call for Sunday’s matchup between the Patriots and Bengals. Patriots vs. Bengals: What time is kickoff?Date: Sunday, Dec. 15Start time: 1 p.m. ETThe Patriots vs. Bengals game will be one of eight matchups in the early slate on Sunday. This will be New England’s first early kickoff since Week 5 against the Redskins. Cincinnati, meanwhile, has participated in 10 early matchups to this point in the season. MORE: NFL TV coverage map for Week 15NFL schedule Week 15You can keep up with live scores and stats with SN’s live scoreboard.Note: National broadcasts are listed in bold.Sunday, Dec. 15GameTimeChannelLions vs. Buccaneers1 p.m.Fox, fuboTVGiants vs. Dolphins1 p.m.CBS, fuboTVRedskins vs. Eagles1 p.m.Fox, fuboTVBengals vs. Patriots1 p.m.CBS, fuboTVPanthers vs. Seahawks1 p.m.Fox, fuboTVTitans vs. Texans1 p.m.CBS, fuboTVChiefs vs. Broncos1 p.m.CBS, fuboTVPackers vs. Bears1 p.m.Fox, fuboTVVikings vs. Chargers4:05 p.m.CBS, fuboTVJaguars vs. Raiders4:05 p.m.CBS, fuboTVBrowns vs. Cardinals4:05 p.m.CBS, fuboTVFalcons vs. 49ers4:25 p.m.Fox, fuboTVRams vs. Cowboys4:25 p.m.Fox, fuboTVSteelers vs. Bills8:20 p.m.NBC, fuboTVMonday, Dec. 16GameTimeTVColts vs. Saints8:15 p.m.ESPNlast_img read more