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_imgTriple Gold Cup-winning rider Jim Culloty enjoyed Festival success as a trainer when Lord Windermere took the RSA Chase at Cheltenham. He possibly looked a fortunate winner, however, as the Willie Mullins-trained Boston Bob crashed out at the final fence when in front. That left Lord Windermere (8-1), ridden by Davy Russell, to get the better of Lyreen Legend by a length and three-quarters to give Culloty, best known for his association with Best Mate, a first winner at the meeting since he gave up riding. Russell said: “I’ve only ridden him once at home, so all the credit goes to Jim Culloty, who has instilled confidence in him. Jim’s done a marvellous job. I only steered him today and he was in super order.” Culloty added: “We knew this horse would like Cheltenham and it’s all paid off. I fancied him like mad – I thought he’d love the ground here. I told Davy to ride him to get the trip. They went no pace and it suited us. “He’s the best horse I have and it was all about getting him here. Tom Doyle deserves a lot of the credit, he’s taught him well and the first time he rode him he said to me ‘this is the one you’ve been waiting for’. “You get nervous 30 minutes before going out to ride in a Gold Cup, but I have been nervous for the last six months with this lad. I have 13 boxes and he is in box 11, and when I work my way down to him on a morning I just pray he’s OK. “I wouldn’t have thought he would run again this year. We purposely hadn’t run him over three miles on heavy ground, but he will have had a hard enough race today. As for next year we haven’t even thought about it, this has been the long-term plan. We didn’t bring him here last year thinking about today.” When asked if Lord Windermere was a possible Gold Cup contender next season, owner Dr Ronan Lambe said: “You’d hope so. He’s a beautiful jumper and three miles is his distance.” Trainer Dessie Hughes said of runner-up Lyreen Legend: “I was very pleased. He was beaten by a better horse on the day. If the ground had been heavier it might have suited us more, but no complaints.” center_img Press Associationlast_img read more


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first_imgA CorrespondentBOKO: Karate players from Boko won four gold medals in Karate tournament during International Sports Championship which was held at Jadavpur University in West Bengal recently. The medal winners were Emonjyoti Biyogi, Pratik Dey, Harshik Pathak and Surjya Rabha. Nityananda Biyogi from Boko was the team coach of them. Also read: Local Sportslast_img


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first_imgThe Bengals put together one of the worst offensive showings in recent “Monday Night Football” history, limping to a 27-3 blowout loss to the Steelers in Pittsburgh.Cincinnati’s only points of the game came on a 28-yard field goal by Randy Bullock on the final down of a four-play drive in the first quarter. It was that kind of night for quarterback Andy Dalton and a once-potent roster that has regressed each year since 2015. Poor offensive line play and untimely penalties were the root causes of the team’s struggles. Dalton went down a whopping eight times for a loss of 69 yards against a relentless Pittsburgh defense. The 0-4 Bengals were also flagged eight times for 60 yards, pinning the Bengals into even deeper holes.A few more stats to tag along: Cincinnati averaged 2.3 yards per passing attempt (lowest in the NFL this season), 3.8 yards per rushing attempt, and went 0-for-3 in its red zone trips.Somehow, though, the Bengals won the time-of-possession battle, edging the Steelers by 28 seconds. So maybe the evening wasn’t a complete loss. MORE: Bengals vs. Steelers final score: Steelers defense shuts down Bengals in winTo put into context just how bad Cincinnati was offensively, we have to do some digging into recent “Monday Night Football” history. Since 2000, just five out of 650 teams playing on Monday night recorded three or fewer points while averaging three or fewer yards-per-play. The Bengals, of course, tallied three points against the Steelers and averaged 2.7 yards per play.Cincinnati’s drive chart from the dismal performance is below.Drive ResultDrive LengthPunt7 plays, 33 yardsField goal4 plays, 5 yardsPunt3 plays, -1 yardPunt3 plays, -5 yardsFumble9 plays, 46 yardsEnd of half3 plays, 17 yardsPunt3 plays, -11 yardsPunt6 plays, 2 yardsInterception16 plays, 67 yardsDowns11 plays, 19 yardsThe Bengals had as many drives totalling negative yards (three) as they did eclipsing 20 yards (three). Even their three “lengthy” drives resulted in a punt, fumble and interception. Only two drives went longer than eight plays; those possessions were the final two of the game and resulted in an interception and turnover on downs.last_img read more