UK roundup: BT scheme buys software firm

first_imgPPF confirms levy rules for 2020/21 The UK’s Pension Protection Fund (PPF) has announced that levy rules for 2020/21, the final year in the current three-year levy cycle, will remain stable and broadly unchanged from the previous levy year.The announcement follows a six-week consultation which invited PPF levy payers and industry stakeholders to comment on the proposed 2020/21 levy rules.The policy statement, which is published on the PPF website, highlights key findings from the consultation and confirms that the levy estimate for the next levy year will be £620m (€741.6m). Established in 2002, Procentia has more than 30 clients, including many household names and FTSE100 companies, which it serves from offices in Bristol in the UK and Chicago in the US. More than two million pension scheme members are administered on Procentia’s systems. It also supplies software to third party administrators, systems integrators, technology companies and other product providers.Procentia’s founders Steven Donkin, Trevor Scurr, Ian Dowler, Paul Jones and Daniel Osicka will remain with the business. Smart Pension to provide services for Guernsey schemeWorkplace pension savings and investments technology provider Smart Pension will operate the States of Guernsey’s Your Island Pension Scheme which will see all Guernsey employees automatically enrolled for the first time.Legislation is expected to be ratified by the States of Guernsey parliament in 2020.Michelle Le Clerc, president of the States of Guernsey Committee for Employment and Social Security, said: “Throughout the tender process Smart [Pension] impressed us with their cutting edge technology and a ‘can-do’ attitude.”She added that the scheme “will change the pension landscape in Guernsey, ensuring every islander has access to a product which is affordable but doesn’t compromise on service standards.”Andrew Evans, co-founder and cheif executive officer of Smart Pension, said: “The introduction of auto enrolment in the UK has transformed the retirement savings culture for workers and undoubtedly it will have the same impact in Guernsey.”He added: “The fact that employees will make contributions from their very first pound of earnings shows the commitment that the States of Guernsey has to deliver a better retirement outcome for their residents. This element will undoubtedly be closely observed by the UK government as it evolves.”Your Island scheme detailsAlthough very similar to auto-enrolment in the UK, Your Island Pension will be a single private scheme, overseen by the State’s Committee for Employment and Social Security, more like the UK’s government-funded NEST.Under the new secondary pension legislation, employees will have the ability to opt out, and like the UK, there will be an obligation on the employer to re-enrol employees every three years. At that point the employee is, again, able to opt out.Employers will be required to contribute at a minimum level into the State’s secondary pension scheme, or a private qualifying scheme. Contributions will start at 1% and increase to 3.5% over a nine-year period so that by 2030, all employers will be required to contribute 3.5%.Employees will also start by paying in 1% increasing to 6.5% over the nine years.Those who already pay into a private pension or Retirement Annuity Trust Scheme (RATS) will not be required to pay into a new scheme as well, provided that the private pension or RATS meets the qualification criteria.The scheme is expected to launch in the first quarter of 2022.center_img BT Pension Scheme Management (BTPSM), the executive arm of the UK’s largest private sector pension scheme, has acquired a majority stake in Procentia, a market-leading pensions software company, for an undisclosed sum.BTPSM has also announced that it will be implementing Procentia’s IntelliPen system for the scheme’s member administration services, which it brought in-house last year.Morten Nilsson, chief executive officer of BTPSM, said: “In Procentia, not only have we found a market-leading system that will future proof our member services, but a great long-term investment in its own right.”The BT Pension Scheme has around 300,000 members of which 200,000 are pensioners or beneficiaries. It has approximatly £50bn (€59.8bn) in total assets and pays out more than £2.5bn in pensions and other benefits every year.last_img read more

Hammers hit back to beat Baggies

first_img Dawson had become the first Albion player to score in 370 minutes but the Baggies’ dream start turned into a nightmare before the break. They had recalled Chris Baird and Victor Anichebe with Sebastien Pocognoli, sidelined with a dead leg, and Youssouf Mulumbu, dropping to the bench. West Ham were without midfielder Mark Noble, who failed to recover from the calf injury he suffered in their 1-0 win over Newcastle. It meant Nolan returned with Winston Reid and Mauro Zarate. The Baggies needed a quick start after their recent slump and they got it after 10 minutes. Anichebe and Graham Dorrans had already gone close before they grabbed the goal their start merited. The former was fouled on the left and Dawson arrived unmarked to crash in Dorrans’ free-kick from six yards. The Baggies, so passive in losing to Arsenal on Saturday, seemed to have learned their lessons as they took the game to West Ham, only for their momentum to ebb away. They survived a scramble when Ben Foster saved from Nolan’s hooked shot and Cheikhou Kouyate could not force a leveller. Kevin Nolan and James Tomkins cancelled out Craig Dawson’s early opener as the hosts slipped to their fourth straight defeat. The Hammers, though, remain fifth in the Barclays Premier League after another impressive victory. It lifted the Hammers after their slow start and they took control and, a s against Arsenal, Albion wilted and inevitably conceded on 35 minutes. Referee Mike Jones awarded a free kick after Chris Brunt, who was booked, won the ball from Nolan. Downing’s delivery found Tomkins and, when the ball fell to Andy Carroll, his fine acrobatic volley was saved by Foster – only for Nolan to head in from four yards. Worse was to follow, though, in stoppage time as the Hammers deservedly took the lead. Kouyate forced Foster into a smart save but the keeper was beaten from the resulting corner when Tomkins headed in Downing’s cross. It was abject defending from the Baggies and underlined the soft underbelly of the squad which requires improvement next month. That the Baggies lost the influential Brunt to injury just before the goal was a double blow but they should have levelled eight minutes after the break. Mulumbu, on for Brunt, chipped up to Joleon Lescott but Dawson could only volley his knock-down wide from 10-yards. It was a golden chance but one which summed up the hosts’ waning confidence. Adrian got down smartly to save Anichebe’s fierce angled drive with 27 minutes left but the hosts lacked sparkle. Substitute Silvestre Varela tried to add the missing creativity and his cross saw Anichebe head weakly at Adrian. The lack of cutting edge had Albion fans calling for record signing Brown Ideye and he was thrown on as the hosts tried to rescue the game in the final 10 minutes. It lifted the Baggies and Anichebe continued his duel with Adrian when he turned only for the keeper to save his sharp six-yard effort. And with four minutes left Dorrans sent a volley inches wide but with that missed chance went Albion’s hopes of a recovery. West Ham hit back to win 2-1 at West Brom and heap more pressure on Baggies boss Alan Irvine. Press Associationlast_img read more

#GUSA2020: UDS sets new 4×100 records in grand style

first_imgIt was a day for new records at the ongoing Ghana Universities Sports Association (GUSA) Games as the University for Development Studies (UDS) set new records in the men’s and women’s 4×100 metre races.UDS presented strong competitors for both races and that proved to be the decisive factor as they beat the University of Ghana (UG), University of Cape Coast (UCC) and University of Education.Ladies’ 4x100m raceThe started with Rafiatu Nuhu and they were anchored by Kate Agyeman to give the UDS team the gold medal.Photo Credit: Osei Bernard EsarIn the process, they made a time of 45.946 seconds to beat the previous record of 46.62 seconds set by the University of Ghana in 2017.Final positions and timeUniversity for Development Studies – 45.946 secondsUniversity of Cape Coast – 46.304 secondsUniversity of Ghana – 48.004 secondsKwame Nkrumah University of Science and Technology – 49.942 seconds.University of Education, Winneba – 49.312 secondsMen’s 4×100 raceWallace Aflammah, Sarfo Ansah, Derrick Sarkodie and Barnabas Aggeh were too strong for their opponents in the 4×100 metres.UDS won the race in a time of 40.27 seconds with the University of Ghana and UCC coming second and third respectively.Photo Credit: Osei Bernard EsarFinal positions and timeUniversity for Development Studies – 40.279 secondsUniversity of Ghana – 40.321 secondsUniversity of Cape Coast – 40.635 secondsKwame Nkrumah University of Science and Technology – 40.957 seconds.University of Education, Winneba – 41.253 secondsUniversity of Professional Studies – 45.469 secondslast_img read more