Dutch pensions regulator criticised for ‘opening window during storm’

first_imgThe Dutch Pensions Federation, however, argued that pension funds would be even more susceptible to interest-rate movements after the UFR cut, which it likened to “opening a window during a storm”.It said the regulator’s decision to opt for a discount rate with an increased focus on financial markets was “illogical”, particularly when the European Central Bank’s quantitative easing policy was having such a strong impact on interest rates.Klijnsma, however, has made clear that the government is not looking to mitigate the effects of low rates.In a letter to Parliament, she said the government believed it was important that the interest rates applied by pension funds be “designed as accurately as possible”.The state secretary’s letter accompanied a report on the impact of the nFTK, the low-interest-rate environment and the new UFR on pension funds’ financial positions.One of the conclusions of the report was that the reduced UFR would lead to a 6% increase in the cost-covering pension contribution.However, the actual increase in premiums is expected to be limited to 1% next year, as many pension funds already charge a contribution above the cost-covering level.The report also concludes that the UFR’s impact on premiums will vary widely.For most workers, there will be no changes, it say.But it suggest that, for a small group of participants – particularly at schemes with a contribution that covers less than 80% of actual costs – increases could exceed 30%. The Dutch Pensions Federation has warned that the reduction of the ultimate forward rate (UFR) for discounting pension liabilities will serve to heighten volatility within the new financial assessment framework (nFTK). The industry organisation said the lower rate was “at odds” with one of the key stated aims of the nFTK – increasing stability – and that it wanted to discuss the matter with Parliament and Jetta Klijnsma, state secretary for Social Affairs.Previously this summer, the Dutch pensions regulator (DNB) caught many in the industry by surprise when it cut the UFR for pension funds from 4.2% to 3.3%.At the time, it described the lower rate as being more “realistic, balanced, sustainable and fair”.last_img read more

Cherry AB unifies all igaming assets under ComeOn business area

first_img Affiliate leaders confirmed for CasinoBeats Malta 2020 February 21, 2020 Share Submit StumbleUpon Related Articles Bethard exits UK online gambling scene  June 17, 2020 Swedish CEOs challenge ‘unrealistic demands’ against threat of igaming becoming obsolete June 8, 2020 Share Anders HolmgrenHaving completed its outright acquisition of Malta-based European online casino operator ComeOn, Stockholm-listed Cherry AB has announced that it will unify its industry igaming portfolio under the acquired ComeOn brand.Confirming its restructuring decision, Cherry AB governance stated that all Cherry iGaming B2C assets, would be moved to the ComeOn brand as of 1 April 2017, with the firm creating a new  ComeOn business division.Updating investors on the organisational restructure, Cherry detailed that its decision would ‘re-emphasise its operational independence, aligning with other business areas owned and built up by Cherry AB.’New Cherry AB Chief Executive Anders Holmgren detailed to stakeholders “By clearly branding this business area we are, just as with XCaliber, Game Lounge and Yggdrasil, being even more clear and specific about how we build shareholder value, while supporting and acknowledging the diverse needs of each of our business areas,”Jonas Wåhlander CEO of ComeOn welcomed the decision by Cherry, stating  “We are building a business area, merging Cherry iGaming and ComeOn !, with some brands within it and setting a new unified culture and actionable values. We, therefore, wanted to take this opportunity to have a really good think about what name mirrors this the best. After spending some time we weren’t able to point to any brand alternative being on par or better than ComeOn!. It’s simply a great name and perfectly summarises our cultural attitude,”last_img read more