There should be a Europe-wide framework governing occupational defined contribution (DC) pension funds, Gabriel Bernardino has suggested.Speaking at the European Insurance and Occupational Pensions Authority’s annual conference in Frankfurt, the supervisor’s chairman said any such framework would be able to reduce costs by operating on a cross-border level.“At an EU level, while recognising the high sensitivity around pensions discussions, a further important step would be to design a simple and transparent EU framework for defined contribution occupational schemes.“This framework should be capable to take full advantage of the potential of the EU internal market by providing a cross-border platform that would reduce costs, support long-term funding of the EU economy and ultimately deliver better pension outcomes.” The new plan would be in addition to EIOPA’s vision for a pan-European personal pension product, which has been criticised by the Dutch government.The chairman’s comments come after PensionsEurope released a paper outlining key design principles for what it regards as modern DC, focusing on member behaviour, adequacy of the accrued pension pot’s size and risk-sharing.Bernardino also suggested new tools might be needed to ensure constructive dialogue between social partners involved in defined benefit (DB) funds, and that DB was becoming “more and more a legacy issue”“There is a need to build appropriate incentives for a proper dialogue between employers and employees on their long-term sustainability,” he said. However, not wishing to underplay the importance of properly valuing liabilities, he added: “This important dialogue should not be based on valuations and risk assessments that deny economic reality.“It will not contribute to a better risk management, will fail to reflect the true risks the different stakeholders are running and will help to preserve schemes that are clearly unsustainable, postponing the taking up of measures in due time.”He warned that maintaining such unsustainable schemes risked leading to a reduction in benefits and intergenerational conflict, and could cause reputational damage to the pensions sector.
Holycross-Ballycahill and Kiladangan meet in the Junior A hurling semi-final in Toomevara at 3 o’clock.Two of the Junior A football quarter-finals are also down for decision today:Sean Treacys V Loughmore-Castleiney in Clonoulty Ballingarry V Portroe in TempletuohyBoth matches begin at 2.30pm.The scheduled tie between Shannon Rovers and Carrick Davins is off with the North Tipp club giving a walkover.
Advertising news source Campaign Live has reported that Paddy Power Marketing Director Mark Singleton has departed the bookmaker to join digital photo printing firm Photobox (Photobox.co.uk).A six-year Paddy Power marketing veteran, Singleton has held a number of senior executive roles for the Irish bookmaker including Head of Sportsbook Marketing (2012-2015) and Head of Multichannel (2015-2016).Singleton would maintain the position of Marketing Director for Paddy Power, following the bookmakers 2016 merger and integration process with betting firm Betfair Plc, forming new FTSE enterprise Paddy Power Betfair.Entering 2018, Paddy Power has chosen to restructure its marketing operations, ending its long-term relationship with London agency Lucky Generals, as its creative lead.Taking a new marketing direction, Paddy Power’s multi-million £/€ advertising account will be serviced by sports-centric creative agency Chime Sports Marketing, a subsidiary of Chime Group Communications.The bookmaker is expected to announce a new multi-format marketing campaign for 2018, replacing the existing ‘Paddy Power – You Beauty’ campaign created by Lucky Generals. Flutter moves to refine merger benefits against 2020 trading realities August 27, 2020 Submit FSB selects Glenn Elliott as new COO August 12, 2020 Related Articles Share Share Paddy Power raises awareness of Missing People with Motherwell ‘silhouette’ stand August 7, 2020 StumbleUpon