Bond-valuation changes in FTK will impact buffers, actuaries warn

first_img“However, what matters is the proportion of government paper in the portfolio,” he stressed.“If a pension fund doesn’t have many bonds and is hedging its interest risk through swaps, the impact is less.“In contrast, a conservatively investing scheme with large fixed income holdings will face a much larger effect, of 4-6%.”For pension funds that have deployed swaps to hedge their interest risk, the effect would be between 0.5% and 1%, estimated Agnes Joseph, an actuary at Syntrus Achmea.She added that the largest effect found was 3.5%.In her opinion, the funding level under which pension rights must be discounted – estimated at 92% on average – should be reduced by an equal percentage.This critical level is the coverage ratio pension funds must have at the start of 2015, in order to achieve the required financial buffers within 12 years.Pension funds with a lower funding must cut pension rights (incrementally if the prefer).However, the critical funding level is higher for pension funds with a conservative investment policy.That said, Van de Velde said he doubted whether the critical level would drop in line with the required buffers, “as pension funds are not allowed to have a funding of less than 105% for five consecutive years”.“We expect the amendments to the rules will result in the obligation that a pension fund must show it can always improve its coverage to 105%,” he said.“Our calculations show this is impossible for a funding of 92%.”Van de Velde went on to explain that pension funds also must consider the negative impact of the new ultimate forward rate in their calculations for their recovery potential.“Even if the market rates remain unchanged, the discount rate for liabilities will decrease over the coming years, resulting in a slower recovery,” he said. New rules for the valuation of AAA bonds in the Netherlands would result in a smaller increase in Dutch pensions funds’ required financial buffers under the new financial assessment framework (FTK), actuaries have claimed. Until recently, Dutch schemes had assumed that the FTK – which will come into force on 1 January 2015 – would increase the mandatory buffer from 121% to 126% on average, following a new risk-based accounting method.However, at the request of Parliament, Jetta Klijnsma, state secretary for Social Affairs, has now removed the initial risk surcharge on AAA government bonds, including Dutch ones.Mark van de Velde of consultancy Aon Hewitt estimated that the adjustment would lead to required buffers of approximately 124%.last_img read more

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Steve Younger took game buy a nose in 4-way photo finish

first_imgThe field that were left in the bar!PSC Golf from the Growling Swan, played out of Bogey’s Bar & GrillNov. 4 Treasure Hill G.C. StablefordNine Golfers came to play – just can’t get the numbers right. Two pull outs did not help the situation.Well it was off to Treasure Hill GC, playing at a reasonable price B1450 for G/F, cart and caddy. We should be playing this course more often. It’s a shame that others did not adopt this attitude.The course was in good nick and seemed to play true. But I have to say with the scores that came out it may have been a bit tougher than we had all expected. We went from the white tees and the weather had done us a favour. Not too hot with a slight breeze to assist us. With the nine golfers it allowed us to play only the one division with three placings and all novelties up for grabs.Amazingly we had four golfers return the same amount of points so it was to the countback to sort out the placings!Well it was that man Steve Younger yet again. His back nine got him the nod in the end. Second was Colin Vearsey with the judge Eric black filling the third position on the podium.1st Steve Younger (12) 28 pts.2nd Colin Veasey (36) 28 pts.3rd Eric Black (15) 28 pts.Near pins: 2. Steve Younger, 6. Steve Younger, 13. Did not go off, and 17. Keith Buchanan.Long first putt: 9 Eric Black and 18 JC Lhoste.Back at Bogey’s we welcomed back Bill McGarvie, Colin Stielow, Colin Veasey and newcomer Brian Stobias. We then said goodbye to Keith Buchanan & Brian Stobias. See you soon Keith and Brian hope to see you again.D-For was set free by Alex and the punters and players at Bogeys Bar and Grill were generous as always with their contributions towards the needy in Pattaya. All are thanked for this.last_img read more

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Irish eyes smiling at Diana Seniors

first_imgThe final Diana Senior and Ladies Open for the year had 51 players at Pattaya Country Club on Thursday November 25.  It was a busy day with our friends from Café Kronborg following our 14 groups.The course continues to improve and with the dry season here, there was lots of run on the ball which produced some excellent scores.  All the drink stops have been completely re-furbished making it a pleasure to stop for a quick one!December winners John Conolly, Tom Breslin and Chant “Moon” Schwulera with the tournament organizer, Nigel Cannon, left. In the Ladies comp our good friend Chant “Moon” Schwulera (H/cap 11) was in top spot with 34 points.  It was the same score for the runner up Noi Saraprakhon (25) who just made second spot over Brit-Marie Wimmersted (20), also with 34 points, with the count-back going to the front 9 (back 6)!There was a big Irish group with us today providing the winners in both of the Men’s divisions.In the Seniors it was a new face – John Conolly (20) with a fine 41 points taking the honours.  Ake Ovegren (27) was runner-up with 39 points.Returnee Irishman – and good friend of the Diana Seniors – Tom Breslin (23) was the winner in the Super Seniors with 41 points, followed by Werner Schwarz (17) with 39 points.  All scores are submitted to Pattaya Sports Club.Near Pins went to Ake Ovegren, Willy Hindsjo, Pimusa Tonkhoksoong and Werner Schwarz, while the long putts were sunk by Bo Temmell and Britt-Marie WimmerstedtBefore announcing the winners Diana Seniors Organizer Nigel Cannon took the opportunity to thank all players for their support during the year.  He particularly thanked Alan Pearce who had checked the cards and worked out the results every month.  Appreciation was made of the staff at PCC for their help and friendliness throughout.Nigel also stated that The Diana Group would continue with the Seniors and Ladies monthly open throughout 2011 – with some minor changes.The next Diana Seniors and Ladies open is on Thursday, January 27 at Pattaya Country Club with a tee time of 0900.  Sign-up sheets will be at Diana Green Bottle on 2nd Road and the Diana Driving Range from early January.last_img read more

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Aki swoops in at St. Andrews

first_imgColin’s Bar Golf SocietySunday, June 18,  St. AndrewsA Flight1st Richard Griffin (4) 37pts 2nd Fred Birch (16) 36ptsB Flight1st Aki Yamamoto (21) 40pts2nd Steve Coghlan (36) 36ptsNear Pins: Colin Davis, Richard Griffin & Gary Barker.Long Putts: Greg Limond.Thirteen players were out in the comp today so we had 2 flights and 2 places in each.  The course was in reasonable condition and all went well on the front nine but then we ran into a very slow 5-ball that held us up till the end.A Flight was a tight affair with Richard Griffin just beating Fred Birch by one shot and in B Flight Aki Yamamoto, on a flying visit from the land of the rising sun, made the most of his short trip with 40 points to take victory.  Steve Coghlan came in second four points behind.Monday, June 19, Pattavia – Stableford1st Bob Stokes (17) 42pts2nd Murray Hatchford (27) 41ptsWe had just 2 groups on Monday at Pattavia, but the weather good and the course in excellent condition.There appears to be is no stopping that man Bob Stokes, even with a handicap cut he was still the man of the match with 42 points, closely followed by Murray Hatchford in second who shot a blob-free round of 41.  No near pins today due to the small group size.Wednesday, June 21, Royal Lakeside – Stableford1st Bob Stokes (16) 37pts2nd Peter Hynard (17) 35ptsThe course at Royal Lakeside was, as always, in great condition with the greens fast and true, provided you and your caddy could read them.Coming out on top yet again was Bob Stokes, this time with 37 points, followed by his playing partner Peter Hynard who just beat off the challenge of Murray Hatchbord on count back.The near pins were claimed by Colin Davis (2), Bob Stokes & Peter Hynard while the long putt award went to Murray Hatchbord.Friday, June 23, Crystal Bay B & C – Stableford1st Richard Mace (28) 40pts2nd Bob Stokes (16) 38ptsWe had just 8 players today for Crystal Bay where an overnight storm had left trees down across the layout.  Apart from that the course was in good condition although the greens were a bit slow, as some of the scores reflected.Richard Mace took the challenge to Bob Stokes and won the day with a fine score of 40 points.  There was a trio of players vying for second place on 38 points but Bob Stokes edged out Mark Bamber and Tip Briney courtesy of a monster putt on the 18th for birdie.The near pins were claimed by Dave Hewson and Colin Davis.last_img read more

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Mann & McBride on the mark at St. Andrews

first_imgWe had the privilege of playing the B & D nines, but not from the tips; Capt’ Bob was lenient this week and nominated the tee of the day as white.  26 Outbackers tried their skills and Brain Maddox came in with the best score of the day, 39 points, to win Div B by two from Jerry Quin (37pts), who at long last has sorted out his tee shots.Kevin Fitzgerald with playing partners Capt’ Bob and Harry Moseley (right) and caddies at Burapha on Monday, April 25.Paul Young returned to the Outback with a win in Div A, 37 points, just ahead of Sel Wegner and Chris Fletcher both on 36.There were three ‘2’s from Jack Moseley, Bob Philp & Svenn Lund.Div A (0-15)1st Paul Young (12) 37pts2nd Chris Fletcher (12) 36pts3rd Sel Wegner (14) 36pts4th Bob Philp (10) 35ptsDiv B (16+)1st Brian Maddox (21) 39pts2nd Jeremy Quin (18) 37pts3rd Greg Hill (26) 37pts4th Steve Plant (16) 36ptsTuesday, April 26, Pattaya C.C. – StablefordTwenty-three Outbackers on the starting blocks but not so many completed the circuit as heavy rain interrupted the day’s play, rendering many of the greens unplayable, particularly for the later groups.  It did (the rain) eventually clear away but too late for some.Brian Maddox.Otherwise the course was OK but quiet, even if the greens were getting a little furry, making them slow.Dave Earthrowl clearly had no problem with them (the greens) as he notched up the day’s top score of 38 points to take Div A by three from Paul Smets and Svenn Lund, both with 35.  Mam Persson (Ms Seesa) made 33 points work for her to win Div B from Sid Ottaway on the same score and JinJo (Martin O’Neill), with 32.There were two ‘2’s from Kev Fitzgerald and Svenn Lund.Div A (0-20)1st David Earthrowl (20) 38pts2nd Paul Smets (17) 35pts3rd Svenn Lund (14) 35ptsDiv B (21+)1st Phompinmon Seesa (30) 33pts2nd Sid Ottaway (23) 33pts3rd Martin O’ Neill (27) 32ptsWednesday, April 27, Greenwood C & A – StablefordFive groups from the Outback (20 Outbackers) and a similar number from the Golf Club, were just about the only players on this superb golf course.  We started on loop C and the Golf Club started on loop A, all being able to play at a comfortable pace without any hold-ups.  The weather once again deteriorated as the round progressed but other than a short delay for the passing lightning, everybody was able to complete their round.Brian Maddox followed up his win on Monday at Burapha with another one here, taking Div B with only 34 points, from a new boy to the Outback, Greg Leblanc with 33, playing off an adjusted h’cap of 19.Sel Wegner topped the premier division with his 37, to follow his third place at Burapha and may see his handicap coming back down to 13 very soon.  The handicapper is slowly catching up with Owen Walkley, now down to 10, but he still managed to get himself into second place, scoring 35.We say goodbye to General Jack’s son, Harry, whose golf has come on leaps and bounds as he played in his first ever golf tournaments alongside his Dad; “he’s going to improve quickly”, said Jack, “no doubt next year when he returns, he will be giving me shots!”There were three ‘2’s from Owen Walkley, Michael Morrison and Sugar Ray.Div A (0-15)1st Sel Wegner (14) 37pts2nd Owen Walkley (10) 35pts3rd Bernie Stafford (12) 33ptsDiv B (16+)1st Brian Maddox (21) 34pts2nd Greg Leblanc (19) 33pts3rd Jean Paul Michiels (18) 33ptsFriday, April 29, St. Andrews – StablefordAll three nines at Khao Kheow were closed today as they were hosting a big tournament, so we moved to St. Andrews for a change, with our 32 Outbackers.  The Golf Club were there as well, as were The Caddyshack all enjoying a very attractive rate for the course.It was a slow round of about five hours but nevertheless many players were able to hold their concentration to run up some excellent scores, not least of all Joe Mooneyham whose 40 points was not enough to win his division, but considering he had two wipes it was a great effort to take second.Lawrie McBride had the day’s top score of 42 to win Div B, ahead of Joe, and third place was a long way back with three players tied on 34 points.Steve Mann headed the premier division with 40 points, two in front of Capt’ Bob with 38; whose 19 on the back nine was just enough to give him the edge over Mike Morrison’s 18.Joe Tynan’s 36 points got the nod over Andrew Makara as he (Joe) scored 20 on the back and 16 on the front, whereas Andy’s was the exact reverse.  Third place went to Brian Maddox (35pts), which completes a very successful week for him with two firsts and a third.There were five ‘2’s from Bob Philp, Steve Mann, Danny Medd, John Heaney & Joe Mooneyham.Div A (0-12)1st Steve Mann (9) 40pts2nd Bob Philp (10) 38pts3rd Michael Morrison (11) 38ptsDiv B (13-17)1st Lawrence McBride (15) 42pts2nd Joe Mooneyham (14) 40pts3rd Suzi Lawton (17) 34ptsDiv C (18+)1st Joe Tynan (29) 36pts2nd Andrew Makara (27) 36pts3rd Brian Maddox (21) 35pts PSC golf from The Outback Golf BarMonday, April 25, Burapha B & D – StablefordThere was an ASEAN PGA Tour event coming up here on 5th May, so preparations were under way erecting the stands, scoreboards, TV towers etc.  About a dozen Outbackers were due to play in the Pro-Am on Weds 4th May and were hoping for one of the big name Pros to play with, either way and whoever they got drawn with, it promised to be a great day out. last_img read more

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Cops and Robbers

first_img2nd Barry Copestake (12) 38pts3rd Kevin Mcentee (8) 37ptsB Flight1st Gerry Hughes (22) 44pts2nd Peter Wallace (22) 42pts3rd Brian Cooper (25) 41pts Near Pins:  No 4 Jan Eriksen No 9 Kevin Mcentee No 12 Claude Harder No 16 J-P GasserWhen you read the title you probably back tracked to see if you had started reading a true crime novel, and some people might think that when they have finished.  The scribe, ever in search of the eye catching title, chose to highlight the performance of two society members who have chosen to apply their trade in the Irish Garda.Gerry Hughes (left) and Kevin Mcentee.The junior flight provided the man of the match in Ireland’s very own Gerry (C.I.D.) Hughes, as evidenced by his 44 point lashing on the field.  Gerry’s score overshadowed the fine effort of fellow Irishman Peter Wallace with 42 points, who has quickly recovered from having an angiogram removed from his leg at the local hospital.  Brian ‘Mini’ Cooper filled the flight a further shot back to end this stay with his taxi fair to the airport paid for.It should not be overlooked in a vain effort to support the above title that Irishman Kevin (detective inspector) Mcentee filled the bronze spot in the senior flight.  Barry ‘the boot’ Copestake emerged from a quiet spell to win the sliver on 38 points, as Scotland’s favorite son Mark Wood stood atop the flight with a solid 39 point return.Barry Copestake, Broadmore Bob, Billy Briton, Reg McKay and Liam McGuinness shared the 2’s pot.Monday, November 28, Royal Lakeside – StabelfordA Flight1st Conner Doyle (13) 38pts2nd Kevin Mcentee (8) 37ptsB Flight1st Liam McGuinness (16) 41pts2nd Colm Mullen (16) 34ptsThe scribe had one of is his greatest dreams come true as two of Lewiinski’s most popular players made the podium.  Ireland’s Liam McGuinness, whose 41 points was good for man of the match and top spot in B Flight, was followed up the podium steps (at last) by good friend and Fellow Irishman Colum Mullen on 34 points.  Mind you, it needed the aid of a count back verdict over the unlucky Jon White.The Irish contingent continued their assault on the podium in the flagship flight as Conner Doyle stood atop with 38 solid points, with ‘you know who’ from Co. Offaly filling out the flight to make it an Irish rout.Peter Hedenburgh, whose great, great, great uncle visited Ireland in 1672, carded the only ‘2’ of the day.Wednesday, November 30, Bangpra – StablefordA Flight1st Kevin Mcentee (8) 37pts2nd Patrick Kelly (+2) 35pts3rd Reg McKay (14) 34ptsB Flight1st Eddy Beilby (16) 42pts2nd Colum Mullen (16) 37pts3rd Maurice Swish (17) 35ptsThis midweek stint belonged to Eddy ‘the Eagle’ Beilby as he put a 42 point lashing on the gang.  Eddy was five shots clear of Colm (can I play in B Flight please) Mullen, and a further two ahead of Maurice Swish, of whom I can only guess his nationality.In the senior flight it was the never ending story as ‘guess who’ topped the flight with 38 points?  (I will have to stop being rude to Kevin, he is just playing to good).  Kevin’s haul was two shots clear of Patrick ‘plus 2 handicapper’ Kelly and yet another in front of ‘Buckie’ boy Reg McKay.  Alas for Patrick’s father, Peter, his acumen on the course did not translate to the score card, as Reg had the better of the count back.J-P Maffrey and Terry ‘red card’ Mangan split the 2’s pot.Friday, December 2, Mountain Shadow – StablefordA Flight1st Patrick Kelly (+2) 37pts2nd Reg McKay (14) 33pts3rd Peter Kelly (8) 33ptsB Flight1st Jim Elphick (25) 36pts2nd Lew Szigligeti (19) 35pts3rd Merle Humphreys (19) 33ptsIt was off to the always intriguing Mountain Shadow for the final game of the week for the lads and lasses.Plus two handicapper Patrick Kelly must have got it right as he stood alone as the only player to better his handicap on the day.  Patrick’s 37 points was good for the man of the match and senior flight honours.  Scotland’s very own Buckie boot boy Reg McKay split the Kelly father and son partnership as his back side score bettered Peter’s in the resulting count back.Jimmy ‘two shots’ Elphick was top dog in the junior flight with a rock solid even par round.  Jimmy’s total was one stroke better than Lew ‘the thunder from down under’ Szigligeti while Merle Humphreys on 33 points was left to tidy up the flight.Patrick Kelly, Terry Mangan, J-P Gasser and Colm Mullen shared the 2’s pot.Note:  Lewiinski’s is situated on Pattaya Land Soi 1, Beach Road Soi 13/3 near to Walking Street.  Anyone wishing to play with us just pop in and add your name to the list or call Colin on 089 826 0764.  Transport is provided. PSC golf from Lewiinski’s Golf SocietySunday, November 27, Green Valley – StablefordA Flight1st Mark Wood (10) 39ptslast_img read more

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Chapo takes top prize

first_imgPSC Golf from BillabongMonday 16th Dec Parachat StablefordParachat was our venue for this Monday as Phoenix was closed for a professional tournament. We have all heard negative talk about this course but we at the Billabong will be going back, it was a great challenge and value for money. When most all the courses are in excess of 2000 baht to play, this course is only 1450 for cart, caddy and green fee. I’m surprised it wasn’t packed out although to be fair it was quite busy.The course itself was in great condition with some tricky greens but all in all well worth a visit.The scoring wasn’t that flash apart from the winner. There was a four way count back for the minor placings, all on 33 points, Captain Cripple and John Seton missed out as John Locke took third and Jean Pierre Gasser took second. He also got the only two of the day.Sandy Chapo, who is going through a purple patch at the moment, took the top prize with a fine 38 points.last_img read more

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Stars Adult Day Program Brightens Day for Seniors with Dementia, Gives…

first_imgFacebook39Tweet0Pin0Submitted by Senior Services for South SoundLaughter often breaks out from the Stars Room at the Lacey Senior Center.  The joyful sound of people having a good time. What fun activities are at the source of this joy? Here is a sampling from the current calendar of activities: The Science of Rainbows, Potato Chip Day, Weird Science, Frogs-Natures Health Monitors, Cherry Blossom Festival, Button Art, BINGO, Daffodil Art, Shuffleboard, Basketball, Music with Joe and Sing-a-long. The most important source of joy is just belonging to a group and enjoying being together.Stars participants enjoy cognitively and physically stimulating games such as Parachute Ball. Photo courtesy: Senior Services for South SoundThe program content focuses on conversation, games that are both cognitively and physically stimulating, pet therapy, art and music. Participants are people living with dementia or some other condition requiring supervised care. The program combats social isolation that might otherwise occur when mobility or normal societal connections become difficult or disappear.Most of our Stars participants live with their families or some other caregiver in their own homes or the homes of family members. The Stars Program provides a place where the care-receiver can get an engaging program while family caregivers get a break from 24 hours-a-day, seven-days-a-week care. This break gives them the opportunity to take care of themselves, exercise, go shopping, run errands, sleep, socialize or even earn a living with peace of mind, knowing that their loved one is receiving good care.Stars participants enjoying lunch on the deck overlooking Longs Pond on a sunny day. Photo courtesy: Senior Services for South SoundSeveral care providers use the time that their loved-one is at Stars to spend un-interrupted time at work and conduct business activities. One current participant attends five days a week so that their daughter can help run the family business. Another participant’s daughter works from home two days a week but has Stars program for her father the other three days a week when she has to be in the office.The Stars program operates five days a week in Lacey at the Lacey Senior Center, between the hours of 9 a.m. and 2 p.m. The program also operates in Shelton on Mondays and Wednesdays, 9 a.m. to 2 p.m. each week.Potential participants can arrange a visit day to see the program in action and begin the enrollment process. The program cost $13.50 per hour, however, scholarships are available at lower or no cost to the participant. Call Stars Director, Paul Taylor for more information at 360-407-3967 ext. 107.People enjoying Memory Cafe. Photo courtesy: Senior Services for South SoundThe Stars program is working on reaching out to people who have just gotten a diagnosis of dementia and their families as they try to adjust to the challenges this diagnosis will bring to their lives. The program is active in the dementia support group that meets on the 4th Friday of the month at St. Mark’s Lutheran Church, 2109 College St.  SE in Lacey, WA.Dementia Talks is an educational program offered at the Lacey Senior Center on the second Thursday of each month to help people learn more about dementia. There is a specific topic for each month and time for questions and discussion.Joe Lawn provides lively Memory Cafe entertainment. Photo courtesy: Senior Services for South SoundMemory Café is an opportunity for people living with dementia and their families to enjoy a social outing with people who understand what they are experiencing.  Memory Café is the first Thursday of each month from 2:30 – 4:30 p.m. at The Rivers Edge Restaurant, 4611 Tumwater Valley Drive SE in Tumwater. Memory Café in Mason County meets on the third Thursday of the month at 1:00 PM at the Restaurant in Alpine Way Senior living center in Shelton.last_img read more

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