Sweden’s high earners opting out of the second-pillar ITP pension system are seeing their pension savings eroded by high charges levied by providers, according to pensions administration organisation Collectum.Private salaried employees with a monthly salary of SEK47,200 (€5,374) or more – known as ‘tiotaggare’ (high-earners) – have since 1990 been allowed to opt out of ITP2 for earnings above the social security ceiling and set up their own defined contribution (DC) plan instead, known as Alternative ITP.Tomas Carlsson, pensions expert at Collectum, said: “Many people who have made a choice to leave the ITP plan for a tiotaggar solution have been promised the moon.“But they may be disappointed because it requires a hefty return to compensate for the high charges.” The ITP system of occupational pension provision for white-collar workers was switched to DC from defined benefit (DB) in 2007.The new DC part is now called ITP1, run by Collectum, and applies to people born in 1979 or later.People born in 1978 or before are still covered by the DB scheme, now known as ITP2.Of a total of 115,000 high-earners eligible for the ITP plan, 65,000 have opted for their own occupational pension plan, usually going through an insurance broker to arrange this, according to Collectum.Figures from consultancy Aon Hewitt show that high earners who have left an ITP plan at age 40 may end up with SEK1.3m less in pension assets when they reach 65 compared with someone who stayed in ITP.Andreas Lauritzen, chief executive at Aon Hewitt in Sweden, said the problem was that many of these plans were set up on an individual basis, and so have high levels of manager charges and broker commissions.He said this difference was particularly marked when they were compared with DC plans in other countries, as well as with ITP1 and the blue-collar SAF-LO DC plans in Sweden. “These high charges significantly reduce the expected pension payable from these DC plans, and may mean the pension from DC is less than what they would have obtained from the DB plan in ITP2, or if they had invested contributions in the funds offered through Collectum in ITP1,” Lauritzen said.He said Swedish employees facing the decision about whether to stay in the DB ITP2 plan or move to an Alternative ITP DC plan might lack the required information to decide whether DB was better for them.“The key issue is that commission-based advisers will only generally advise on which DC funds to choose,” he said.For more on ITP pension charges, see the November issue of IPE magazine
VERSAILLES, Ind.—The Southeastern Career Center implements new emergency transportation plan at their school board meeting on September 10.Twelve schools attend the career center at the same time, within the same classes. In such an occurrence of an emergency evacuation of the building, how will the students know what bus to get on in the frenzy of the emergency? This was the question raised by the superintendents of each school.Tricia Johnson, Assistant Director of the Southeastern Career Center, brought the solution to the table. Students shall get on the bus nearest to their emergency exit, no matter what school the bus or student belongs. All buses will report to South Ripley Elementary School. At that time students will be put on their corresponding bus headed to their home school.This plan will be added to the local emergency plan of Versailles.
Written By LIVE TV FOLLOW US Last Updated: 6th September, 2020 07:58 IST Authentic, Velazquez Quickly Mesh In Kentucky Derby Victory It was certainly stunning for the Hall of Fame jockey who guided Authentic to a wire-to-wire victory on Saturday at Churchill Downs. With all the attention focused on 3-5 favorite Tiz the Law, Authentic quickly set the pace and made others chase him, to no avail Associated Press Television News COMMENT First Published: 6th September, 2020 07:58 IST For John Velazquez, his third Kentucky Derby win was as charming as the first.It was certainly stunning for the Hall of Fame jockey who guided Authentic to a wire-to-wire victory on Saturday at Churchill Downs. With all the attention focused on 3-5 favorite Tiz the Law, Authentic quickly set the pace and made others chase him, to no avail.Tiz the Law gave it a shot down the stretch, but Authentic won by 1 1/4 lengths. Not bad considering it was Velazquez’s first race on the colt after Mike Smith rode him to victory in the Haskell. Smith rode 5-1 second choice Honor A. P., who finished fourth.“I’ve been fortunate to have these great jockeys win these races,” Hall of Fame trainer Bob Baffert said. “But that was won by Johnny. That race will go down as one of the top, just the way he handled a horse like him.”Authentic was the 8-1 third choice from the No. 18 post, but that didn’t matter as he and Velazquez were in sync from the start. The horse broke fast from the gate and never let up, clocking 2:00.61 over 1 1/4 miles and giving Baffert his record-tying sixth Derby win.To hear Velazquez tell it, he was just along for the ride.“I give credit to the horse, really,” said Velazquez, whose previous Derby wins came aboard Always Dreaming in 2017 and Animal Kingdom in 2011.“If you don’t have the horse underneath you, you can’t win. We planned really well. I told Bob even that when we get to the lead, I’m not going into the rail. I wanted to see everybody outside of me.“I was hoping that my horse responded to what I wanted him to do and Bob said to make sure you go left-handed (with the whip). It’s a great feeling to have when you ask the horse for more and he gives you everything he can.”While things fell perfectly into place for the horse, trainer and jockey, there were plenty of folks involved with Authentic.Among the syndicates owning big shares of Authentic is Spendthrift Farm, whose owner, B. Wayne Hughes, founded Public Storage. A partnership with MyRaceHorse also provided a piece of the action to more than 4,600 public shareholders who paid as little as $206 each for the horse.Authentic made a lot of folks happy.“Wayne really took to the idea of being able to bring horse ownership to literally every man and woman, any economic stratus,” Spendthrift President Eric Gustavson said. “He’s a real advocate for racing. He literally put his money where he mouth is and invested with MyRaceHorse and he’s just a champion for it.”As for Velazquez, he needed a minute to catch his breath and collect his thoughts. While he downplayed ranking the marquee wins in his career, there’s no doubt this one had special meaning because he initially didn’t see it coming.Things became a lot clearer when Authentic jumped out front to stay.“The emotions get there,” Velazquez said. “Proud of the horse, proud of the race, everything comes out good. The feeling you get with it doesn’t get old.”Image credits: AP SUBSCRIBE TO US WATCH US LIVE