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
Facebook Twitter Google+ Published on December 12, 2014 at 12:51 pm Contact Sam: [email protected] | @SamBlum3 UPDATED: Friday, Dec. 12, 2014 at 3:01 p.m.Syracuse goalie Alex Bono was named one of three finalists for the Hermann Trophy, an award given to the nation’s top player, on Friday. He was also named the Orange’s first National Soccer Coaches Association of America first-team All-American in more than 60 years.The honors come two days after Bono was placed on the NSCAA All-South region team.Bono is the first goalkeeper to be named a Hermann Trophy finalist since 2003 when the NSCAA began naming only three finalists, and will find out if he is the first winner on Jan. 9 at the trophy’s presentation and banquet at the Missouri Athletic Club in St. Louis. UCLA midfielder Leo Stolz and North Carolina forward Andy Craven were also named finalists.In November, Bono was named the Atlantic Coast Conference Defensive Player of the Year after setting single-season school records in goals-against average (0.55) and shutouts (12). He led Syracuse to its first-ever No. 1 ranking in November and to the round of 16 in the NCAA tournament.AdvertisementThis is placeholder text“It’s truly an honor,” Bono said in an SU Athletics release on Friday, about being a Hermann Trophy finalist. “Not many goalies are fortunate enough to be in the conversation for player of the year. The credit goes to my coaches and the guys playing defense in front of me. I’m grateful to them because it’s their hard work that has helped put me in this position and allowed me to have the success that I’ve had.” Comments
Justin Turner’s 3-run walk-off homer gives Dodgers 2-0 NLCS lead Newsroom GuidelinesNews TipsContact UsReport an Error This one was dramatic, sure, this three-run bomb by Justin Turner that flew the center-field fence and landed in a glove of a guy wearing a Chase Utley T-shirt.It beat the Cubs in Game 2 of the National League Championship Series, 4-1, and gave the Dodgers a 2-0 series lead. Video: Justin Turner’s 3-run walk-off home run extends the Dodgers’ NLCS lead over the Cubs Miller: Justin Turner goes Kirk Gibson and makes everything right again “I was fairly excited,” Turner said. “I hit a ball pretty good to center field earlier in the game and (Albert) Almora is an unbelievable center fielder. He’s been taking hits away from us every time we play him. So I was just watching him, hoping he wasn’t going to catch it.”“I was back here in the video room, getting ready for my next at-bat,” Austin Barnes said. “I heard this roar and then I looked at the TV. Fortunately there’s a delay so I was able to see it. Pretty incredible.”“I was on first base,”said Chris Taylor, who had walked. ““All I know is that I saw it go out real fast.”But this home run was actually born long ago, when Turner began the arduous, far-from-guaranteed process of turning himself into a power hitter.That meant hitting baseballs by the millions, learning how to attack low with a swing path that refuses to give in to grounders, so out-of-fashion these days with shifted defenses and brilliant shortstops.“It’s just a mindset,” Taylor said, “and he preaches it every day to us.”It also began happening late Thursday night in Washington, when the Cubs put their fate in the hands of closer Wade Davis and asked him to get seven high-stress outs.It took Davis 44 pitches to do that, and that was only three days ago. Manager Joe Maddon did not want to warm up Davis with no result, or throw him into a tie game and waste his efforts, considering what lies ahead.Kenley Jansen, part of a bullpen that has not allowed a hit since the ninth inning of Game 3 of the NLDS last Monday, wore a T-shirt that said “Vote JT,” in honor of the campaign that sent Turner to the All-Star Game. Turner wore a 66 T-shirt in honor of Puig.“I had to get it out of his locker,” Turner said. “I can still smell his cologne.”Turner talked of Jansen’s wedding in Curacao last December, when the two were unsigned free agents. They discussed how much they enjoyed being Dodgers, how last year’s elimination at the hands of Chciago gnawed at them.Turner was on the dance floor that night when he informed Jansen he was returning. Before that, they were in a room getting pre-wedding haircuts.“And I did get a haircut,” Turner said, although he denied that he said he would shave his red mane if the Dodgers win it all.Turner then flew to Aruba and was on the beach when he noticed, on Twitter, that Jansen had signed.“That was a good mai tai for me right there,” Turner said.They are the club’s leaders now. A hulking catcher who couldn’t hit enough to see a future, and a knockaround infielder trying to escape Triple-A for Baltimore, Cincinnati and the Mets.Chalk all the money the Dodgers have donated to glamour free agents, and none of it could buy what these vagabonds have wrought.But Turner is no longer improbable, and Dodger Stadium had no trouble believing what it just saw. Dodgers’ bullpen dazzles in Games 1 and 2 LOS ANGELES — In a year that has been so probable, the possible happened.It happened Sunday night on the 29th anniversary of Kirk Gibson’s home run off Dennis Eckersley in Game 1 of the World Series, a blast that is framed by hundred off taillights, leaving Dodger Stadium in defeat, and a limping star straining to touch all the bases, grinning through what became his last hurrah.Related Articles The story behind Yasiel Puig’s catchy walk-up track ‘Wild Horse’ But Gibson’s home run was out of syrupy movies and teenage novels. What Turner did was utterly predictable.The pitcher was John Lackey, a week shy of his 39th birthday, a decorated postseason soldier who was among baseball’s most hittable pitchers this season.The moment was the bottom of the ninth with two men on and two out. Turner was right on time. Failure, at this point, would have been the surprise.There have been other home runs just as thrilling, like Steve Finley’s pennant-winning grand slam in 2004, or Charlie Culberson’s home run that won the NL West last year and also sent Vin Scully home a winner in his valedictory home gameBut it’s sort of pointless to rank walk-offs. They’re like Key West sunsets, spectacular to the last, and Turner’s blast was the appropriate release to a swelling balloon of an old-time playoff game.