“Ideally, the return holdings should be approximately 55%,” he said. “But, as the pension fund is in a recovery process, the current financial assessment rules [FTK] only allow for limited shifts within the same risk budget.” Credit: Scott RobinsonThe Banden & Wielen pension fund should be able to take more risk, according trustee Paul de GeusIn 2015 when the FTK was introduced, Wheels & Tyres refrained from using an option granted to underfunded schemes of a one-off increase to their risk budget. This meant the pensions fund’s required funding level was 116% rather than 120% or 125% for other sector schemes.However, in the new pensions system currently being debated by the Dutch government and social partners, in which all schemes must aim for a funding of 100%, this relative advantage seems to disappear.At the end of March, funding of Wheels & Tyres stood at 95.2%, but a new, lower ultimate forward rate – used in the calculation of the discount rate for liabilities – could easily reduce this coverage by 10%, said De Geus.He acknowledged that the pension fund would be unlikely to avoid rights cuts under the current FTK. However, in his opinion, recovery terms should also take into account the duration of a pension fund.The trustee said that, when changing investment policy, a scheme’s entire investment cycle should be reassessed, including the risk appetite of its participants and the social partners. Pensions reform in the Netherlands should avoid trapping underfunded schemes with rules preventing them from taking sufficient investment risk to enable recovery, a professional pension fund trustee has argued.Speaking to Dutch pensions publication Pensioen Pro, Paul de Geus, board member at the sector schemes Wheels & Tyres (Banden & Wielen) and Furniture (Meubel), argued that investment policies should be linked to the age of a pension fund’s participants.De Geus, who is also a trustee at the Dutch scheme of technology group Xerox, noted that Wheels & Tyres and Xerox used a similar asset mix – including a return-seeking portfolio of 45% – despite the duration of their liabilities being 26 and 16 years, respectively.In his opinion, Xerox’s asset mix was correct, but Wheels & Tyres – with its younger demographic and longer investment horizon – should be allowed to take more investment risk. Paul de GeusThe new pensions agreement targets an investment policy in line with age composition and risk preference of scheme participants – essentially a form of lifecycle investing.“That would be good, as this would theoretically result in the correct degree of risk taking,” said De Geus. “However, additional rules with extra limitations for underfunded schemes would trap them.”In the opinion of the trustee, lifecycle investment could be introduced by investing in separate funds for different asset classes, and by creating funds for different age cohorts.
Head coach Brent Crouch was proud of the effort his squad displayed despite injuries and is confident in its abilities going forward. With 10 of their 20 remaining matches coming against ranked opponents, the squad will be challenged to respond to adversity as it has done early on this season if it wants to build on last year’s strong performance. “We are not 100% [health-wise],” Crouch said. “We are getting there … We are looking forward to getting everyone practicing at 100% and really [hitting] the Pac-12 schedule in stride.” This is USC’s third 3-0 sweep this season, and it hopes to carry this momentum into Pac-12 play beginning Wednesday against UCLA. The Bruins were swept in their last two matches by No. 11 Hawaii and UC Santa Barbara, while the Trojans enter conference play ranked No. 25 in the nation. Senior outside hitter Khalia Lanier had a season-high 18 kills along with 19.5 points against the Toreros. USC regained its strength in the second game of the week against Long Beach State. The Trojans had 15 kills and four aces in the first set, taking it 25-21. They easily won the second set 25-11 with an additional 15 kills. The third set proved to be more difficult, but USC held the lead, finishing the sweep 25-20. The match against San Diego was a tough fight throughout the full five sets. USD won the first two sets, and USC struggled to keep up given the Toreros’ effective blocking. However, the Trojans stayed resilient after going down 2-0 and were able to battle back in the third and fourth sets to tie it up 2-2. Senior outside hitter Khalia Lanier had a combined 39.5 points in the Trojans’ two games this past weekend. ( Sinead Chang / Daily Trojan) The fifth set was tight, but USC fell behind 14-11 due to an overturned call. The Trojans couldn’t come back from the deficit, losing 15-13 and ending in a three-games-to-two loss. Lanier led the Trojans in the second match with 20 points and 17 kills. Junior outside hitter Brooke Botkin had a career high with six kills, six digs and four of the Trojans’ 12 service aces. Following its three-win performance at the Trojan Invitational — including a sweep of Villanova, which entered the game with a 5-1 record on the season — No. 20 women’s volleyball fell to San Diego 3-2 Thursday before swiftly defeating Long Beach State 3-0 Friday.
Photo: © lionsrugby.com There’s a tough task ahead for the Lions in their third tour match of New Zealand this morning.Warren Gatland’s side – who lost to the Blues midweek – take on undefeated Super Rugby side the Crusaders in Christchurch at 25-to-9.Ireland’s Conor Murray, Tadhg Furlong, Peter O’Mahony and Sean O’Brien all start for the tourists. Meanwhile, this evening a youthful Irish side face the USA at the at Red Bull Arena.Ulster youngster Jacob Stockdale makes his debut on the left-wing.Connacht’s former PRO-12 winning scrum-half AJ McGinty starts at out-half for the Eagles and Ireland centre Garry Ringrose says he’s one of the hosts’ danger men