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LD to manage new DKK80bn fund under holiday law plan

first_imgThe actual amount of funds transferred to LD from companies could amount to DKK25bn, the committee estimated. This alone would increase the assets currently managed by LD by more than 50%.LD – which manages a non-contributory scheme based on cost-of-living allowances that were granted to Danish employees decades ago – had total assets under management of DKK42.8bn at the end of 2016.The frozen holiday fund money is set to be paid out by Danish employers as a result of a proposed change in the law.After an EU Commission decision that Danish rules on delayed holiday rights were against EU law, the Danish government commission was established in 2015 to come up with a new law taking this into account.Under EU law, all employees must have the right to four weeks’ paid holiday a year. Under Denmark’s current system, however, employees start accruing their right to paid holiday as much as 16 months before they can actually take any of it.When the new proposed law comes into force in 2020, staff will be able to take some holiday from their first month of employment.This means people already in the system could have up to an extra 12 months’ worth of holiday entitlement when the change takes place.Because the committee considered it not economically viable for all workers to take extra holiday in that year, their proposal involved freezing this allowance and putting it into an invested fund until retirement. This would ensure the resources keep pace with inflation and generate extra returns.The committee proposed allowing employers to owe the new fund these outstanding holiday entitlements until the fund was ready to make payouts to employees, in order to ease companies’ liquidity situation.Many employers were likely to take advantage of the opportunity to ‘borrow’ money in the holiday fund for a number of years, according to LD. Employers would also be able to deposit the entire amount into the new fund at any time to rid themselves of the debt item.The pension fund said the committee’s estimate that about DKK25bn will be transferred to LD’s investment – with the rest remaining at employers for a shorter or longer period – was very uncertain.“The capital management of the holiday fund will take place in the same set-up as the management of the LD funds,” LD said.“However, the fund management of the holiday fund will consist of two parts – partly loans from employers and partly frozen holiday funds which will be transferred to the LD assets.”The fund added that its investment management structure was flexible and the new assets would fit easily into its existing investment funds structure.“Joint investment with the LD scheme ensures low costs and access to qualified investment advisers from day one in all key areas,” it said. Denmark’s Lønmodtagernes Dyrtidsfond (LD) is to manage a new DKK80bn (€10.7bn) fund to hold a year’s worth of frozen holiday entitlements on behalf of all Danish employees, according to a proposal from a government committee.Under the proposal from the Holiday Law Committee (Ferielovsudvalget) published yesterday, LD would manage the entitlements in the form of loans to employers, as well as funds transferred from employers, until the resources are given back to employees on retirement.The panel also proposed that ATP, Denmark’s largest pension fund – which also carries out many benefits-related administrative tasks on behalf of the government – should provide technical assistance to LD on the administration of the frozen holiday entitlements.LD said total assets in the new fund would be between DKK80bn and DKK85bn. Should this materialise, LD will become one of the top 10 biggest pension funds in Denmark and one of the top 100 in Europe, according to IPE data collected for the forthcoming Top 1000 Pension Funds report to be published in September.last_img read more

People’s champ Nurmagomedov vs Holloway in UFC title fight

first_imgConor McGregor seeks to emerge from controversy in UFC comeback After 25 straight MMA victories, including nine in UFC, Nurmagomedov (25-0) has escaped the injuries and a slew of canceled bouts that plagued chunks of his career to get a title fight in the main event of UFC 223 at Barclays Center on Saturday night.Check the card’s promotional video that played on an endless loop at the music hall and challenger Tony Ferguson is still in the highlight reel. Ferguson’s freak knee injury knocked him out of action and nearly derailed the main event of the card.But Max Holloway (19-3) stepped up on six days’ notice for what might be a better bout on Saturday.Holloway vs. Nurmagomedov. Streak vs. Streak. And this time, for the undisputed lightweight championship.“I respect him,” Nurmagomedov said. “But it’s going to be a long night.”ADVERTISEMENT Khabib Nurmamogedov, left, glances at UFC opponent and featherweight champion Max Holloway during a media opportunity, Thursday, April 5, 2018, at the Barclays Center in New York. Nurmamogedov faces Holloway, Saturday, April 7, in UFC 223’s lightweight championship after his scheduled opponent, interim lightweight champion Tony Ferguson, pulled out of the event on short notice. (AP Photo/Kathy Willens)NEW YORK — Khabib Nurmagomedov put out the call to his fans in papakhas that were crammed inside an indie rock club like they were in a mosh pit buzzing for an encore.“Hey, I want to ask you guys, what time is it,” Nurmagomedov said.ADVERTISEMENT View comments Pacers sweep season series vs Warriors with 126-106 romp Sports Related Videospowered by AdSparcRead Next Carpio hits red carpet treatment for China Coast Guard PLAY LIST 02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite03:23Negosyo sa Tagaytay City, bagsak sa pag-aalboroto ng Bulkang Taal01:13Christian Standhardinger wins PBA Best Player award Holloway, winner of 12 straight UFC fights, earned some respect from UFC fans for accepting the fight on short notice. Holloway already reigns as UFC’s 145-pound champion and could become the rare two-division champ should he win the 155-belt.“Everybody keeps talking about six days’ notice,” Holloway said. “He’s taking a short-notice fight against me. How are you going to get ready in six days against me?”Holloway said he accepted the bout because he was still training and becoming a two-division champ would stamp him among UFC’s greatest fighters. Holloway hasn’t lost since August 2013, a unanimous decision to Conor McGregor.Almost every topic in UFC these days somehow comes back to McGregor.McGregor has not fought for UFC since he won the 155-pound title at UFC 205 in November 2016. McGregor last fought in a boxing loss to Floyd Mayweather Jr. on Aug. 26, 2017.UFC President Dana White said this week that McGregor would be stripped of the title and the winner of Saturday’s bout would become the undisputed champion in the division. McGregor profanely responded on Twitter and wrote, “You’ll strip me of nothing.”The winner of the bout was likely to be among the top contenders for the next big-money fight with McGregor. Ferguson, still the No. 1 contender, remained in the mix.White said McGregor, UFC’s biggest box office attraction, would fight this year. Throw in the likely return of former UFC heavyweight champion and current WWE star Brock Lesnar, and UFC’s solution to finding a new crop of stars could instead be promoting some returning favorites.White had said he didn’t want McGregor defending belts in two divisions when he was the champ in two weight classes.Holloway said he was ready to defend at 145 and 155 pounds. 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Brown among SAG Awards presenters Lights inside SMX hall flicker as Duterte rants vs Ayala, Pangilinan anew “We’re going to hold two, we’re going to defend two,” Holloway said.White said if Holloway was willing to fight that much, than “anything is possible.”The 29-year-old Nurmagomedov (-470) opened as a heavy favorite against Holloway and knows this is finally his time to prove he’s a champion after he missed two full years of competition before April 2016 due to a persistent knee injury.“Ten years, nobody beat me,” Nurmagomedov said. “I think I deserve this.”His undefeated streak stretches to when he was just 9 and his father had him wrestle a bear . The bear was chained but the video became an MMA viral sensation and only added to his mystique.His last name is a bit of a tongue-twister (Nurm-a-go-med-ov) which it makes it easier for fans to chant “Khabib.”Nurmagomedov — who looks like “The Office” beet farmer Mose Schrute — was the only fighter in New York who skipped the open workout and instead turned the session into a Q&A with fans. He tossed T-shirts to fans asking the best questions and posed for a selfie with a kid in a papakha.One fan shouted if he would call out McGregor after the fight.“We’re going to make him a little bit humble,” Nurmagomedov said.All he has to do first is the win the fight of a lifetime. Don’t miss out on the latest news and information. “Khabib Time!”The fans then chanted for a sustained period, “Khabib! Khabib! Khabib!”FEATURED STORIESSPORTSGinebra beats Meralco again to capture PBA Governors’ Cup titleSPORTSAfter winning title, time for LA Tenorio to give back to Batangas folkSPORTSTim Cone, Ginebra set their sights on elusive All-Filipino crownNurmagomedov was a clear fan favorite.But the native Russian is hoping to leave New York with more than his papakha — a hat that looks like a powdered wig native to his homeland in Dagestan — on his head and the winner of a popularity contest.last_img read more