Pension Deals – Win Win Lose http://winwinlose.net/ Tue, 28 Jun 2022 17:57:18 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://winwinlose.net/wp-content/uploads/2021/06/icon-9.png Pension Deals – Win Win Lose http://winwinlose.net/ 32 32 Microsoft Investors File Resolution targeting tax practices https://winwinlose.net/microsoft-investors-file-resolution-targeting-tax-practices/ Tue, 28 Jun 2022 17:57:18 +0000 https://winwinlose.net/microsoft-investors-file-resolution-targeting-tax-practices/ Microsoft Corp., a staple of ESG mutual funds, has been criticized by a group of shareholders for its alleged poor track record on tax transparency. Investors, who collectively manage more than $350 billion, have filed a resolution demanding that Microsoft report under the Global Reporting Initiative’s tax standard, the group said in a statement Tuesday. […]]]>

Microsoft Corp., a staple of ESG mutual funds, has been criticized by a group of shareholders for its alleged poor track record on tax transparency.

Investors, who collectively manage more than $350 billion, have filed a resolution demanding that Microsoft report under the Global Reporting Initiative’s tax standard, the group said in a statement Tuesday. The resolution also calls on Microsoft to disclose its tax and financial information on a country-by-country basis.

“Technology is a sector that has historically been characterized by tax avoidance, particularly for large multinationals like Microsoft,” said Katie Hepworth, senior tax officer at Pensions & Investment Research Consultants Ltd, who coordinated the decision. The risk of regulatory “investigations and interference” is of particular concern to investors, Hepworth said in a statement.

At this point, taxation becomes a hot topic in Europe, where officials target intricate structures used by multinational corporations to lower or push tax rates to zero. Lawmakers last month unveiled a plan for a 15% minimum corporate tax rate for large companies from 2023, to implement a landmark agreement by 136 countries to stop luring companies with ever-lower tax rates.

According to PIRC, Europe’s largest independent corporate governance and shareholder advisory firm, Microsoft recorded $315 billion in profits in an Irish subsidy in 2020 “even though there are no employees there”. PIRC has supported similar resolutions at Cisco Systems Inc. and Amazon.com as part of a larger campaign targeting 30 companies in industries with a record of tax avoidance or counting governments among their customers.

Cisco officials declined to comment, while Microsoft spokespeople said they would look into the solution but would not comment immediately.

Companies that have failed to respond to efforts by signatories to the UN Principles for Responsible Investment to address tax policy are being targeted by the PIRC campaign, Hepworth said via email.

“Our decision to escalate exposure to technology companies through filing shareholder proposals also reflects the increased risk to investors of tax avoidance strategies stemming from the historic global tax reforms of the OECD,” said Hepworth. Tech companies were “specifically cited as justification for the reforms,” ​​which also aim to end new digital taxes that the US says are discriminatory.

Microsoft’s resolution, filed on June 13, was led by Danish pension fund AkademikerPension, whose co-applicants include Nordea Asset Management, PenSam, Greater Manchester Pension Fund and OIP Trust.

Corporate tax speculation, in which companies shift profits to low-tax countries to avoid higher taxes in the markets in which they operate, costs the US government up to $100 billion a year, PIRC said. Microsoft doesn’t disclose revenue or profits in markets outside the US and foreign tax payments aren’t itemized, making it difficult for investors to assess the risk of tighter tax rules, PIRC said.

Jens Munch Holst, CEO of AkademikerPension, said in a statement, “If Microsoft changes course and adopts the GRI standards for reporting, it will strengthen the company’s brand and raise standards across the global big tech sector.” He also said that “charitable giving in no way offsets large-scale tax avoidance.”

Microsoft is among the most popular ESG stocks globally, thanks in large part to its perceived low carbon footprint. The company is the largest holding in the world’s largest ESG exchange-traded fund — BlackRock Inc.’s iShares ESG Aware MSCI USA ETF (Ticker ESGU) — after Apple Inc., according to the latest regulatory filings tracked by Bloomberg.

Shareholders of Microsoft and other tech companies have recently been successful with resolutions after years of defeat. Last year Microsoft struck deals with two groups in exchange for them withdrawing their proposed proposals; one dealt with the right to repair equipment and the other called for an independent human rights review of some businesses. In November, investors also voted for a non-binding resolution seeking a report on the effectiveness of the company’s sexual harassment policy over objections following reports that co-founder Bill Gates had behaved inappropriately towards female employees years ago.

Frances Schwartzkopff reports for Bloomberg News.

Copyright 2022 Bloomberg. All rights reserved. This material may not be published, broadcast, transcribed or redistributed.

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NGX investors invest N13.7bn in 1.12bn shares in a week – The Sun Nigeria https://winwinlose.net/ngx-investors-invest-n13-7bn-in-1-12bn-shares-in-a-week-the-sun-nigeria/ Sun, 26 Jun 2022 23:33:09 +0000 https://winwinlose.net/ngx-investors-invest-n13-7bn-in-1-12bn-shares-in-a-week-the-sun-nigeria/ Through Chinwendu Obienyi In spite ofe Losses recorded in the price of securities trading on the Nigerian Exchange Limited (NGX) floor, a total turnover of 1.121 billion shares worth N13.703 billion in 22,350 trades were traded by investors. This contrasts with a total of 940.892 million shares worth N11.494 billion that changed hands in 20,077 […]]]>

Through Chinwendu Obienyi

In spite ofe Losses recorded in the price of securities trading on the Nigerian Exchange Limited (NGX) floor, a total turnover of 1.121 billion shares worth N13.703 billion in 22,350 trades were traded by investors.

This contrasts with a total of 940.892 million shares worth N11.494 billion that changed hands in 20,077 trades in the previous trading week.

Market analysts last week predicted that savvy investors will take advantage of the sharp fall in major stock prices and return to stocks with solid fundamentals and attractive dividend yields when trading resumes this week.

However, the first trading day of the week saw losses in shares of heavyweight cement companies such as Dangote Cement and BUA Cement, erasing Friday’s cumulative gains of 1.9 percent as the local stock market suffered its second consecutive week of loss.

The All Share Index (ASI) then fell slightly by 0.14 percent w/w and closed at 51,705.61 points. In particular, profit-taking activity at BUA Cement (-3.2 percent), Dangote Cement (-0.7 percent), Nigerian Breweries (-5.5 percent) and WAPCO (-3.2 percent) led to the weekly losses.

As a result, month-to-date (MTD) and year-to-date (YTD) returns settled at -2.4 percent and +21.0 percent, respectively, while the market cap closed at N27.875 trillion from an opening of N27. 914 trillion, a decrease of N39 billion in one week.

Similarly, all other indices closed lower except for the NGX CG, NGX Premium, NGX Banking, NGX Pension, NGX Afr Bank Value, NGX Oil/Gas and NGX Lotus indices, which were down 0.86 percent, 1.50 percent, 0.33 percent gained 0.40 percent, 0.16 percent, 0.32 percent and 0.55 percent, respectively, while the NGX Asem and NGX Growth indices closed flat.

The financial services industry (in terms of volume) topped the activity chart with 806.824 million shares worth N6.075 billion traded in 11,071 stores; They thus contribute 71.99 percent and 44.33 percent to the total share turnover volume and value.

The oil and gas industry followed with 95.031 million shares worth N1.449 billion in 1,849 transactions, while the conglomerate goods industry saw turnover of 66.716 million shares worth N169.517 million in 733 transactions.

Trading in the top three stocks namely FCMB Group Plc, United Bank for Africa Plc and Oando Plc (by volume) accounted for 407.770 million shares worth N2.009 billion in 2,181 transactions, which was 36.39 and 14.66 respectively Percentage contributed to the total share turnover volume and value or

In response to the market development, Cordros Research noted that the choppy trading patterns that have been playing out will continue as investors continue to select stocks with attractive dividend yields while remaining cautious about leaving profits in the market.

“Nonetheless, we advise investors to only invest in fundamentally sound stocks as the unimpressive macro story continues to be a significant headwind for corporate earnings,” it said.

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Britain must act ‘responsibly’ to stop ‘attack’ to scrap part of hated Brexit deal, Sinn warns | United Kingdom | news https://winwinlose.net/britain-must-act-responsibly-to-stop-attack-to-scrap-part-of-hated-brexit-deal-sinn-warns-united-kingdom-news/ Sat, 25 Jun 2022 00:05:02 +0000 https://winwinlose.net/britain-must-act-responsibly-to-stop-attack-to-scrap-part-of-hated-brexit-deal-sinn-warns-united-kingdom-news/ On Monday, a controversial law will be discussed in the second reading in Parliament. The UK government has said the measures to lift controls on goods and animal and plant products moving into Northern Ireland from the UK are necessary to preserve the Good Friday Agreement and peace and stability. Earlier, his Vice-President Michelle O’Neill […]]]>

On Monday, a controversial law will be discussed in the second reading in Parliament.

The UK government has said the measures to lift controls on goods and animal and plant products moving into Northern Ireland from the UK are necessary to preserve the Good Friday Agreement and peace and stability.

Earlier, his Vice-President Michelle O’Neill accused Boris Johnson of acting “illegally” because he “clearly breached international law” over the revision of the Northern Ireland Protocol.

Northern Infrastructure Minister John O’Dowd said the Northern Ireland Protocol works for businesses, workers and families.

The imposition of controls to keep the republic’s border open has angered unionists.

DUP leader Jeffrey Donaldson said he hopes the bill will get through the House of Commons before Parliament’s summer recess.

Capitals across the EU bloc have reacted with outrage at plans to suspend parts of the protocol that governs trade between Britain and Northern Ireland.

The DUP has long opposed the protocol and refuses to enter the power-sharing institutions at Stormont until problems with the region’s post-Brexit settlement are addressed.

Mr O’Dowd said on Friday efforts to pass the controversial law must be halted as he appealed to MPs to vote against the law.

He said he had come from a business event with more than 400 delegates and people there said dual access to the EU market and the UK market worked for them.

READ MORE: Pensions set to rise 10 per cent if triple lockdown reintroduced

On the day Conservatives in England suffered a double by-election defeat, Mr O’Dowd warned that Northern Ireland should not be “collateral damage” as the Prime Minister’s leadership is under renewed pressure.

He said: “The attack on Protocol by this law is an attack on international law. More importantly, it is an attack on our business communities, workers and families who benefit.

“So it has to stop now and stop because the collateral damage being done to our society is of no consequence to Boris Johnson or his possible successor.

“But the implications here are huge and at this very late stage the Tory party must act responsibly and recognize the democratic reality that the vast majority of MLAs (members of the Legislative Assembly) support Protocol and that Protocol works for business, workers and families.”

He echoed comments made by Taoiseach Micheál Martin earlier this month in calling the legislation “economic vandalism”.

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Mr O’Dowd said: “What Boris Johnson and others are up to on Monday is economic vandalism and it should be stopped and stopped now.”

He appealed across the Westminster benches to vote against the bill and “not to be drawn into the internal struggles of the Tory party”.

The law will allow ministers to set up a “green lane” to allow trusted traders to transport goods from the UK to Northern Ireland without checks, as long as the produce remains in the UK.

Products placed on the market in Northern Ireland could follow either UK or EU regulations instead of having to comply with Brussels regulations.

The legislation would also abolish the European Court of Justice as the final arbiter in commercial disputes over the protocol, giving the role to independent arbitrators instead.

The government insisted the bill was compatible with international law under the “doctrine of necessity,” which allows obligations in treaties to be waived under “certain, very exceptional, limited conditions.”

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Legal & General complete £21m pension buy-in with Barnett & Hall https://winwinlose.net/legal-general-complete-21m-pension-buy-in-with-barnett-hall/ Thu, 23 Jun 2022 09:03:08 +0000 https://winwinlose.net/legal-general-complete-21m-pension-buy-in-with-barnett-hall/ Legal & General Assurance Society Limited has completed a full payment of £21 million into the Barnett & Hall Holdings Pension Scheme. The deal secures benefits for around 110 members of the pension scheme, 105 of whom are non-retirees. BHH Limited is a subsidiary of W&R Barnett Limited, a fourth generation family company founded in […]]]>

Legal & General Assurance Society Limited has completed a full payment of £21 million into the Barnett & Hall Holdings Pension Scheme.

The deal secures benefits for around 110 members of the pension scheme, 105 of whom are non-retirees.

BHH Limited is a subsidiary of W&R Barnett Limited, a fourth generation family company founded in 1896, which is a holding company serving international services including trading, warehousing, agricultural and industrial businesses.

This announcement marks the system’s first pension risk transfer transaction with Legal & General, but the parties involved say they are now interested in working together on another potential future buyout.

“Having built a reputation for transacting a variety of program sizes and membership profiles at effective price levels, we have been able to partner with the Trustees,” said Matthew Dales, Actuarial Manager, Legal & General Retirement Institutional. “We look forward to welcoming our new annuitants to Legal & General as we work with Trustees on the final stage of their risk mitigation journey.”

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Declan Billington, Chairman of the Trustees, also commented: “We are delighted to secure this buy-in with Legal & General, which means that all benefits of the program are now covered by insurance policies. The increased security means this is a great outcome for members, whilst the focused approach working with the company and consultants means that in a busy market we have been able to work with L&G to offer us a solution that achieves our goals much earlier met as expected.”

William Barnett, Chief Executive of W&R Barnett Limited continued: “This is a fantastic result for both the Trustee and the Company. Being able to work with the trustee to secure member benefits is a great result. By working with PwC as an independent transaction advisor, we were able to draw on their experience in executing PRT transactions. This coupled with their market relationships and view of live market pricing for similar systems with a significant non-retiree membership meant we were able to secure the transaction with no further required contributions.”

“We are pleased to have assisted the Company and Trustee in completing this bulk insurance transaction,” added Ross Breckon, Pension Risk Transfer Specialist at PwC. “PwC’s role as an independent transaction advisor meant we could engage in the insurance market without any conflicts of interest. This meant we were able to achieve the desired terms and prices based on the transaction goals set by the company and the trustees.”

PwC UK acted as lead transaction advisor on this transaction while Pinsent Masons provided legal advice to the trustee.

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How to increase your State Pension by £55,000 https://winwinlose.net/how-to-increase-your-state-pension-by-55000/ Sat, 18 Jun 2022 06:00:00 +0000 https://winwinlose.net/how-to-increase-your-state-pension-by-55000/ Workers are expected to pay a record amount on their state pension this year before the deadline for changes that could cost them tens of thousands of pounds in retirement. Time is running out to fill any gaps in social security contributions between 2006 and 2016 to ensure you receive the full state pension, currently […]]]>

Workers are expected to pay a record amount on their state pension this year before the deadline for changes that could cost them tens of thousands of pounds in retirement.

Time is running out to fill any gaps in social security contributions between 2006 and 2016 to ensure you receive the full state pension, currently £9,628 a year. The deadline for catch-up payments for missing years in this period is April 2023.

Tens of thousands of people top up their pensions through voluntary contributions each year, but consultancy LCP is predicting payments will increase before the deadline next year.

There is usually a period of six years to top up missing contributions, but a switch to the statutory pension in 2016 led to a one-off longer benefit to top up missing contributions between the 2006/07 and 2015/16 financial years.

The standard cost of making up missing NI contributions for a year is £824.20, although the self-employed only pay £163.80. The top-up can add tens of thousands of pounds to a pensioner’s income throughout their retirement.

Sir Steve Webb, a former Pensions Secretary and now at LCP, said: “I hear regularly from people who would be interested in increasing their state pension but don’t know if they can do it and how to go about it.

“At its best, topping up the state pension can generate a tremendous return, far better than almost any other use of excess money.”

The full statutory flat rate pension is currently £185.15 per week. Someone who has paid NI contributions for 25 years, instead of the 35 years required for a full state pension, would be paid £132.25 a week.

However, filling in all the gaps would bring an extra £52.90 a week or £2,750 a year, or around £55,000 in total over a 20-year retirement.

Brian Moore, 65, should be paid significantly less than the full £185.15 a week when he reaches state pension age next year. He had been a member of the Local Government Pension Scheme which had ‘dropped out’ of the state pension, reducing his entitlement.

But by paying a lump sum of £4,000 to fill in gaps in his NI report, he increased his pension by £28 a week, or £1,456 a year. He was also able to use NI credits he earned as his father’s caregiver to fill two years of contributions.

But Sir Steve said there are “many pitfalls” when people increase their state pension. Some years cost less to fill than others: for example, a year where someone worked part-time and paid some NI is cheaper to fill than a completely blank year.

LCP has a new calculator on its website that explains the process.

Making voluntary contributions isn’t for everyone, especially those who don’t plan on retiring anytime soon.

Andrew Tully of Canada Life, an insurer, said: “Topping up contributions to increase your state pension can be a very good deal, but it’s important that you first make sure it makes sense for you. Don’t do it just because you can.

“Think about how many more years you want to work — you won’t get the money back if you overpay and realize you’d be paying the dues anyway through work.”

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Universal Credit UPDATE: Brits must wait until July for £650 living allowance; how it affects YOU and how to claim it https://winwinlose.net/universal-credit-update-brits-must-wait-until-july-for-650-living-allowance-how-it-affects-you-and-how-to-claim-it/ Wed, 15 Jun 2022 22:31:10 +0000 https://winwinlose.net/universal-credit-update-brits-must-wait-until-july-for-650-living-allowance-how-it-affects-you-and-how-to-claim-it/ Surprising reason why your energy bills could rise by £270 Summer has finally arrived in the UK and temperatures are set to soar to 30 degrees or more in some parts of the country this week. That’s hotter than some holiday destinations like the Canary Islands, Cyprus, Portugal, Jamaica and Costa Rica. But if you […]]]>

Surprising reason why your energy bills could rise by £270

Summer has finally arrived in the UK and temperatures are set to soar to 30 degrees or more in some parts of the country this week.

That’s hotter than some holiday destinations like the Canary Islands, Cyprus, Portugal, Jamaica and Costa Rica.

But if you think hot weather means cooler energy bills, you might be in for a shock. Experts warn the mercury could actually increase your bills.

You could be spending up to an extra £270 a month on devices to keep cool, according to new data from Loop, a smart meter app.

It’s costing you more to run appliances like fans and air conditioners compared to last year because of the rise in energy prices.

The company reckons this could add up to £9 a day to your energy bill if you used them all.

That means it’s more important than ever to understand how much energy you’re using and if you can save to save some cash.

Steve Buckley, Loop’s head of data science, said: “When we see the first warm weather, many of us will be looking for ways to stay cool, but it’s important to consider how much some of these devices could be contributing to your bills .

“At first glance, these costs might not seem like a lot on an hourly basis, but they can really add up when you have a few devices running or forget to turn them off.”

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New SEC Fair Pricing Rule Needs Careful Review https://winwinlose.net/new-sec-fair-pricing-rule-needs-careful-review/ Mon, 13 Jun 2022 05:00:00 +0000 https://winwinlose.net/new-sec-fair-pricing-rule-needs-careful-review/ coverage and clarity“When it comes to validation and pricing, coverage is an extremely important factor,” Shetty said, noting that the rule covers different asset classes across fixed income and derivatives. In order to comply with SEC regulations, valuation officers and fund directors are expected to focus on a number of aspects, including a price provider’s […]]]>

coverage and clarity
“When it comes to validation and pricing, coverage is an extremely important factor,” Shetty said, noting that the rule covers different asset classes across fixed income and derivatives. In order to comply with SEC regulations, valuation officers and fund directors are expected to focus on a number of aspects, including a price provider’s process and methodology used to value various asset classes, detailed methodology descriptions for individual security types and sub-types, and detailed information on the different sources used to rate different asset and sub-asset classes, he said, adding that the comprehensive coverage would bring transparency to the fund’s board.

Another key differentiator is a vendor’s approach to data input and output, Kirk said. For input data, “access to high-quality and timely datasets used to fuel the independent pricing process is critical,” he said. And for output data, it’s important to provide additional details about pricing, specifically “not just a price, but additional metrics that help.” [funds] build a better picture of the context around that price and give them the ability to leverage some of those transparency metrics.”

Fund directors, advisors and evaluators would also tend to take a closer look at how technology and innovation are facilitating data access, transparency and delivery to ensure SEC compliance, Shetty said. “The methodology has to be adapted individually for each asset class. For example, the methodology used to price securitized securities is not the same as that used to price municipal bonds.” Fund executives need to ask themselves, “Does the provider have models that are specific to each asset class and what are the platforms and features for each Asset class seamlessly integrated from a customer service perspective?”

To provide timely pricing information, Kirk said, vendors must maintain a well-designed system that allows data to be delivered to the right recipient at the fund company at the right time. “Like at the end of the day in New York when they want to tag their books,” he said.

understand data
Data analysis is another essential aspect in determining fair pricing for all providers and made even more important by the new regulation. “Alongside pricing platforms and models, we have now seen the aggressive use of technology to accurately collect and analyze data for pricing purposes. Over the past several decades, the available market color for pricing fixed income securities has increased significantly, making timeliness in utilizing and leveraging the data for pricing critical,” said Shetty. “That is, is historical market color weighted the same as current market color?”

Easy access to fund clients, advisors and fund board valuation officers is also a key requirement. Providers spend time creating support portals tailored to the needs of their customers. “When it comes to delivery, funds may have preferred delivery mechanisms to consume price data, be it via flat files or APIs,” Shetty said.

“We have gathered relevant information [SEC Rule] 2a-5 and noted that the majority of the information that funds must comply under the rule is already available through our service. To make documentation access more seamless, the buy-side is looking for vendors that create web-based portals that host all relevant information in one place. We built one of these portals so customers can regularly download the necessary information to provide to their boards,” he added.

price war
For fund directors, advisors or valuation officers, the importance of highly responsive client support cannot be overstated, especially when values ​​are disputed, Kirk said. “Responsiveness to price challenges is a factor that funds need to consider. The processes vendors have in place to address pricing challenges and [conduct] Deep dives and the support and reporting provided will help them evaluate this aspect.”

The SEC rule mandates a communicated process whereby valuation assumptions, data, inputs and analysis must be transparent and documented. “When clients desire a deeper dive after a price challenge, we walk the client through our security pricing process in detail,” said Shetty. “Through deep dives, clients gain insights into input data sourcing, quality control processes, pricing methodology and workflows, all related to a specific underlying security.”

Another aspect of fund pricing that the SEC rule is intended to address and that affects all investors is the potential conflict of interest of fund managers who have significant influence over asset determination. “The intent of the rule here is that [market participants] know to what extent a paying customer can influence the price quality or price changes of certain instruments. [The SEC] is asking for pricing services to make it clear that they can control these aspects,” Shetty said.

Given that many funds hold global assets, a price provider’s ability to have both an international presence and expertise in local markets can also be important. To that end, it helps if a pricing service “provides timely access to local people who are experts in their field. [And] If there are questions from customers in that region, they have on-site support during local time,” Kirk said.

A one stop shop
The Sept. 8 compliance date for SEC Rule 2a-5 has prompted a number of small and mid-sized asset owners and fund managers to scramble to find multiple providers that can meet the complex requirements of the fair value regulation, he said shetty “We have seen that the larger customers are already multi-sourcing. They had a primary, secondary and in some cases tertiary provider to assist them in their pricing process to find anomalies in transactions or to get a better picture of where the market is pricing securities.”

With the compliance deadline approaching, vendors are working urgently and closely with clients, and assessment officers meet compliance with ease and rigor. “Whether it’s providing access to methodological guides, price challenge statistics and more transparency on the inputs used via a portal, or presenting them to a fund board to support their oversight and governance [an] independent pricing service – all of these aspects help fund directors to meet their commitments,” Kirk said.

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Waspi women get new impetus in the fight for state pension compensation – “Support is growing” | Personal Finance | finance https://winwinlose.net/waspi-women-get-new-impetus-in-the-fight-for-state-pension-compensation-support-is-growing-personal-finance-finance/ Sat, 11 Jun 2022 06:00:00 +0000 https://winwinlose.net/waspi-women-get-new-impetus-in-the-fight-for-state-pension-compensation-support-is-growing-personal-finance-finance/ The campaign group Women Against State Pension Inequality (Waspi) has recruited high-level political figures to support its campaign. They have now received public pledges of support from leaders across the political spectrum, with the exception of Prime Minister Boris Johnson. The leader of the Liberal Democrats, Sir Ed Davey, has now pledged his support for […]]]>

The campaign group Women Against State Pension Inequality (Waspi) has recruited high-level political figures to support its campaign. They have now received public pledges of support from leaders across the political spectrum, with the exception of Prime Minister Boris Johnson.

The leader of the Liberal Democrats, Sir Ed Davey, has now pledged his support for Waspi’s women’s campaign for “fair and quick compensation” on behalf of 3.8 million women.

Davey joins Labor Party leaders, SNP and Plaid Cymru, who have also pledged their support.

In March, Labor leader Sir Keir Starmer backed the Waspi women’s fight for compensation.

Activists refused to say how much compensation they expect, but calculate that women born in the 1950s lost an average of £50,000 in state pensions after the retirement age was raised from 60 to 66.

They argued that they had not received adequate advance warning of the change and many were unaware that they would have to work up to six more years until the last minute.

Express.co.uk has repeatedly highlighted the plight of Waspi women, who often have incredible tales of hardship to tell.

Many have struggled along on state benefits, often in poor health, while waiting for their state pension to kick in.

Some have died without even receiving a state pension.

Waspi women received a huge boost last year when the Parliament and Health Service Ombudsman ruled that the Department for Work and Pensions (DWP) should have announced measures to raise their state retirement age.

It notes that this was a “malfunction” because women were not adequately informed of major changes to their state pension in the 1950s

READ MORE: Waspi woman’s desperate move after state pension snub burned fence

Davey said Waspi women had been ignored for years. “At a time when bills are skyrocketing, they are still fighting heroically for justice after changes to the state pension left them out of pocket.”

The Liberal Democrats want a fair deal for Waspi women, Davey added. “We believe the government has an obligation to compensate the women who have lost – through no fault of their own – and we will support any decisions by the Ombudsman on compensation.”

Hilary Simpson, leader of the 2018 Waspi campaign, said: “We are very grateful to the leaders of the main opposition parties for their support.”

She said failure to properly inform women of changes in their retirement age in the 1950s had “disastrous” consequences.

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“Women’s plans for retirement at 60 were suddenly thrown out of whack without warning. Some have had to sell or remortgage their homes, others have had to continue working despite illness, still others have had to give up commitments they had made to their families to look after grandchildren or elderly relatives.”

Simpson added: “All have been deprived – in some cases for up to six years – of the pension they expected at 60.

“When the Ombudsman makes a compensation decision, we expect Parliament to accept it without any ifs or buts and to implement it fairly and without delay.

“After many years of campaigning, we are demanding justice in the form of fair and speedy compensation before more 1950s women die – and we are not walking away,” Simpson added.

A DWP spokesman said the government decided more than 25 years ago to equalize state retirement ages for men and women as a long-overdue step towards gender equality. It insisted it had been supported by both the High Court and the Court of Appeal, which had found it had acted entirely lawfully and had not discriminated on any grounds.

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Asset sale could net Chicago Skyway investors $1 billion in profit https://winwinlose.net/asset-sale-could-net-chicago-skyway-investors-1-billion-in-profit/ Wed, 08 Jun 2022 21:31:00 +0000 https://winwinlose.net/asset-sale-could-net-chicago-skyway-investors-1-billion-in-profit/ Canadian pension plans that control the Chicago Skyway are reportedly looking to sell their stakes at a handsome profit, thanks to drivers paying tolls that have risen steadily since the city leased it from private operators in 2005. The Canada Pension Plan Investment Board and OMERS Infrastructure, which invests in a pension for Ontario municipal […]]]>

Canadian pension plans that control the Chicago Skyway are reportedly looking to sell their stakes at a handsome profit, thanks to drivers paying tolls that have risen steadily since the city leased it from private operators in 2005.

The Canada Pension Plan Investment Board and OMERS Infrastructure, which invests in a pension for Ontario municipal employees, are seeking buyers for their shares in Skyway, Bloomberg News reported Wednesday. Citing “persons with knowledge of the matter,” the report said the firms were hoping for a deal that would value the 99-year Skyway lease at $4 billion.

The companies and the Ontario Teachers’ Pension Plan bought the lease in 2015 for $2.8 billion and received approximately one-third of Skyway’s interest. The teachers’ pension fund reportedly plans to keep its share.

If the deal goes through, it would be another example of private investors benefiting from the sale of a public asset. The original investment group that acquired the Skyway lease paid the city $1.83 billion, only to sell it a decade later for a $1 billion profit while retaining the Skyway profits.

Former Mayor Richard M. Daley led the original sale of the 99-year lease in what became known at City Hall as the Great Chicago sell-off. The Skyway deal allowed operators to regularly increase tolls. The price for cars on the 7.8-mile shortcut from Chicago to Indiana is now $5.90, while prices for vehicles with more than two axles are much higher. Cars paid $2 in 2004.

The Canada Pension Plan Investment Board declined to comment, and the other companies did not respond to questions about the potential sale. The investors operate as Skyway Concession Co., whose CEO, Kristi Lafleur, did not respond to news.

The Skyway generated $114.3 million in toll revenue in 2021, up from $84.9 million in 2020 at the height of the pandemic, according to the latest audit for the city by accounting giant Deloitte & Touche Has. The Skyway investors distributed 36.3 million dollars among themselves last year.

The results of the most recent audits were provided to the Chicago Sun-Times by attorney Clint Krislov. As director of IIT Chicago-Kent’s Center for Open Government Legal Clinic, Krislov has reviewed dozens of transactions and produces an annual analysis of each year’s results.

To maintain his longstanding opposition to raising property taxes, Daley followed the Skyway deal by unloading Chicago parking meters and downtown garages.

Although parking meter rentals are the deal that councillors, and their constituents, love to hate, Krislov has argued that it “pales” in comparison to the Skyway deal.

If investors sell it now for anywhere near the $4 billion they hope to get, it would only add salt to the wound for Chicago taxpayers, Krislov said Wednesday.

“Just when you think it couldn’t get any worse, it gets worse. That’s really remarkable when you think about it. That’s another billion dollars in profit that the city didn’t get,” Krislov told the Sun-Times.

“It’s a lot worse [than the other asset sales]. This is a deal that has weathered COVID fairly well. The whole crossing from here to Indiana has remained a very lucrative toll bridge. Whether it’s due to COVID or lots of people moving to Indiana and coming to Chicago or going to the casino, this route has remained and will remain a very active and profitable tollway unless we stop using cars and trucks for transportation of people and things.”

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Canadian pension fund bets $2.5 billion on Dubai Ports https://winwinlose.net/canadian-pension-fund-bets-2-5-billion-on-dubai-ports/ Mon, 06 Jun 2022 13:24:01 +0000 https://winwinlose.net/canadian-pension-fund-bets-2-5-billion-on-dubai-ports/ One of Canada’s largest pension funds will inject $2.5 billion into Dubai port operator DP World, marking the first foreign direct investment in the Gulf emirate’s state logistics giant. Caisse de dépôt et placement du Québec (CDPQ) is investing in Jebel Ali Port, Jebel Ali Free Zone and National Industries Park, three of DP World’s […]]]>

One of Canada’s largest pension funds will inject $2.5 billion into Dubai port operator DP World, marking the first foreign direct investment in the Gulf emirate’s state logistics giant.

Caisse de dépôt et placement du Québec (CDPQ) is investing in Jebel Ali Port, Jebel Ali Free Zone and National Industries Park, three of DP World’s key domestic assets.

As part of the transaction announced Monday, CDPQ will take an approximately 22 percent stake in a new joint venture with DP World.

Dubai’s rise as a global business hub has its roots in commerce, beginning as a small trading center in the early 20th century before evolving into an aviation, tourism and service hub. Jebel Ali’s facilities account for nearly a quarter of the emirate’s economy.

The city-state’s economy has emerged strong from the pandemic, attracting new residents and businesses thanks to its success in fighting the virus while also keeping its economy afloat. The war in Ukraine has triggered another wave of new Russian entrants looking for a financial haven.

In addition to the oil-rich capital of the United Arab Emirates, Abu Dhabi, the government is also opening up state-owned companies to foreign investment. Dubai has launched a series of privatizations, including a £6bn IPO of water and electricity utility Dewa.

This first co-investment in DP World’s domestic operations is expected to close in the second or third quarter of this year. Others may participate in another $3 billion investment that is expected to close in the fourth quarter of the year.

DP World and CDPQ, the CA$420 billion (US$330 billion) investment manager, have already jointly invested in global assets across four continents and 18 terminals, including a container port and logistics park in Indonesia.

“We believe this new partnership will strengthen our assets and allow us to capitalize on the significant growth potential across the region,” said Sultan Ahmed bin Sulayem, Group Chief Executive of DP World.

The transaction would allow DP World to reduce its leverage to less than four times net debt to earnings before interest, taxes, depreciation and amortization, he added.

Emmanuel Jaclot, CDPQ’s infrastructure manager, said the Dubai facilities would “play a pivotal role in the development of the global economy”.

CDPQ, which administers some public pension plans as well as insurance plans, operates independently from the Canadian government.

In recent years, infrastructure has become increasingly popular with global pension fund investors, who are drawn to its more stable and predictable returns.

Since the end of 2016, CDPQ’s infrastructure portfolio has tripled in size, with total net assets of C$45 billion at the end of 2021. The portfolio is focused on transportation, energy, social and telecommunications infrastructure.

The deal would give CDPQ “access to new fast-growing markets and trade routes in Africa and South Asia,” Jaclot said.

With additional reporting from Josephine Cumbo in London

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