This document provides a quarterly update on the UK pension plan de-risking market in Q4 2012. It summarizes regulatory developments like changes to RPI/CPI calculations and reductions to the annual and lifetime pension allowances. It reviews recent de-risking transactions including bulk purchase annuities and longevity swaps. It also looks ahead to expected continued strong activity in buy-ins and potential growth in the longevity swap market in 2013 as more insurers enter.
The document discusses Joseph Rigby's presentation on the strategic positioning of Southeast Utilities. It summarizes the company's strategic focus on power delivery, Conectiv Energy, and Pepco Energy Services. It also outlines the goals for the power delivery business, including sales growth, infrastructure investment, operational excellence, and constructive regulatory outcomes to deliver average annual earnings growth of at least 4%. Key infrastructure projects are highlighted.
Pepco Holdings, Inc. held an analyst conference on October 5-6, 2004 to discuss the company's performance. The presentation included an overview of PHI's businesses, strategy, and corporate governance practices. It noted PHI has $7.1 billion in revenues and focuses on its regulated electric and gas delivery business, which accounts for 72% of operating income. The Power Delivery segment was discussed, which includes the transmission and distribution of electricity to 1.8 million customers across several mid-Atlantic states.
Financial Results for the Fiscal Year Ended March 2018KDDI
The figures included in the following brief, including the business performance target and the target for the number of subscribers are all projected data based on the information currently available to the KDDI Group, and are subject to variable factors such as economic conditions, a competitive environment and the future prospects for newly introduced services.
Accordingly, please be advised that the actual results of business performance or of the number of subscribers may differ substantially from the projections described here.
Sprint reported strong financial results for the 4th quarter and full year 2004 with record subscriber gains in wireless and DSL. Key highlights include:
- Wireless added 1.58 million net subscribers in 4Q driven by strong direct, affiliate and wholesale performance.
- Local saw outstanding DSL customer additions, adding 60,000 in 4Q.
- Profits grew substantially both in the quarter and full year, and free cash flow and debt reduction exceeded targets.
Revenues increased year-over-year for both the quarter and full year. Sprint exceeded its debt reduction goal and ended the year with $12.6 billion in net debt.
The document summarizes a presentation given by Joseph M. Rigby, CFO of Pepco Holdings, Inc. (PHI) at an investor conference on March 28, 2006. The presentation outlines PHI's strategy to remain a regional diversified energy delivery and competitive services company focused on operational excellence. It discusses PHI's power delivery business, Conectiv Energy, and Pepco Energy Services. The presentation also provides financial performance summaries and projections showing PHI's ability to cover dividends and capital expenditures with cash from operations.
Sprint reported strong financial results for 2Q 2004 with revenue, profit and cash flow growth. Wireless saw 17% revenue growth and 19% increase in adjusted EBITDA. Local revenues were steady with solid margins. Full year earnings guidance was raised. The company executed on initiatives to improve customer experience and reduce costs while investing in new technologies.
This document provides a pre-budget report and expectations for the upcoming Indian budget. It expects the budget to focus on fiscal stability and credibility, as well as reform initiatives to encourage investment. Specifically, it expects the budget to outline a roadmap for reducing the fiscal deficit while supporting growth, controlling expenditures, and improving the quality of fiscal adjustments. The report also anticipates proposals on taxation, policy reforms, sector-specific expectations, and measures to propel savings and investments.
Re-Evaluating Your Managed Care Revenue Improvement Opportunitieschriskalkhof
Within your span of control are:
1) Preparing strategically through internal/external assessments and developing contracting/pricing strategies.
2) Negotiating effectively to optimize reimbursement, payment rules, and contracts.
3) Integrating agreements into revenue management operations through the revenue cycle.
The document discusses Joseph Rigby's presentation on the strategic positioning of Southeast Utilities. It summarizes the company's strategic focus on power delivery, Conectiv Energy, and Pepco Energy Services. It also outlines the goals for the power delivery business, including sales growth, infrastructure investment, operational excellence, and constructive regulatory outcomes to deliver average annual earnings growth of at least 4%. Key infrastructure projects are highlighted.
Pepco Holdings, Inc. held an analyst conference on October 5-6, 2004 to discuss the company's performance. The presentation included an overview of PHI's businesses, strategy, and corporate governance practices. It noted PHI has $7.1 billion in revenues and focuses on its regulated electric and gas delivery business, which accounts for 72% of operating income. The Power Delivery segment was discussed, which includes the transmission and distribution of electricity to 1.8 million customers across several mid-Atlantic states.
Financial Results for the Fiscal Year Ended March 2018KDDI
The figures included in the following brief, including the business performance target and the target for the number of subscribers are all projected data based on the information currently available to the KDDI Group, and are subject to variable factors such as economic conditions, a competitive environment and the future prospects for newly introduced services.
Accordingly, please be advised that the actual results of business performance or of the number of subscribers may differ substantially from the projections described here.
Sprint reported strong financial results for the 4th quarter and full year 2004 with record subscriber gains in wireless and DSL. Key highlights include:
- Wireless added 1.58 million net subscribers in 4Q driven by strong direct, affiliate and wholesale performance.
- Local saw outstanding DSL customer additions, adding 60,000 in 4Q.
- Profits grew substantially both in the quarter and full year, and free cash flow and debt reduction exceeded targets.
Revenues increased year-over-year for both the quarter and full year. Sprint exceeded its debt reduction goal and ended the year with $12.6 billion in net debt.
The document summarizes a presentation given by Joseph M. Rigby, CFO of Pepco Holdings, Inc. (PHI) at an investor conference on March 28, 2006. The presentation outlines PHI's strategy to remain a regional diversified energy delivery and competitive services company focused on operational excellence. It discusses PHI's power delivery business, Conectiv Energy, and Pepco Energy Services. The presentation also provides financial performance summaries and projections showing PHI's ability to cover dividends and capital expenditures with cash from operations.
Sprint reported strong financial results for 2Q 2004 with revenue, profit and cash flow growth. Wireless saw 17% revenue growth and 19% increase in adjusted EBITDA. Local revenues were steady with solid margins. Full year earnings guidance was raised. The company executed on initiatives to improve customer experience and reduce costs while investing in new technologies.
This document provides a pre-budget report and expectations for the upcoming Indian budget. It expects the budget to focus on fiscal stability and credibility, as well as reform initiatives to encourage investment. Specifically, it expects the budget to outline a roadmap for reducing the fiscal deficit while supporting growth, controlling expenditures, and improving the quality of fiscal adjustments. The report also anticipates proposals on taxation, policy reforms, sector-specific expectations, and measures to propel savings and investments.
Re-Evaluating Your Managed Care Revenue Improvement Opportunitieschriskalkhof
Within your span of control are:
1) Preparing strategically through internal/external assessments and developing contracting/pricing strategies.
2) Negotiating effectively to optimize reimbursement, payment rules, and contracts.
3) Integrating agreements into revenue management operations through the revenue cycle.
Sprint Nextel reported its second quarter 2007 results. Key highlights include:
- Total subscribers increased nearly 400,000 to 54 million, with post-paid net additions of 16,000.
- Higher post-paid ARPU and cost reductions drove a strong sequential improvement in profitability. Adjusted OIBDA increased 12% sequentially.
- Continued strength in wireless data and IP services revenues, which grew 40% and 37% year-over-year respectively.
The document provides reconciliations of non-GAAP financial measures reported by The Pepsi Bottling Group for 2008. It identifies items affecting comparability between years, including restructuring charges, asset disposal charges, and stock-based compensation. The document summarizes the quantitative impact of these items on key financial metrics like operating income growth, earnings per share, and cash flow. It also provides guidance for 2008 operating free cash flow.
BancABC Holdings Limited reported strong financial results for the six months ended 30 June 2012. Total income increased 53% and pre-tax profit increased 53%. Attributable profit to shareholders was up 49% to BWP56 million. Total assets grew 18% to BWP10.8 billion. All subsidiaries except BancABC Tanzania reported improved results. The number of retail branches increased from 35 to 55 and retail customer numbers grew 144% to 155,763.
The document provides an overview and summary of PHI's strategy and performance across its various business segments. PHI aims to remain a regional diversified energy delivery and competitive services company focused on value creation and operational excellence. Key aspects include achieving constructive regulatory outcomes and 4% annual earnings growth for its power delivery utilities, optimizing assets and market opportunities for Conectiv Energy, and expanding Pepco Energy Services into additional markets. Financial performance has been positively impacted by infrastructure investments and sales growth, though earnings have been reduced in some jurisdictions due to higher standard offer service pricing.
Budget Analysis by Blue Consulting (July 132009)Chandan Goyal
It plainly talks about Title of changes made, relevant Section or Rules, analysis of changes and effective date from which these changes shall be applicable in a tabular format.
The document provides an overview of Chapter 12 from an economics textbook. It discusses key concepts related to consumption, investment, and how changes in these impact real GDP based on Keynesian economic models. Specifically, it covers determinants of consumption and saving behaviors, how planned investment is determined, and how equilibrium real GDP is established through the balancing of total planned expenditures and output. The chapter outline and learning objectives are also summarized.
Audited group results for the year ended 2012wgjlubbe
- ABC Holdings Limited is the parent company of banks operating in Sub-Saharan Africa, including Botswana, Mozambique, Tanzania, Zambia, and Zimbabwe.
- For the year ended 31 December 2012, the Group saw total income increase 65% and attributable profit increase 60% compared to the previous year, driven by expansion into retail and SME banking.
- Key highlights included a 45% increase in deposits, 50% increase in loans and advances, and 46% increase in total assets. However, impairments also increased significantly.
The document provides an earnings release for Tempo ParticipaçÃμes for 4Q08, highlighting a CEO change, stock buyback programs, and SAP implementation. It also summarizes key financial metrics for the health, dental, and assistance segments, showing overall revenue and EBITDA growth despite quarterly declines in some segments. Total CAPEX for 2008 was R$28.4 million.
Exelon announced its third quarter 2007 results, reporting GAAP earnings of $780 million compared to a loss of $44 million in the third quarter of 2006. Adjusted operating earnings for the third quarter of 2007 were $823 million compared to $690 million for the same period in 2006, driven by higher energy margins and weather conditions. Exelon reaffirmed its full year 2007 adjusted operating earnings guidance range of $4.15 to $4.30 per share and raised its GAAP earnings guidance range to $3.90 to $4.20 per share. Key events in the quarter included an Illinois electric rate settlement providing $1 billion in rate relief over four years and Exelon's board approving a $
This M Intelligence piece will explore the product mechanics and design considerations of Whole Life (WL) insurance. There are two general categories of WL...
Pfizer at 2008 Credit Suisse Healthcare Conferencefinance5
1) The document is a transcript from Pfizer's 2008 Annual Credit Suisse Health Care Conference, where Jeff Kindler, Pfizer's Chairman and CEO, discusses Pfizer's strategic commitments and financial guidance.
2) Pfizer is committed to optimizing its product portfolio, accelerating its pipeline, establishing smaller business units, expanding in emerging markets, and aligning costs with revenues.
3) For 2008, Pfizer expects revenues of $48-49 billion and cost reductions of at least $2 billion, and to achieve its financial guidance targets.
The document provides two draft alternatives for determining cash flows from reinvested assets in life insurance reserve calculations. It requests comments on the draft by a certain date. The draft includes sections on minimum reserves, net premium reserves, deterministic reserves, stochastic reserves, cash flow models, reinsurance, and assumptions. It establishes principles for principle-based reserves for life insurance products in accordance with the Standard Valuation Law.
This document provides an overview of PHI and its strategy for positioning itself for success in a dynamic industry. PHI's strategy is to remain a diversified regional energy delivery and competitive services company focused on value creation and operational excellence. For its power delivery utility operations, PHI's goals are to operate with excellence, achieve constructive regulatory outcomes, invest in infrastructure, and deliver at least 4% annual average earnings growth. PHI's service territory has a robust economy that is less susceptible to downturns and includes diverse government and private sectors.
Netscribes Budget Analysis 2013 : Missing the woods for the treesNetscribes, Inc.
The budget analysis document provides a summary of key aspects of the 2013 Indian budget. It highlights that while the budget aimed to address certain sectors, it lacked a clear growth strategy and big reforms. It notes some positive steps like increased farm lending and fiscal deficit targets, but argues more could have been done to boost growth, investment and relieve inflation pressures. The summary critiques the budget for failing to meaningfully tax the rich or benefit the middle class.
During 2008 the Financial Accounting Standards Board (FASB) decided to work jointly with the International Accounting Standards Board (IASB) to develop a "more globally comparable standard" on the measurement and disclosures for insurance contracts across all industries.
The FASB Board recently arrived at a tentative decision about the scope of the project that will have an impact on companies that are not insurance entities, but that issue contracts such as certain guarantees, indemnifications, and extended warranty or product maintenance contracts.
This chapter discusses classical and Keynesian macroeconomic analyses. It begins with an introduction to the VIX index and how financial market volatility during recessions can impact GDP and prices. The chapter then outlines the classical model, which assumes flexible prices and full employment. It also describes Keynesian economics and how sticky prices can result in demand-determined equilibrium GDP. The chapter explores how aggregate supply and demand shocks can cause inflationary or recessionary gaps from full employment output. It examines factors that shift aggregate supply and demand curves and causes of short-run inflation variations.
- MIC reported proportionately combined free cash flow of $57.0 million for Q3 2013, up 40% from Q3 2012.
- IMTT experienced revenue growth from increased storage rates and ancillary services, while Atlantic Aviation saw lower interest costs and higher non-fuel profits.
- Hawaii Gas and District Energy saw modest growth despite cooler weather reducing energy consumption.
- MIC reiterated its guidance for 2013 proportionately combined free cash flow of $4.10-$4.20 per share.
Este documento contiene información sobre productos, proveedores, administradores, mobiliario, enfriadores, embaces, clientes, cuentas y vendedores de una empresa, incluyendo cantidades, precios, tamaños, fechas y otros detalles.
Sprint Nextel reported its second quarter 2007 results. Key highlights include:
- Total subscribers increased nearly 400,000 to 54 million, with post-paid net additions of 16,000.
- Higher post-paid ARPU and cost reductions drove a strong sequential improvement in profitability. Adjusted OIBDA increased 12% sequentially.
- Continued strength in wireless data and IP services revenues, which grew 40% and 37% year-over-year respectively.
The document provides reconciliations of non-GAAP financial measures reported by The Pepsi Bottling Group for 2008. It identifies items affecting comparability between years, including restructuring charges, asset disposal charges, and stock-based compensation. The document summarizes the quantitative impact of these items on key financial metrics like operating income growth, earnings per share, and cash flow. It also provides guidance for 2008 operating free cash flow.
BancABC Holdings Limited reported strong financial results for the six months ended 30 June 2012. Total income increased 53% and pre-tax profit increased 53%. Attributable profit to shareholders was up 49% to BWP56 million. Total assets grew 18% to BWP10.8 billion. All subsidiaries except BancABC Tanzania reported improved results. The number of retail branches increased from 35 to 55 and retail customer numbers grew 144% to 155,763.
The document provides an overview and summary of PHI's strategy and performance across its various business segments. PHI aims to remain a regional diversified energy delivery and competitive services company focused on value creation and operational excellence. Key aspects include achieving constructive regulatory outcomes and 4% annual earnings growth for its power delivery utilities, optimizing assets and market opportunities for Conectiv Energy, and expanding Pepco Energy Services into additional markets. Financial performance has been positively impacted by infrastructure investments and sales growth, though earnings have been reduced in some jurisdictions due to higher standard offer service pricing.
Budget Analysis by Blue Consulting (July 132009)Chandan Goyal
It plainly talks about Title of changes made, relevant Section or Rules, analysis of changes and effective date from which these changes shall be applicable in a tabular format.
The document provides an overview of Chapter 12 from an economics textbook. It discusses key concepts related to consumption, investment, and how changes in these impact real GDP based on Keynesian economic models. Specifically, it covers determinants of consumption and saving behaviors, how planned investment is determined, and how equilibrium real GDP is established through the balancing of total planned expenditures and output. The chapter outline and learning objectives are also summarized.
Audited group results for the year ended 2012wgjlubbe
- ABC Holdings Limited is the parent company of banks operating in Sub-Saharan Africa, including Botswana, Mozambique, Tanzania, Zambia, and Zimbabwe.
- For the year ended 31 December 2012, the Group saw total income increase 65% and attributable profit increase 60% compared to the previous year, driven by expansion into retail and SME banking.
- Key highlights included a 45% increase in deposits, 50% increase in loans and advances, and 46% increase in total assets. However, impairments also increased significantly.
The document provides an earnings release for Tempo ParticipaçÃμes for 4Q08, highlighting a CEO change, stock buyback programs, and SAP implementation. It also summarizes key financial metrics for the health, dental, and assistance segments, showing overall revenue and EBITDA growth despite quarterly declines in some segments. Total CAPEX for 2008 was R$28.4 million.
Exelon announced its third quarter 2007 results, reporting GAAP earnings of $780 million compared to a loss of $44 million in the third quarter of 2006. Adjusted operating earnings for the third quarter of 2007 were $823 million compared to $690 million for the same period in 2006, driven by higher energy margins and weather conditions. Exelon reaffirmed its full year 2007 adjusted operating earnings guidance range of $4.15 to $4.30 per share and raised its GAAP earnings guidance range to $3.90 to $4.20 per share. Key events in the quarter included an Illinois electric rate settlement providing $1 billion in rate relief over four years and Exelon's board approving a $
This M Intelligence piece will explore the product mechanics and design considerations of Whole Life (WL) insurance. There are two general categories of WL...
Pfizer at 2008 Credit Suisse Healthcare Conferencefinance5
1) The document is a transcript from Pfizer's 2008 Annual Credit Suisse Health Care Conference, where Jeff Kindler, Pfizer's Chairman and CEO, discusses Pfizer's strategic commitments and financial guidance.
2) Pfizer is committed to optimizing its product portfolio, accelerating its pipeline, establishing smaller business units, expanding in emerging markets, and aligning costs with revenues.
3) For 2008, Pfizer expects revenues of $48-49 billion and cost reductions of at least $2 billion, and to achieve its financial guidance targets.
The document provides two draft alternatives for determining cash flows from reinvested assets in life insurance reserve calculations. It requests comments on the draft by a certain date. The draft includes sections on minimum reserves, net premium reserves, deterministic reserves, stochastic reserves, cash flow models, reinsurance, and assumptions. It establishes principles for principle-based reserves for life insurance products in accordance with the Standard Valuation Law.
This document provides an overview of PHI and its strategy for positioning itself for success in a dynamic industry. PHI's strategy is to remain a diversified regional energy delivery and competitive services company focused on value creation and operational excellence. For its power delivery utility operations, PHI's goals are to operate with excellence, achieve constructive regulatory outcomes, invest in infrastructure, and deliver at least 4% annual average earnings growth. PHI's service territory has a robust economy that is less susceptible to downturns and includes diverse government and private sectors.
Netscribes Budget Analysis 2013 : Missing the woods for the treesNetscribes, Inc.
The budget analysis document provides a summary of key aspects of the 2013 Indian budget. It highlights that while the budget aimed to address certain sectors, it lacked a clear growth strategy and big reforms. It notes some positive steps like increased farm lending and fiscal deficit targets, but argues more could have been done to boost growth, investment and relieve inflation pressures. The summary critiques the budget for failing to meaningfully tax the rich or benefit the middle class.
During 2008 the Financial Accounting Standards Board (FASB) decided to work jointly with the International Accounting Standards Board (IASB) to develop a "more globally comparable standard" on the measurement and disclosures for insurance contracts across all industries.
The FASB Board recently arrived at a tentative decision about the scope of the project that will have an impact on companies that are not insurance entities, but that issue contracts such as certain guarantees, indemnifications, and extended warranty or product maintenance contracts.
This chapter discusses classical and Keynesian macroeconomic analyses. It begins with an introduction to the VIX index and how financial market volatility during recessions can impact GDP and prices. The chapter then outlines the classical model, which assumes flexible prices and full employment. It also describes Keynesian economics and how sticky prices can result in demand-determined equilibrium GDP. The chapter explores how aggregate supply and demand shocks can cause inflationary or recessionary gaps from full employment output. It examines factors that shift aggregate supply and demand curves and causes of short-run inflation variations.
- MIC reported proportionately combined free cash flow of $57.0 million for Q3 2013, up 40% from Q3 2012.
- IMTT experienced revenue growth from increased storage rates and ancillary services, while Atlantic Aviation saw lower interest costs and higher non-fuel profits.
- Hawaii Gas and District Energy saw modest growth despite cooler weather reducing energy consumption.
- MIC reiterated its guidance for 2013 proportionately combined free cash flow of $4.10-$4.20 per share.
Este documento contiene información sobre productos, proveedores, administradores, mobiliario, enfriadores, embaces, clientes, cuentas y vendedores de una empresa, incluyendo cantidades, precios, tamaños, fechas y otros detalles.
1. A small-time mobster father arranges an exchange of mysterious briefcases but is being watched by his criminal associates.
2. He finds the mutilated body of his family's dog in the car boot after the exchange, realizing the associates are sending him a threat.
3. He tries to pretend everything is normal during dinner with his wife and daughter, but receives a terrifying phone call that puts his family in danger.
Dokumen ini berisi soal selidik tentang kepuasan pengguna terhadap layanan bus umum Mara Liner di Kota Tinggi, Johor. Soal selidik ini terdiri dari beberapa bagian yang meminta informasi demografi responden dan menilai tingkat kepuasan mereka terhadap aspek keselamatan, kenyamanan, sopir bus, dan pengelolaan layanan berdasarkan skala 1 sampai 5.
Maria worked as an Office Manager for Designit Aarhus from May 2015 to August 2016. She acted as the single point of contact for employees and visitors, managing the daily operations of the office including facilities, meetings, travel, and social events. Maria demonstrated strong social and language skills, thriving in an international environment. Her former employer recommends her as a loyal, friendly, helpful team player.
John Boggan has over 30 years of experience in human resources, social work, and union representation. He currently works as a senior HR officer for a school consultancy in Wirral, advising 95 schools on issues like grievances, restructures, and teachers' pay and conditions. Previously, he was a social worker and mental health specialist for 14 years and a full-time trade union official representing UNISON members for 10 years. Boggan has extensive expertise in employment law, negotiations, mediation, and developing HR policies and procedures. He holds an M.A. in Human Resources Management from Liverpool John Moores University.
Vinay Kumar is seeking a job in a dynamic work environment providing engineering solutions with opportunities for growth. He has a Bachelor's degree in Engineering with 62% aggregate from Sambhram Institue of Technology. His academic projects included designing a solar chimney model and applying cold spray coatings for surface modification. His skills include CAD/CAM, ANSYS, CNC programming and C language. He is highly motivated, able to work individually and in groups, and a quick learner. His extracurricular activities include participating in engineering competitions, NCC camps, and organizing blood donation camps.
The document lists 3 names - Karthik Prasanna Juttu Ramesh, Srinivas Yaraganabiona, and an unspecified date of 01 Mar, 2016. It does not provide any other context or information about the names listed.
The document outlines the network infrastructure of the Escola Les Fonts school, including a router, rack switches connected to a main rack, servers in the computer lab rack providing Wi-Fi access throughout the school, and a link to the school's blog for online training.
This document is a resume for Khalid A. Ajlouni PMP, a Jordanian IT Manager/Supervisor. It outlines his education, including a Bachelor of Science in Computer from The Hashemite University in 2005. It also details his professional experience as an IT Manager for Barakah Takaful since 2009 and previously as an IT Officer for Nathealth from 2007 to 2009. It lists his professional skills such as project management, communication, and technical abilities. Personal skills include listening, communication, and inspiration. Certifications include PMP and courses in Oracle, ASP.NET, and ITIL. Languages include English, Arabic, and basic Japanese.
The document provides an overview of the key policy announcements and proposals in the Union Budget of India for 2012-13. Some of the major highlights include setting the fiscal deficit target at 5.1% of GDP, rationalization of subsidies, measures to boost infrastructure, agriculture and manufacturing. Direct tax proposals include no change in corporate tax rates but scope of alternate minimum tax extended. Indirect tax proposals lay the groundwork for nationwide implementation of GST.
Living Longer, Living Better: Reform Report #2 - GT review AustraliaGrant Thornton
This is our second report in response to the Government's Living Longer, Living Better package.
In this document, we discuss the implications of, and industry reaction to, the initiatives recently announced by the Government as more detail of their response to the Productivity Commission's report emerges.
While security servicing providers have performed well in recent years, they face anemic core growth, shifting client expectations, rising pressure on fees, and the potential for disruption. The COVID-19 pandemic and associated recession will put further pressure on the industry. In response, they must be bold in their planning and approach to service delivery.
RPI VS. CPI - Magic New Formula will Lead to Shrinking WedgeRedington
- The difference between the RPI and CPI inflation measures has been an issue for the UK government. Around 75-100bps of the gap is due to differences in the formulas used to calculate price changes.
- In 2010, changes to how clothing prices were collected for the CPI resulted in greater month-to-month variability and increased the gap between RPI and CPI inflation. This highlighted the need to address the unjustified causes of the formula effect.
- The UK Statistical Authority initiated a program called MFE to identify, understand and remove unjustified causes of the formula effect gap. They are consulting on options to reduce or eliminate the gap between RPI and CPI inflation measures.
Inflation Hedging and the Change in Indexation from RPI to CPI - Survey ResultsRedington
The document summarizes the results of a survey conducted by Redington and Pension Corporation on UK final salary pension schemes. Key findings from the survey include:
- The majority of defined benefit pension schemes are highly vulnerable to future inflation increases as less than 20% have at least 50% of their inflation-linked pensions backed by inflation-linked assets.
- 64% of actuaries and 39% of trustees believe schemes will carry out a buy-out or buy-in within the next three years.
- 91% of trustees said they would consider better asset-liability matching over the next three years.
Defined benefit pensions with Liability Driven InvestmentsHenry Tapper
The document is a government response to recommendations from the Work and Pensions Committee regarding the use of Liability Driven Investments (LDI) by defined benefit pension schemes.
The response provides updates on actions taken to address each recommendation, which include the Department for Work and Pensions publishing a response to its consultation on pension scheme consolidation, collecting additional data from schemes and regulators on LDI usage and resilience, and plans for the Pensions Regulator to improve its digital capabilities and oversight of LDI governance.
Review Note - Union Budget & Investment Strategy - Jul'14jignesh shah
The document provides a summary and analysis of the Union Budget of India for 2014. It discusses the major announcements including a focus on infrastructure growth, fiscal consolidation, and measures to contain inflation. It analyzes the implications for various sectors and provides investment strategies. Execution will be critical to the success of the budget's goals of turning around economic growth, according to the document.
The document discusses some of the risks associated with the UK government's proposed Contracts for Difference (CfD) electricity market reform compared to the existing Renewables Obligation (RO) system. Specifically:
- Market risk is reduced under CfDs through long-term price certainty, but it is unclear how power purchase agreements will evolve to cater to the new system.
- Basis risk exists if the reference price used in CfDs is not reflective of actual market prices. This could undermine the mechanism.
- Liquidity risk may increase without a legal obligation for suppliers to purchase renewable power. Projects will still require long-term power purchase agreements to attract financing, but it is unclear how the power
CBIZ Manufacturing & Distribution Hot Topics June-July 2020 NewsletterCBIZ, Inc.
This document provides a summary of issues impacting the manufacturing and distribution sector in light of the COVID-19 pandemic. It discusses 4 key ways for companies in this sector to prepare for the post-COVID environment:
1) Take advantage of tax relief provisions to decrease tax liabilities and potentially gain refunds.
2) Monitor key performance indicators more closely to identify financial impacts and opportunities for adjustment.
3) Manage insurance expectations as business interruption claims will not apply but liability risks may increase.
4) Be prepared for an overall hardening of the property and casualty insurance market with potential double-digit premium increases due to various factors including COVID-19 losses and economic impacts. Close review of risk
Everybody is talking about Environmental, Social and Governance (ESG) nowadays,
however, it’s not immediately apparent what the real implications are for
medium-sized companies. Gábor Szendrői, Managing Partner, and Judit Pókos,
Organizational Development Manager, at Concorde MB Partners – IMAP Hungary
took a deep dive into the current regulations, as well as conducted a series of
interviews with SPAR Hungary, a large food retailer and MOL, an international oil
group, along with the Hungarian National Bank, Hungarian Stock Exchange and
other several key players in the Hungarian economy, in order to better understand
what ESG really means in terms of obligations and repercussions for mediumsized
companies. They share their findings on the indirect, yet highly important
aspects of ESG regulations with Creating Value.
The federal budget is a measure of the overall scope and magnitude of federal activities that involve the spending or collection of money. The net costs of those activities are shown in the budget mostly on a cash basis, but some transactions are recorded by means of accrual accounting. This presentation discusses the relative merits of cash and accrual measures when accounting for various federal insurance programs and federal retirement programs.
The federal budget is a measure of the overall scope and magnitude of federal activities that involve the spending or collection of money. The net costs of those activities are shown in the budget mostly on a cash basis, but some transactions are recorded by means of accrual accounting. This presentation discusses the advantages and disadvantages of cash and accrual measures when accounting for various federal insurance programs and federal retirement programs.
The document is from the Congressional Budget Office and discusses the rising federal deficits and debt in the United States. It notes that under current policies, deficits are projected to increase significantly as a percentage of GDP due to factors like an aging population and rising healthcare costs. To put the budget on a sustainable path, lawmakers will need to adopt policies that increase taxes, reduce government benefits and services, or combine both. However, achieving the large amount of deficit reduction needed to stabilize rising debt levels will be very challenging.
The document is a presentation by the Director of the Congressional Budget Office (CBO) about key issues related to federal spending and taxes. It addresses five questions: 1) the size of projected deficits and debt, 2) factors putting pressure on the budget, 3) consequences of rising debt, 4) policy changes for a sustainable budget, and 5) criteria for evaluating policies. The CBO projects large deficits and rising debt without changes to current policies. Rising healthcare and retirement costs are key drivers. Reducing the debt requires significant cuts to benefits, spending, or revenue increases above historical averages.
Responding to covid 19 - a strategic framework to guide business actionAndrew Hone
Drawing on insights from over 25 years' experience in turnaround management and business performance improvement, this presentation sets out a strategic framework specifically developed to help businesses respond to the challenges of Covid-19.
In this report, you will discover:
- A three-stage framework for developing a response to Covid-19
- The key components of a Covid-19 business continuity plan
- Cashflow modelling in times of extreme uncertainty
- Cashflow mitigation strategies to secure the near-term viability of your business
- Possible medium-term strategic implications of Covid-19
- A process for driving rapid execution of initiatives in a turnaround situation
This document summarizes a paper that examines the sustainability of pension schemes. It discusses challenges facing defined benefit pension schemes from poor market returns and low interest rates. It also discusses challenges for pay-as-you-go public pension schemes from lower tax revenues and rising fiscal deficits. The paper then presents an actuarial model to estimate costs of supporting occupational and public pension schemes under different assumptions. It analyzes how lower economic growth and aging populations could increase liabilities and contribution rates for pay-as-you-go schemes. Finally, it discusses challenges occupational plans may face from changes in pension accounting standards and derivatives market reforms.
A presentation on how princple-based approaches impact pricing of life, health and annuity insurance products--with an example from RBC C3 phase II calculations. From the 2010 SOA Annual meeting in NY, these are my slides from a shared presentation with Rob Stone of Milliman.
Grant Thornton - Higher Education News 2012 UKGrant Thornton
The document discusses developments affecting UK higher education pensions over the past year. Despite gains from changes to pension increases, market turmoil has increased pension deficits. Lower bond yields have significantly increased liabilities, widening deficits. The UK government plans to reform public sector pensions to reduce costs by moving to career average plans and increasing member contributions. Universities are also under pressure to cut costs through more efficient procurement and restructuring support activities, but reductions must be sustainable to avoid compromising quality. Collaboration between institutions may help but VAT remains a barrier unless a formal cost sharing group is established.
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Grant Thornton - Pensions de-risking market quarterly update: Q4 2012
1. De-risking market quarterly
update: Q4 2012
Welcome to our quarterly update on the latest developments in the defined
benefit (DB) pension plan de-risking market. We will be looking at all aspects of
the market, including regulatory developments, product development, completed
transactions, product pricing and market sentiments. We will also provide views
on the future development and shape of the market.
This continues to be an extremely interesting and dynamic time in the de-risking market, with activity
continuing to be strong despite gloomier predictions over the time it will take for the economy to
recover.
In this update, we look at the last three months of 2012, including providing a background to some
pertinent regulatory issues, the drivers behind recent de-risking activities, some innovative de-risking
solutions that we can advise on and a preview of how we think the market will develop in the next six to
twelve months.
The overall effect will depend on the option
Regulatory issues in the market chosen and benefit structure of the pension
RPI averaging method
scheme
On 8 October 2012, the Office for National
3) CPI-linked benefits will not change on an on-
Statistics (ONS) announced a consultation about
going basis. However, insurers do not
the method used to calculate the Retail Price Index
currently have a large market in which to
(RPI). There are two key reasons RPI is expected
purchase CPI-linked assets, so often use RPI-
to be consistently above the Consumer Price Index
linked assets as a proxy, which will be cheaper
(CPI). One is the underlying basket of goods and
. Thus, this change could lower the costs of
the other is the method used to calculate the
de-risking CPI-linked liabilities.
average price. CPI uses a geometric average and
RPI uses an arithmetic average, which has an
upward bias of around 0.5% to 1% pa. The
consultation proposed various options on how to
reduce or remove this inconsistency. The results of
the consultancy will be announced in January 2013,
with anticipated implementation in March 2013.
The impact of this change is dependent on
whether a pension scheme's revaluations are in line
with CPI or RPI. Depending on the option
implemented, RPI expectations could fall
dramatically. This will have three effects:
1) Index-linked gilts are based on RPI, so any fall
in RPI expectations will be reflected by a fall
in the value of any index-linked gilts
2) Any scheme with RPI revaluations will
experience a significant reduction in liabilities.
3. Market sentiment evidence to suggest that the market responds
Investors and equity analysts are increasingly positively to companies that have implemented a
taking into account the risk management strategies materially significant risk reduction strategy on
of companies with DB pension funds. There is their pension plan. See the table below for some
examples.
Share price %
Transaction
Company Date Type of de-risking Before After change
size
Akzo Nobel May 2012 Longevity swap £1,400 million 40.69 40.93 0.6
BPA
Tate & Lyle December 2012 £350 million 756.5 769 1.7
BPA
Cookson July 2012 £320 million 607.5 633.5 4.3
BPA
General Motors December 2012 £230 million 25.63 25.56 -0.3
BPA
Aon Minet July 2012 £100 million 46.43 46.81 0.8
"A small risk premium is payable and the "As the market edges lower, Tate & Lyle has
accounting deficit will increase slightly as a bucked the trend after the group unveiled a
result. But this feels like good business to us" pensions deal with Legal & General"
Investec commentary The Guardian commentary
on Tate & Lyle's buy-in, 10 December 2012 on Tate & Lyle's buy-in, 7 December 2012
Outlook for the next 12 months such as Swiss Re and L&G. Activity in the market
Bulk purchase annuities has slowed due to this turnover in market
With many analysts expecting further Quantitive providers and only two major deals were signed in
Easing in 2013 and predictions of an increasingly 2012, both with Swiss Re.
slow economic recovery, it seems unlikely that we In a Solvency II framework, initial capital
will see any significant upwards movement in gilt requirements are significantly lower for a longevity
yields. Assuming that this low gilt yield is sustained swap than a BPA structure, a feature that we
over the upcoming year, we expect that most BPA expect to attract more insurers into the market.
contracts will be related to pension plans cashing However, as longevity swaps often take some time
in on historic good performance of certain asset to execute, it is possible that deals involving these
classes, such as bonds or deferred premium insurers may not complete until the latter half of
arrangements for those pension plans who need to 2013.
rely on a medium-term pick-up in the equity We also expect more plans to use a combination
market. of solutions to tackle the different risks they face.
Combining a pensioner buy-in and a non-retired
Longevity swap market index-based longevity swap with a liability-driven
There was a rush of activity at the end of 2011, a investment (LDI) overlay can lead to a de-risked
year where around £7bn worth of longevity swaps position that is very close to a buy-out - a ‘DIY
was written. In the first half of the year many buy-out’, where the index-based longevity swap
banks, such as Deutsche Bank, UBS and Nomura would have to be re-executed at the end of each
pulled out of the market, to be replaced by insurers contract term, usually every 15 years.
4. De-risking transactions in the last year
The bulk purchase annuity deals struck in the last 12 months with a premium in excess of £100m are
listed below:
Date Pension scheme Counterparty Value
December 2012
Merchant Navy Officers' Pension Fund Rothesay £680m
December 2012
Tate & Lyle Group Pension Scheme Legal & General £350m
July 2012
Cookson Group Pension Plan PIC £320m
West Midlands Integrated Transport
April 2012 Prudential £270m
Authority Pension Fund
December 2012
General Motors UK Pension Plan Rothesay £230m
May 2012
Gartmore Pension Scheme PIC £160m
July 2012
Aon Minet Pension Scheme PIC £100m
Total £2,610m
The major longevity swap deals struck over the past 12 months
Structure: (indemnity
Date Pension scheme Counterparty Value
or index-based)
May 2012 Akzo Nobel (CPS) Pension
Swiss Re Indemnity £1,400m
Scheme
December 2012 LV= Employee Pension
Swiss Re Indemnity £800m
Scheme
Total £2,200m
Innovation out or mitigate the risks faced by your pension
While a pension annuity buy-in remains the most scheme. Our work can help both privately-owned
popular insurance-based solution used to de-risk a and listed corporate sponsors and trustees to
defined benefit pension fund, Grant Thornton reduce the risk of financial losses as a result of the
can advise on a wide range of new and creative pension scheme and concurrently give more
de-risking solutions, which are tailored to the size, protection for members' accrued benefits.
risks and requirements of an individual pension We also play an important role in providing
scheme. pensions advice in corporate Mergers &
We offer independent advice on structured Acquisitions transactions.
solutions and transactions that will either transfer
5. De-risking market quarterly update: Q4 2012 January 2013
Key contacts
Darren Mason Kelvin Wilson James Edelman
Head of Pensions Director, DB Pensions Assistant Manager, DB Pensions
T +44 (0) 20 7728 2433 T +44 (0) 20 7865 2402 T +44 (0)20 7865 2819
M +44 (0) 7971 434 964 M +44 (0) 7879 667 208 M +44 (0)7780 687650
E darren.m.mason@uk.gt.com E kelvin.wilson@uk.gt.com E james.s.edelman@uk.gt.com
Darren has over 20 years' Kelvin advises on bulk purchase James is a part qualified actuary
experience in corporate annuities, longevity swaps, with an MA from Cambridge
transactions and restructuring. investment strategy (including University and an MSc from
He has led over 100 assignments liability driven investment Imperial College Business School.
flowing from the new legislation strategies) and designing and He has worked with a number of
governing the stronger funding of implementing flight paths for corporates and trustees in the past
defined benefit schemes looking to achieve a on SSF valuation calculations and
pension schemes advising on the target funding objective. negotiations, M&A activity, risk
impact for trustees, companies Whilst at Prudential M&G, Kelvin analyses and implementing de-
funding the schemes and their helped structure the first £1bn risking solutions.
lenders. pension annuity buy-in with Cable He now specialises in advising
Assignments have included & Wireless Superannuation on pension scheme risks and how
changes in covenant as the result Pension Scheme. to manage these risks over the
of a transaction, clearance Kelvin holds an MA from Oxford long term.
applications, employer covenant University and has an actuarial
in SSF valuations, contingent and investment management
asset solutions, covenant background. He has performed,
monitoring and restructuring reviewed and analysed a number
involving scheme sponsors. of valuations. He recently advised
Many of these assignments have a purchaser about the appropriate
included groups with overseas level of price adjustment needed
ownership including listed on a deal involving a defined
companies in the US, France, benefit pension scheme.
Germany, Malaysia, Japan and
Australia.
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6. De-risking market quarterly update: Q4 2012 January 2013
About Grant Thornton
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About Pensions Advisory
Pensions Advisory offer independent advice on structured solutions and transactions that will either
transfer out or mitigate the risks faced by your pension scheme. We can advise on a wide range of new and
creative de-risking solutions, which are tailored to the size, risks and requirements of an individual pension
scheme.
Our work can help both privately-owned and listed corporate sponsors and trustees to reduce the risk of
financial losses as a result of the pension scheme and concurrently give more protection for members'
accrued benefits. We also play an important role in providing pensions advice in corporate Mergers &
Acquisitions.
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