Brexit could derail cross-border pensions, resurrect HBS, experts warn

first_imgThe UK’s vote to leave the European Union (EU) has complicated the pan-European pensions debate, delegates heard at a recent institutional-investment summit for Austria, Germany and Switzerland.Panellists at the summit, organised by Barbara Bertolini in Vienna, suggested Brexit could derail the launch of cross-border schemes in future and spark the renegotiation of pensions-related legislation.Hansjörg Müllerleile, director of pensions at Germany’s Bosch Group, said: “If we have to renegotiate the whole IORP Directive in six years’ time at the latest, providers probably won’t set up any major cross-border pension plans today.”He said he feared that, once the British “counterweight” against France and Southern Europe had left the EU, negotiations would return very quickly to the “full harmonisation” of pension systems. He pointed out that this had been one the major issues in the IORP II negotiations against which Germany had fought.“The British were not the most reliable ally on every single point,” Müllerleile added, “but it was the best we had.”Andreas Hilka, board member responsible for asset management at the Hoechst Pensionskasse, said he was also “worried”, as the British would no longer be there to “support the fight against the holistic balance sheet (HBS) model” post-Brexit.“In the short term, I do not see a Renaissance of the HBS, but it will remain a permanent struggle,” he said. “All we have won is a little time.”Alexander Graf Lambsdorff, German MEP and vice-president at the European Parliament, agreed that Germany would “lose an ally” in the EU, while Christian Böhm from Austrian Pensionskasse APK suggested that the British had helped prevent regulation from “going overboard”. “I wouldn’t want to imagine what the IORP II Directive would have looked like without the British,” he said.“We would have been utterly at the mercy of authorities and civil servants because there would have been too many delegated acts. I wouldn’t have wanted either one or the other extreme.”Böhm said an EU that lacked “a lot of excellent British representatives” on the European Commission, European authorities and other political institutions would “change the balance of power significantly”.He said he also shared Müllerleile’s concern that, after Brexit, the full harmonisation of pensions regulation would be back on the table. IPE understands that the number of active cross-border IORPs (76) has not changed between this year and last.last_img read more


Iheanacho Hit Season’s ‘Personal Best’ with Win over Albion

first_imgOut of Favour Super Eagles forward, Kelechi Iheanacho, recorded a personal best in Leicester City’s 3-1 English League Cup triumph over Burton Albion on Tuesday night.The Nigeria international put his side ahead in the seventh minute before Youri Tielemans and James Maddison completed the triumph against Nigel Clough’s men.Although Liam Boyce found the net for the hosts, it stood as consolation with Brendan Rodgers’ side qualifying for the next round. Kelechi Iheanacho Following Iheanacho’s contribution, he has now been directly involved in nine goals (six goals and three assists) across his 12 EFL Cup appearances for Leicester and Manchester City combined.Interestingly, his two goals this term have both come in the competition – having found the net against Luton Town in September.Despite this impressive stat, the Nigerian is enduring a torrid time at the King Power Stadium following his inability to get regular playing time.With his goal against Burton, Rodgers will be hoping that the former Manchester City man can continue with his goalscoring form as they look to overcome Crystal Palace on Sunday.They are third in the English top-flight log with 20 points after 10 outings.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more


Pirates looking for trade partners

first_imgPittsburgh Pirates manager Clint Hurdle (13) sits in the dugout during a baseball game against the New York Mets in Pittsburgh. (AP Photo/Gene J. Puskar, File)MIAMI (AP) — For the third straight season, the Pittsburgh Pirates are approaching baseball’s trade deadline as buyers.And they’re finding that they’re not alone. With Wednesday’s deadline inching closer, the Pirates are trying to get someone who can help their already-looking-good odds of making the playoffs — and finishing with a winning record, for that matter — for the first time since 1992. But in Pirates manager Clint Hurdle’s eyes, the second wild-card spot is making plenty of other teams who might have been sellers a couple years ago think that they’re still in the postseason race.“This extra wild-card has really become challenging,” Hurdle said Saturday afternoon in Miami, where his club was facing the Marlins. “As much benefit comes with it, it’s also a time of year where there are some problems that can come from it because you’re not out. The general manager, the team president, somebody’s making a call … that’s a tough position to be in right now.”Hurdle and general manager Neal Huntington were exchanging emails Saturday on a number of topics, and the manager has even ranked a list of targets that the team believes might be available on the trade market.So far, no moves. Then again, the Pirates might not need much, either. They entered Saturday with 60 wins, tied for fourth-most in baseball, and entered the day with a seven-game cushion against falling out of the two NL wild-card spots.“I don’t get caught up in what I think the club needs, because I’ve got players out there that are still playing,” Hurdle said. “It doesn’t make much sense from my perspective to say ‘We need X, Y and Z’ and I’ve got X, Y, and Z out there regardless of the situation. I think after watching 101 games, I think we have a good feel on what we’ve done well, where we’ve been consistent and some areas that we could use some help.”The second wild-card was supposed to bring added intrigue to postseason races, and Marlins manager Mike Redmond thinks it’s working.“You really have five or six, four or five teams in it all the way into September,” Redmond said. “And that creates excitement. That creates excitement maybe for markets that haven’t been successful in the past and that’s good. That’s good for baseball. I think it’s great and it makes teams realize, ‘Hey, you know, we’re not that far out.’”In the American League, Boston and Baltimore entered Saturday as the holders of the two wild-card spots, and there were three teams all within four games of finding their way into that mix. There’s a bit more space in the NL race, where outside of the three division leaders, only Pittsburgh, Cincinnati and Arizona are currently over .500.Still, the Pirates probably don’t want to leave much to chance. They made deals in 2011 and again last year, then fell apart both times. They went 18-38 after Aug. 1 in 2011, 20-39 after Aug. 1 a year ago.“We’ve gone the way of the rental player. We’ve gone controllable players,” Hurdle said. “So we’re going to keep our options open and stay involved with discussions, multiple discussions. We could take this thing right down to the wire, from my understanding.last_img read more


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