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first_imgThe DWP said that it recognised “the additional challenges and risks” a flat fee structure can present, but that its view was not to ban flat fee structures outright but to consider incorporating new conditions intended to limit their application in circumstances where scheme members would lose out.More specifically, it said it was considering measures that would set a minimum pot size before a flat fee could be charged.In a blog post, Henry Tapper, former director at First Actuarial and now looking after his own company, Age Wage, said the DWP’s suggestion with respect to flat fee charging was “the one new idea” in DWP’s consultation.“This will be painful,” he wrote. “Small pots are already causing a lot of pain to master trusts and they are moving to combination charges out of financial necessity.”Transaction costs, CTI take-upAs part of its “call for evidence” the DWP is also is seeking industry views on including transaction costs within the 0.75bps charge cap.It said it wanted to “assess the effectiveness of any measures designed to improve disclosure of transaction costs before deciding whether a cap on these costs would be appropriate, and if so, at which level it should be set”.The DWP is also seeking input on options to assess and widen take-up of the standardised cost disclosure templates developed by the industry Cost Transparency Initiative (CTI).Questions it is asking include whether legislative information is required to support adoption of the CTI templates, and how easy it is to request cost information from asset managers.There is no industry-wide data on the use of the CTI templates, although the CTI has reported strong take-up.The DWP’s consultation can be found here. It is open until 20 August. The DWP said it aimed to bring forward proposals in response to the consultation later this year.To read the digital edition of IPE’s latest magazine click here. The Department for Work and Pensions (DWP) has suggested imposing new conditions on the use of flat fees in default arrangements in defined contribution (DC) auto-enrolment schemes.It is seeking industry views on this as part of a wider consultation on the charge cap for default DC auto-enrolment arrangements and standardised cost disclosure.A flat annual fee can be combined with a percentage of funds under management for one of two permissible combination charging structures for default funds in DC auto-enrolment arrangements.While seen as providing the greatest benefit to members with the largest funds, flat fees have been criticised for having a regressive effect on small pension pots.last_img read more

first_imgSouthampton manager Mauricio Pochettino’s future at the club was uncertain on Wednesday as key ally Nicola Cortese quit as executive chairman. Liebherr said in the statement on Southampton’s official website: ”With great regret we have accepted the resignation of Mr Cortese. ”He has done a wonderful job and we very much wanted him to stay. A search has now begun for a successor. ”It is business as usual and we will ensure that the manager, team and staff at the club have all the help and support they need.” Yet there was talk of Cortese considering his position in May, and at the time Pochettino warned he too would leave Southampton if his boss chose to do so. The Argentinian manager, who was appointed as successor to Nigel Adkins in January 2013, said last year: ”I would not understand staying in this role if Nicola was not here. ”The person that actually called me from the start, told me about the project and put their faith in me was Nicola. ”I have great respect as well for Southampton, the club and the supporters, but Nicola has been the one that has placed his trust and faith in me. ”I wouldn’t see myself in this club if it was not for him. We are on the same wavelength about the club and the future of the club so it really would not make any sense if I was at this club and he was not.” Southampton are currently ninth in the table. Defender Luke Shaw gave his reaction to Cortese’s departure in a message on Twitter, writing: “Gutted with that news, but would just like to thank Nicola Cortese for everything he has done for me and the club! All the best to him!” Italian Cortese was appointed as Southampton’s executive chairman in 2009 after being instrumental in German-born Swiss businessman Markus Liebherr’s purchase of the club earlier that year, and has since overseen their remarkable rise from League One to the top flight. It is understood Cortese had been contemplating quitting due to divisions between him and Katharina Liebherr, who took over as the south coast side’s owner following the death of her father Markus in 2010. Pochettino is scheduled to hold his regular pre-match press conference on Thursday afternoon ahead of Southampton’s trip to Sunderland on Saturday. There have been reports claiming 45-year-old Cortese first handed in his resignation several weeks ago. His reasons are unclear, however Liebherr is planning to sell the club according to the BBC. Having entered administration just prior to the Liebherr takeover, Southampton began Cortese’s first season as executive chairman with a 10-point deduction but soon rose from the bottom of the third tier. They achieved back-to-back promotions in 2011 and 2012 as Adkins, brought in as a replacement for Alan Pardew, guided them to the Championship and then Premier League. And after the controversial sacking of Adkins, Pochettino led the Saints to a 14th-placed finish last term, with them ending their comeback top-flight campaign five points clear of the relegation zone. In a statement, the Barclays Premier League outfit announced club owner Katharina Liebherr had taken on the role of non-executive chairman following Cortese’s resignation. They also said a search had begun for a chief executive officer, who will take over Cortese’s executive duties. Press Associationlast_img read more

first_imgThis time the ITA boss has his hands full as his son is expected to compete in the competition.“Kalada is fit and ready but I have so much on my hands. I expect a great tournament,” Kienka said.The team even with eight teams comprising eight players each was concluded at the weekend in the competition which started on Wednesday in Lagos.Chairman of the Tennis section of Ikoyi Club, Abimbola Okubena, said all was set for the singles category of the competition.“We are all set for this because we have been preparing in the past few months for the event. The scoring system and modalities are clear to the participants.“Many of us are looking forward to the veterans and super veterans categories where club members will compete for honours,” Okubena said. The annual tournament ends on Saturday June 1.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram The Singles event of the annual Ikoyi Club Tennis Tournament sponsored by Zenith Bank Plc begins today at Ikoyi Club 1938 in Lagos.Kalada Kienka, is expected to lead other top professionals in search of glory in the standard tournament of the singles. There are other top contenders as the competition gets tougher in both the male and female cadre.Incidentally, Kalada’s father, Godwin Kienka, the Director of International Tennis Academy, emerged winner in one of the singles category only two years ago.last_img read more