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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_imgDream Hotel GroupDream Hotel Group to triple existing portfolio by 2022Renowned hotel brand and management company Dream Hotel Group, home to its Dream Hotels, Time Hotels, The Chatwal and soon-to-launch Unscripted Hotels brands, today announced another year of unprecedented international growth with nine new hotels expected to open in new destinations by the end of 2020.“We signed more new hotel deals in the last six months than any other year in the company’s history,” said Dream Hotel Group chairman Sant Singh Chatwal. “After significant investment and repositioning from ownership to hotel brand and management, Dream Hotel Group now boasts its strongest portfolio ever, and we look forward to continuing to build on our success and expand our brands at a rapid rate.”Dream Hotel Group has 16 hotels open today and a robust pipeline of 26 additional properties, including these nine new locations, which, when open, are expected to bring the company’s total property and room count to 42 and 10,034, respectively. With the largest and most active pipeline in the company’s history, Dream Hotel Group is on track to increase its global footprint by 230 percent over the next four years, tripling its existing portfolio by 2022.“These nine new developments are a testament to the strength of our brands, and I am proud to announce another record year of strategic growth momentum for the group,” remarked Jay Stein, CEO, Dream Hotel Group. “We are finding that our lifestyle brands resonate well in both established and emerging destinations, and every step into a new market demonstrates our unwavering commitment to forging new and enriching partnerships with potential owners and developers across the globe.”Newly signed locations include primary and secondary markets around the world—from Dallas to Delhi, Upstate New York to Vietnam, the Maldives to the Dominican Republic—and represent $750 million in new hotel development, all with independent development partners.The news follows that of the highly anticipated summer launch of Dream Hotel Group’s newest lifestyle brand, Unscripted, which is on track become the fastest-growing new brand in the company’s history. A new hospitality concept for the progressive creative traveler, Unscripted will open its first location in Durham, North Carolina in July 2017.Dream Hotel Group signed nine new hotel deals in the last six months, including:Dream Oceanami Villas & Spa (Vietnam) – Fall 2017Unscripted Cocobay Da Nang – Fall 2017The Chatwal Lodge – Late 2018The Chatwal Maaga Maldives – 2019Unscripted Dallas-Fort Worth – 2019Dream Delhi – 2019The Time Dominican Republic – 2019Unscripted Dominican Republic – 2019Dream Gasveli Maldives – 2020Dream Hotel Group also signed letters of intent to open hotels in the following markets: Austin, Phoenix, Orlando, Monterey and Long Island City, as well as the United Kingdom, Central America and Vietnam.The company plans to sign more than 150 hotels and resorts across all its brands – Dream, Time, The Chatwal and Unscripted – in the next four years, continuing to solidify its burgeoning global portfolio.Source = Dream Hotel Grouplast_img read more