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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_imgEngland International Adam Johnson has been sacked by Premier League Sunderland after he pleaded guilty to sexual activity with a child, the club said on Thursday.”In light of Adam Johnson’s guilty pleas, the club has today terminated his contract with immediate effect,” Sunderland said in a statement. “The club will make no further comment.”Johnson pleaded guilty to one count of sexual activity with a child, but denied two other charges, when he appeared at Bradford Crown Court on Wednesday.The 28-year-old winger, who has played 12 times for England, also admitted one count of grooming a girl under the age of 16, a court official said.–Follow Joy Sports on Twitter: @JoySportsGH. Our hashtag is #JoySportslast_img read more

first_imgScott Duxbury, the Watford chairman and CEO, added: “We are delighted that Javi has agreed an extension to his contract.“From day one it was clear that Javi worked well with us and shared our vision of how to achieve success for Watford Football Club, and we are looking forward to continuing that work together for many years to come.”Gracia was brought in by Watford following the sacking of Marco Silva, who was dismissed in January on the back of a run of just one win in 11 matches. Berahino hits back at b******t Johnson criticism – ‘I was in a dark place at Stoke’ Son ban confirmed as Tottenham fail with appeal to overturn red card MONEY Forbes list reveals how much Mayweather, Ronaldo and Messi earned this decade REPLY Top nine Premier League free transfers of the decade Every time Ally McCoist lost it on air in 2019, including funny XI reactions RANKED Ronaldo warned Lukaku how hard scoring goals in Serie A would be before Inter move Javi Gracia has signed a new long-term contract with Watford, the Premier League club have confirmed.Gracia, 48, joined Watford in January to succeed Marco Silva, helping keep the Hornets in the top flight when relegation was a real possibility. REVEALED Oxlade-Chamberlain suffers another setback as Klopp confirms serious injury Premier League Team of the Season so far, including Liverpool and Leicester stars Where Ancelotti ranks with every Premier League boss for trophies won huge blow Matches: 30Wins: 11Draws: 5Defeats: 14Goals for: 34Goals against: 44Points won: 38Biggest win: 4-1 vs Chelsea, 3-0 vs HuddersfieldBiggest defeat: 5-0 vs Liverpool Latest Football News ✍️ | #watfordfc are delighted to announce Javi Gracia has signed a new four-and-a-half year contract with the Hornets!Details ⤵️https://t.co/YfMoWQ9bnn#GR4CIA pic.twitter.com/4HzS6NxOm7— Watford Football Club (@WatfordFC) November 28, 2018He started this season with four wins from the opening four matches, and currently has Watford in the top half of the Premier League table.Gracia, who managed clubs in Spain, Greece and Russia before being appointed the Hornets’ head coach, has put pen to paper on a four-and-a-half-year deal.“I am very happy to extend my contract,” Gracia said.“I am very proud in this moment to be part of this club and to belong here for more seasons.” no dice BEST OF shining Javi Gracia’s career at Watford Which teams do the best on Boxing Day in the Premier League era? ADVICE REVEALED The former midfielder was praised upon his appointment as ‘very highly valued in Spain’, though his Vicarage Road career began with a 1-0 defeat by Southampton in the FA Cup.Watford ended the season winning four of their 15 matches played under Gracia’s tutelage, and he’s claimed a further seven wins so far this term; six in the Premier League and the other in the Carabao CupMemorable results include a 4-1 defeat of Chelsea in his first home match in charge, as well as a comeback victory over Tottenham played back in September.last_img read more