Pension fund for Dutch hairdressers loses 0.7% due to rising rates

first_imgThe pension fund’s 62% return portfolio produced an overall result of 7.8%, with its equity holdings (32.4%) generating a 14.8% return.US and European equities returned 26% and 20%, respectively.In contrast, the scheme lost 9% on its emerging market holdings, having recently increased the allocation at the expense of investments in Japan and Asia.Kappers’ 9.5% property portfolio returned 0.34%, while its 20.6% credit allocation delivered 2.3%.The industry-wide pension fund for hairdressers and barbers reduced its contribution from 8.6% in 2013 to 7.5% in 2014, while lowering its annual pensions accrual from 0.85% of salary to 0.81%.To raise its coverage ratio to the minimum required level of 105.3%, the scheme had to apply a 2.8% rights cut last April, following a 7% discount last year.At May-end, its funding stood at 109.7%.The board said it expected that any new funding shortfall would be eliminated under a new pensions contract based on the financial assessment framework (FTK).It added that it decided to pay its trustees and chairmen a fixed annual amount of €25,000 and €40,000, respectively.The pension fund reported administration costs of €122,50 per participant and asset management costs of 0.45% of its assets. At year-end, it had 20,750 active participants, 36,750 deferred members and 2,380 pensioners. Kappers, the €457m pension fund for hairdressers and barbers in the Netherlands, lost 0.7% on its investments last year due to the effect of rising interest rates on its fixed income holdings and interest derivatives.On balance, its 37% matching portfolio of government bonds, interest derivatives and mortgages lost 12.2%, according to its 2013 annual report. The largest loss – almost 17% – was produced by the scheme’s 28.6% allocation to government bonds and interest swaps, meant to hedge the interest risk on its liabilities.Mortgages investments, on the other hand, returned almost 7.4%.last_img read more

Adebayor given compassionate leave

first_imgTottenham striker Emmanuel Adebayor will miss his club’s final game of the season at Everton on Sunday after being allowed to return to his native Togo on compassionate grounds. Adebayor published the latest in a series of lengthy Facebook posts this week in which he revealed he had contemplated suicide due to a family feud. And concerns over the player’s mind-set have prompted Spurs boss Mauricio Pochettino to step in on his behalf, Press Association Sport understands. The 31-year-old, who has already been granted compassionate leave once this season, is also set to miss the club’s post-season tour of the Far East, and his future at the club must now be in doubt. Adebayor has used his Facebook account three times to reveal his complicated family issues. In his first post earlier this month, he accused his brother Rotimi of stealing mobile phones belonging to team-mates at a leading French football academy. Adebayor’s third installment on Wednesday was the most striking as he said arguments with his brothers Kola and Peter, who died in July 2012, drove him to consider taking his own life. ”Many times I wanted to give up,” Adebayor wrote. “Ask my sister Iyabo Adebayor how many times I have called and was ready to commit suicide ”I kept these stories for years. But if I die, no-one would know my story, no-one would learn from it. Some people say I should keep these stories private, but someone has to sacrifice himself, someone has to talk about it.” center_img Press Associationlast_img read more