The German occupational pension system has overlooked its interest-rate risk sensitivity, a dependency that will force it to re-evaluate its approach to guarantees, according to Heribert Karch, chair of the country’s pension association.Karch, chairman of the aba and chief executive at MetallRente, said that, following the collapse of Lehman Brothers, the German pensions sector was proud of how well it weathered the crisis.“But we overlooked how sensitive to interest rates we were,” he told the aba’s annual conference in Berlin this week.“Today, we still finance a greater number of countries than we do economies. This results in a interest rate dependency and a sensitivity to interest rates that forces us to re-think the dilemma of [low] returns and guaranteed [payments].” Karch called for the industry to truly re-think the issue and not simply assume a defensive stance.“If we can come to a sensible agreement, then I am not worried that we can ensure [income] security for employees.”The chairman’s comments came shortly after the German government received two detailed reports on pension reform, examining possible tax incentives to boost participation and the role of collective bargaining agreements.The respective ministries, for finance and social affairs, have offered tacit support for one of the main findings, proposing the use of an auto-enrolment system to boost participation rates.However, aba and Karch warned against attempts to introduced a defined contribution-based system, without any guarantees, noting it would be a difficult reform to sell.“The federal government must now look at the numerous reform proposals and settle on the right shape of reform.“The aba stands ready to offer its assistance – both with the big picture and the detail.”
Cathy S. Baylor, 66 of Milan passed away Friday December 9, 2016 at West Chester UC Hospital in West Chester, Ohio. Cathy was born Wednesday August 23, 1950 in Bartholomew County, Indiana the daughter of Earl and Betty (Joy) Brown. She married Jack N. Baylor March 17, 1977 and he survives. She had been a former employee of both Arvin and Cummins in Columbus. She was a member of the East Columbus Christian Church. She liked horseback riding, loved all animals, liked to sew and crochet and was an avid reader, and liked spending time with her family that she loved most of all. Cathy had battled with kidney dialysis the last 10 years.Cathy is survived by husband, Jack, daughters Kimberly Mahoney (Allen Ford) of Clifford, Indiana and Jackie Baylor of Milan, brothers Darwin (Alice) Brown and Gary (Jean) Brown, grandchildren Kayla Schultz and Alexis Smith, great grandchildren Aaron and Allen Smith, sister and brothers in law, nephews, nieces, cousins and a host of friends. She was preceded in death by son Christopher Bass, great grandson Landon Reynolds, and her parents.Funeral services will be at 10AM Wednesday December 14, at Laws-Carr-Moore Funeral Home, Milan with Pastor Tom Holt officiating. Burial will follow in New Craven Cemetery at Milan. Visitation will be Tuesday 5-8PM at the funeral home. Memorials may be made to either the Ripley County Humane Society or Milan Fire Dept. Laws-Carr-Moore Funeral Home entrusted with Cathy’s arrangements. Go to www.lawscarrmoore.com to leave an online condolence message for the family.
A Cheltenham Festival winner over hurdles last season, he has excelled over fences and was a good winner of the Topaz Novice Chase over Christmas. However, that was over three miles and he would be dropping three furlongs in trip were he to take up his option this weekend. Advertising the strength in depth of trainer Willie Mullins and owners Gigginstown House Stud, Valseur Lido is another possible. He has not been seen since a very impressive display in the Drinmore Novice Chase in November. Jarry D’Honneur and Adriana Des Mottes are other options for Mullins. Gigginstown also have Mouse Morris’ Rule The World and Band Of Blood under consideration, along with Noel Meade’s Very Wood, who is another previous Cheltenham winner. Morris said of Rule The World: “He will either go to Leopardstown this weekend or Navan a week later, we’ll just see what the weather does. It’s been pretty cold here the last two days. “He’s taken well to fences, I think. “First time he was only just beaten by a smart mare of Willie’s (Adriana Des Mottes) giving her lumps of weight and then the ground was just a little bit testing at Naas. “That’s taking nothing away from the winner (Wounded Warrior), though, because he looks a smart one. “At that time I just had a few not running up to scratch and I think he could have been one” The Tullow Tank, disappointing the last twice for Sandra Hughes, Shanahan’s Turn, Le Vent D’Antan and Draycott Place are the other possibles. The race used to be run as the Dr P.J. Moriarty Chase and the likes of Bostons Angel and Cooldine have won it before winning the RSA Chase the following month, while Lord Windermere was beaten in it two years ago before winning at Cheltenham. RSA Chase favourite Don Poli is among a total of 12 horses in the mix for Sunday’s Flogas Novice Chase at Leopardstown. Press Association