Sterling Bank Plc (STERLN.ng) HY2012 Interim Report

first_imgSterling Bank Plc (STERLN.ng) listed on the Nigerian Stock Exchange under the Banking sector has released it’s 2012 interim results for the half year.For more information about Sterling Bank Plc (STERLN.ng) reports, abridged reports, interim earnings results and earnings presentations, visit the Sterling Bank Plc (STERLN.ng) company page on AfricanFinancials.Document: Sterling Bank Plc (STERLN.ng)  2012 interim results for the half year.Company ProfileSterling Bank Plc is a financial services institution in Nigeria offering banking products and services to the corporate and commercial sectors as well as high net-worth individuals, small businesses and joint venture partnerships. The company provides a full-service offering for consumer and commercial banking as well as corporate, investment and wholesale banking. This includes loans and advances, letters of credit, equipment leasing, money market operations and electronic banking as well as financial advisory and securities trading services. The company was founded in 1960 and formerly known as NAL Bank Plc. Its head office is in Lagos, Nigeria. Sterling Bank Plc is listed on the Nigerian Stock Exchangelast_img read more

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BUA Cement Plc (BUAC.ng) Q32020 Interim Report

first_imgBUA Cement Plc (BUAC.ng) listed on the Nigerian Stock Exchange under the Building & Associated sector has released it’s 2020 interim results for the third quarter.For more information about BUA Cement Plc (BUAC.ng) reports, abridged reports, interim earnings results and earnings presentations, visit the BUA Cement Plc (BUAC.ng) company page on AfricanFinancials.Document: BUA Cement Plc (BUAC.ng)  2020 interim results for the third quarter.Company ProfileBUA Cement Plc, listed on the Nigerian Stock Exchange, is a Nigerian cement producer. BUA Cement Plc listed in January 2020 following the conclusion of the merger of two of BUA’s cement entities, the Cement Company of Northern Nigeria and Obu Cement company.last_img read more

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This £11.5bn FTSE 100 firm has restarted its dividend. I’d buy its shares today!

first_img “This Stock Could Be Like Buying Amazon in 1997” Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! Cliff D’Arcy | Tuesday, 11th August, 2020 | More on: AV I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner.But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared.What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations.And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Our 6 ‘Best Buys Now’ Shares Image source: Getty Images Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we’re offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our ‘no quibbles’ 30-day subscription fee refund guarantee.center_img This £11.5bn FTSE 100 firm has restarted its dividend. I’d buy its shares today! Enter Your Email Address Simply click below to discover how you can take advantage of this. For 15 years from 1987 to 2002, I worked in the insurance industry in claims, legal and marketing positions. One private insurer I worked for was bought by a giant US corporation, triggering multi-million-pound payouts to directors. Similarly, FTSE 100 firms I worked for paid fat wages and bonuses to senior staff.In short, I know all too well how highly profitable insurers are – and how life-changing working for them can be for top bosses!5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…Insurance is a lucrative businessAs the world of insurance is based on sound statistical (actuarial) principles, insurers can be solid businesses to own shares in. Yesterday, I wrote about shares in Prudential. I see this FTSE 100 share as offering an attractive combination of income and growth.Aviva is another great FTSE 100 firmAviva (LSE: AV) is another insurance share that I’d be happy to own. Like the Pru, it’s a big, beautiful FTSE 100 business with powerful brands and a bright (if unexciting) futureAt today’s closing price of 292.2p, Aviva has a market value of £11.5bn – around a third of Pru’s size. However, Aviva shares may offer deeper value than Pru stock, because they have fallen by almost a quarter (23.7%) over 12 months.Aviva shares suffered in the crashOn 12 November last year, Aviva shares were riding high, closing at 439.4p. Like the wider market, they crashed spectacularly during the March market meltdown. At their low, Aviva shares closed at 205.7p on 19 March – 86.5p below today’s price and a bargain of a lifetime, in my view.In the spring, under pressure from its UK regulator and in order to preserve capital, Aviva suspended its dividend. However, the pandemic didn’t hit Aviva nearly as hard as first feared, so it has resumed this cash payout.Another FTSE 100 dividend returnsThe bad news for income-seeking investors is that Aviva has restored its dividend at a much lower level. The FTSE 100 firm had promised a total dividend for 2019 of 21.4p, but this was slashed to just 6p. This cash will be paid on 24 September to shareholders as at 13 August, so it’s not too late to grab it today.The good news is that Aviva shares are still cheap, in my view. Although 2020 profitability and earnings will be hit by higher claims because of Covid-19, normal service should resume in 2021.Right now, Aviva shares trade on a historic price-to-earnings ratio of 5.34, for a bumper earnings yield of 18.7%. I think that the much-reduced dividend yield of just 2% could easily triple or quadruple from here.As an insurance business refocusing on the well-served markets of the UK, Ireland and Canada, Aviva is not an exciting share for day-traders. But its Solvency II ratio of 194% and excess capital demonstrate its financial strength. I see it as a solid, buy-and-hold FTSE 100 stalwart for value and income-seeking investors. Cliffdarcy has no position in any of the shares mentioned. The Motley Fool UK has recommended Prudential. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. See all posts by Cliff D’Arcylast_img read more

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Apopka remembers those “who followed the last line” in annual Memorial…

first_img Please enter your name here Apopka remembers.The Apopka Veterans of Foreign Wars Post 10147 and the City of Apopka sponsored its annual Memorial Day service at the Edgewood/Greenwood Cemetery this morning.Artie Vecchio, Commander of Apopka VFW Post 10147, hosted the event. Erica Bradford sang “The Star Spangled Banner”, and Carlos Adams sang “America the Beautiful”.William Boyd gave the keynote address.“It’s an honor to speak here today, and it’s also humbling,” Boyd said. “Not only here but throughout America, we pause to remember who gave their lives for our freedoms. In the code of the United States Fighting Force, the very first article says this: ‘I am an American, fighting in the forces which guard my country and our way of life. I am prepared to give my life in their defense.’ Today we are here to remember those who followed that last line and gave their life in defense of the United States.”Mayor Joe Kilsheimer and all four Apopka City commissioners; Doug Bankson, Kyle Becker, Billie Dean and Diane Velazquez attended the service. Among other elected officials past and present in attendance were Orange County Commissioner Bryan Nelson, former Orange County Commissioner Fred Brummer, and Orange County School Board member Christine Moore. TAGSApopka Memorial Day Service Previous articleSeeing the signs of stroke: Part twoNext article15 facts about Memorial Day Denise Connell RELATED ARTICLESMORE FROM AUTHOR LEAVE A REPLY Cancel reply Free webinar for job seekers on best interview answers, hosted by Goodwill June 11 You have entered an incorrect email address! Please enter your email address here Support conservation and fish with NEW Florida specialty license plate Share on Facebook Tweet on Twitter Save my name, email, and website in this browser for the next time I comment. The Anatomy of Fear Please enter your comment!last_img read more

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Hillside Habitat / Edwards Moore

first_imgHillside Habitat / Edwards MooreSave this projectSaveHillside Habitat / Edwards Moore ArchDaily Houses Photographs Hillside Habitat / Edwards Moore Projects CopyHouses•Australia “COPY” Area:  135 m² Year Completion year of this architecture project Photographs:  Peter Bennetts Text description provided by the architects. We have recently completed a new home built to replace one lost on Black Saturday on a steep mountain site overlooking the Kinglake National Park with views to the Mornington peninsular beyond,this exhilarating location with its towering eucalyptus trees and diminishing scars from that phenomenal day required a design response equally as unique. Save this picture!© Peter BennettsRecommended ProductsDoorsLibartVertical Retracting Doors – Panora ViewDoorsC.R. LaurenceCRL-U.S. Aluminum Entice Series Entrance SystemEnclosures / Double Skin FacadesFranken-SchotterFacade System –  LINEAEnclosures / Double Skin FacadesRodecaRound Facade at Omnisport Arena ApeldoornThe brief was to design a home that embraced the notion of living whilst engaging with the landscape surrounding it. We developed a biophilic design response considering every component of its surrounding environment. There is an instinctive, biological bond between humans and other living systems. The idea is that people thrive best in environments that have other forms of life around, and flourish in spaces that are more like habitats. The floor plan takes the static elements necessary for living and arranges them as individual elements beneath the unifying roof structure. The delicate roof structure provides essential shelter from the rain and sun, whilst unifying the elements below” Save this picture!© Peter BennettsThe term “biophilia” literally means “love of life or living systems. used to describe an attraction to all that is alive and vital. Biophilia describes “the connections that human beings subconsciously seek with the rest of life.” The attractions and positive feelings that people have toward certain habitats, activities, and objects in their natural surroundings.Save this picture!© Peter BennettsProject gallerySee allShow lessNanjing Jianning Highrise Complex Proposal / W2Y2LArticlesInfinite Free Iraqi Constitution Proposal, designed by CAPArticles Share Save this picture!© Peter Bennetts+ 11 Share Australia Architects: Edwards Moore Area Area of this architecture project ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/184792/hillside-habitat-edwards-moore Clipboard Year:  “COPY” CopyAbout this officeEdwards MooreOfficeFollow#TagsProjectsBuilt ProjectsSelected ProjectsResidential ArchitectureHousesHousesAustraliaPublished on November 20, 2011Cite: “Hillside Habitat / Edwards Moore” 20 Nov 2011. ArchDaily. Accessed 11 Jun 2021. ISSN 0719-8884Read commentsBrowse the CatalogShowerhansgroheShowers – RainfinityVinyl Walls3MArchitectural Finishes DI-NOC in Ned Ludd Public HousePartitionsSkyfoldMarkerboard Finish for Folding WallsBedroom furnitureFlexformMirror – EgonWaterproofing/SealantsEffisusPre-Fab System – Ecofacade Pre-fab TrueSealConcreteKrytonConcrete Hardening – Hard-CemSkylightsVELUX CommercialAtrium Longlight Skylights in ExperimentariumBlinds / Mosquito Nets / CurtainsBANDALUXRoller Shades – Arion Large SizedWoodStructureCraftEngineering – Mass TimberTiles / Mosaic / GresiteTerrealSunscreen – Terracotta BaguettesWoodHESS TIMBERTimber – GLT BauBucheLightingLumenpulseLED Projector Lumenbeam GrandeMore products »Read commentsSave世界上最受欢迎的建筑网站现已推出你的母语版本!想浏览ArchDaily中国吗?是否翻译成中文现有为你所在地区特制的网站?想浏览ArchDaily中国吗?Take me there »✖You’ve started following your first account!Did you know?You’ll now receive updates based on what you follow! Personalize your stream and start following your favorite authors, offices and users.Go to my stream 2011 ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/184792/hillside-habitat-edwards-moore Clipboardlast_img read more

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Afghanistan : “No just and lasting peace in Afghanistan without guarantees for press freedom”

first_img AfghanistanAsia – Pacific Condemning abusesProtecting journalistsEvents Armed conflictsCovid19JihadismWomenImpunityViolence Receive email alerts Organisation March 3, 2021 Find out more The climate of terror keeps on growing and particularly affects women journalists, whose situation was already precarious. In its latest annual report, published in March, the CPAWJ said it had registered more than 100 cases of aggression – including murder, death threats, physical attacks and insults – against women journalists in the past year. “Without guarantees for press freedom, they will be no just and lasting peace,” RSF and the CPAWJ say. Action is needed to provide journalists with proper protection, reinforce the laws and ensure respect for the Islamic Republic of Afghanistan’s constitution and decrees, which for 19 years have guaranteed press freedom, protection of journalists and, in particular, the rights of women journalists. News “The peace and peaceful coexistence sought by the Afghan people will be impossible to guarantee without the entire society’s participation and will be impossible to realise without a free and independent press,” said Reza Moini, the head of RSF’s Iran-Afghanistan desk. Three young women TV workers gunned down in Jalalabad The threats and violence against journalists have a direct impact on the media and make their work especially difficult. They result in self-censorship on many subjects, especially those concerning the peace conditions imposed by the foreign forces, the various government factions, and the Taliban. The Taliban have meanwhile threatened journalists and media bosses in several provinces, while local officials have demanded the termination of certain political and entertainment programmes. June 2, 2021 Find out more “The precarity of Afghan women journalists has increased not only as a result of the physical dangers but also as a result of the Covid-19 lockdown,” CPAWJ director Farida Nekzad said. “At least 20% of them have lost their jobs or have been forced to take unpaid leave by their employers.” At least 20 journalists and media workers have been the victims of targeted attacks in the past six months and eight, including four women, have been killed. Around 30 others have received death threats in connection with their journalistic work. AfghanistanAsia – Pacific Condemning abusesProtecting journalistsEvents Armed conflictsCovid19JihadismWomenImpunityViolence Follow the news on Afghanistancenter_img Afghanistan is ranked 122nd out of 180 countries in RSF’s 2021 World Press Freedom Index. Situation getting more critical for Afghan women journalists, report says On the occasion of World Press Freedom Day (3 May), Reporters Without Borders (RSF) and the Centre for the Protection of Afghan Women Journalists (CPAWJ) sound the alarm about the plight of the media and the future for journalism in Afghanistan. to go further May 3, 2021 Afghanistan : “No just and lasting peace in Afghanistan without guarantees for press freedom” The press freedom situation is disastrous in Afghanistan 14 months after the Taliban and United States signed a peace accord on 29 February 2020, and eight months after the Taliban and Afghan government began peace talks. RSF_en News Help by sharing this information March 11, 2021 Find out more News News RSF asks International Criminal Court to investigate murders of journalists in Afghanistanlast_img read more

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We won’t be silenced by Bolloré gag suits!

first_img News News Organisation Vincent Bolloré /Zakaria ABDELKAFI AFP News RSF denounces Total’s retaliation against Le Monde for Myanmar story Help by sharing this information Receive email alerts to go further Use the Digital Services Act to make democracy prevail over platform interests, RSF tells EU May 10, 2021 Find out more Newscenter_img RSF_en January 24, 2018 – Updated on January 25, 2018 We won’t be silenced by Bolloré gag suits! FranceEurope – Central Asia Protecting journalistsMedia independence Conflicts of interestJudicial harassmentEconomic pressure Follow the news on France FranceEurope – Central Asia Protecting journalistsMedia independence Conflicts of interestJudicial harassmentEconomic pressure June 4, 2021 Find out more June 2, 2021 Find out more “We’ll hold Ilham Aliyev personally responsible if anything happens to this blogger in France” RSF says Today, a court in Paris will begin hearing the defamation suit that the Luxembourg-based holding company Socfin and its Cameroonian subsidiary Socapalm have brought against three French media outlets (Mediapart, L’Obs and Le Point) and two NGOs (Sherpa and ReAct) over articles about protests by rural residents and farmers who live near plantations run by these two companies in West Africa. The two companies are closely linked to the French conglomerate Bolloré, whose chairman and CEO, Breton businessman Vincent Bolloré, sits on their boards.A Paris court yesterday dismissed the latest of many lawsuits by the Bolloré group against the Paris-based weekly magazine Les Inrocks. But tomorrow’s case marks a new stage in the lawsuits brought by the Breton billionaire and his partners against media outlets, NGOs and journalists who try to shed light on his business activities in Africa, his links with Socfin and the consequences of their large-scale land acquisitions.Since 2009, more than 20 defamation suits have been brought in France – or in other countries in order to circumvent France’s 1881 press freedom law – by the Bolloré group or Socfin in response to articles, TV reports, NGO reports and even a book. The targets of these actions have included France Inter, France Culture, France Info, France 2, Bastamag, Libération, Mediapart, Rue 89, Greenpeace, ReAct and Sherpa. More than 40 reporters, photographers, media lawyers, NGO representatives and media CEOs have been involved (list below).Because of their scale and systematic nature, we regard these legal actions as “gag suits” – lawsuits designed to suppress criticism. Big multinational corporations are increasingly resorting to such procedures. Apple, Areva, Vinci and Véolia have all recently sued NGOs or whistleblowers.By bringing defamation suits with such unprecedented frequency – even when they are abandoned mid-course – the Bolloré group is now retaliating in an almost automatic manner to any public reference by outsiders to its African activities. These lawsuits are reinforcing the other methods of obstructing media freedom to which the Bolloré group resorts. In 2014, for example, the group’s advertising agency Havas tried to withdraw advertising worth more than 7 million euros from the newspaper Le Monde after it ran a story about Vincent Bolloré’s activities in Côte d’Ivoire. Canal+, a TV channel owned by the Bolloré entertainment company Vivendi, has censored or suppressed current affairs documentaries before they were broadcast.Systematic lawsuits of this kind aim to pressure, financially weaken, and isolate any journalist, whistleblower or NGO that tries to shed light on questionable activities by big corporations such as Bolloré. The goal is to silence them and deter investigative reporting in order to protect “business confidentiality,” especially when the business activity concerned could have bad consequences for some. They constitute direct attacks on the public interest and freedom of expression, and they target local communities, journalists, grass-roots groups, lawyers and whistlelowers – all the links in the chain for defending rights.We – grass-roots collectives, journalists, media outlets and NGOs – offer our support to the journalists and NGOs who will be in court on 25 and 26 January, and to all those who are the targets of such gag suits. France needs legislative amendments akin to those adopted in Quebec province and in certain US and Australian states that strengthen freedom of expression and provide better protection for the targets of gag suits. Providing information is not a crime! #We won’t shut up!Societies of professionals journalists of : AFP, BFM TV,Challenges, Les Echos, Europe 1, France 2, France 3, Le Monde, L’Humanité, Libération, L’Obs, Mediapart, M6, Premières Lignes, Radio France, RMC, RTL, Télérama, TF1, TV5Monde, La Vie.Ongoing and upcoming cases :- Defamation suit by Bolloré against Jean-Baptiste Naudet of L’Obs: hearing initiallyscheduled for 14 December 2017, postponed at the plaintiff’s request.- Defamation suit by Socfin against Dan Israel of Mediapart and the NGOs Sherpa and ReAct:hearing scheduled for 25 and 26 January in Paris.- Defamation suit against Nadia Djabali, Ivan du Roy and Agnes Rousseaux of Bastamag,against Rue 89, and against three bloggers for reposting the article: acquittal on 7 April2016, acquittal confirmed on appeal on 12 February 2017, court of cassation appeal byBolloré to be heard in June or September 2018.- Defamation suit against Simon Gouin and Julien Lusson of Bastamag: hearing scheduledfor 2 October 2018.- Defamation suit by Bolloré against Elodie Gueguen of France Infos: acquittal on 5 July2016, appeal by Bolloré (not yet heard).- Defamation suit by Bolloré against Benoît Collombat and Florence Sultan of the Calmann-Lévy publishing house over the book “Informer n’est pas un délit”: not yet heard.- Defamation suit by Socfin against Greenpeace: not yet heard.- French defamation suit by Bolloré against France 2 and Tristan Waleckx: not yet heard.- Commercial defamation suit by Bolloré against France 2: not yet heard.- Cameroonian defamation suit by Socfin subsidiary Socapalm against France 2, NicolasPoincaré and Tristan Waleckx: not yet heard.- Defamation suit by Bolloré against Mediapart and Fanny Pigeaud: not yet heard.- Preventive defamation action by Bolloré against the journalist Nicolas Vescovacci: not yetheard.Past cases :- Defamation suit by Bolloré against Maureen Grisot and Renaud Candelier of FranceCulture: suit withdrawn on 10 March 2016 (21 days before a hearing scheduled for 31March 2016).- Defamation suit by Bolloré and Socfin subsidiary Socapalm against France Inter andBenoît Collombat: conviction on 6 May 2010, acquittal for Socapalm.- Defamation suit by Bolloré against France Inter and Isabelle Ricq: suit withdrawn on 18June 2010 (14 days before a hearing scheduled for 2 July 2010).- Defamation suit by Bolloré against the NGO Sherpa: suit withdrawn on 5 June 2013.- Defamation suit by Bolloré against Benoît Collombat and David Servenay of Rue 89: suitwithdrawn on 7 January 2014.- Defamation suit by Bolloré against Martine Orange of Mediapart: suit withdrawn on 9December 2013.- Defamation suit by Bolloré against Libération and Fanny Pigeaud: Libération convicted forphoto caption, Fanny Pigeaud acquitted. last_img read more

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Mc Hugh says money will have to be found for tourism development on islands

first_img Google+ Mc Hugh says money will have to be found for tourism development on islands RELATED ARTICLESMORE FROM AUTHOR Main Evening News, Sport and Obituaries Tuesday May 25th Google+ WhatsApp WhatsApp Homepage BannerNews Previous articleDoherty says delays in Donegal child psychiatrist appointments are unacceptableNext articleEPA publishes 2015 Drinking Water report admin Facebook Pinterest Junior Minister Joe Mc Hugh says money may have to be found to boost the tourism potential of Donegal’s islands.Speaking after it was announced last evening that the helicopter service to Tory Island is being enhanced, Minister Mc Hugh said the importance of Donegal’s islands to the Wild Atlantic Way cannot be forgotten.He says while the emphasis has been on the flagship tourism projects, other areas also need support…….Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2016/10/mchutorypm-1.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume.center_img By admin – October 27, 2016 75 positive cases of Covid confirmed in North 365 additional cases of Covid-19 in Republic Facebook Man arrested on suspicion of drugs and criminal property offences in Derry Further drop in people receiving PUP in Donegal Twitter Twitter Pinterest Gardai continue to investigate Kilmacrennan firelast_img read more

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Man jailed for a month for crossing bomb cordon

first_img A 24-year-old Derry man who tried to force his way through a police cordon set up after the 200 lbs bomb at the Strand Road police station last month was today (Friday) jailed for a month.Derry Magistrate’s Court was told that on August 3 after the bomb attack a police cordon had been set up in Clarendon Street close to the police station when Ruarai Saunders of Moss Park approached and walked through it.Saunders was told the area was closed  but persisted n trying to go through the coron.He began shouting at police and told them he was going home and ‘going that way.’He was warned about his behaviour and began using abusive language to the police and eventually he was arrested. he then called police ‘black b——s.’A defence solicitor Mr. Seamus Quigley told the court that undoubtedly drink played a part in the offence.The District Judge Mr. Barney McElholm said he ware of a case some years ack where a man had insisted on breaking a police cordon and ended up losing h leg.He said the police were quite entitled to seal off areas after an incident.Saunders was jailed for one month. Main Evening News, Sport and Obituaries Tuesday May 25th Twitter RELATED ARTICLESMORE FROM AUTHOR Twitter Google+ WhatsApp WhatsApp Newsx Adverts Pinterest 75 positive cases of Covid confirmed in North 365 additional cases of Covid-19 in Republic center_img Man arrested on suspicion of drugs and criminal property offences in Derry Facebook Pinterest By News Highland – September 3, 2010 Google+ Previous article75th anniversary of Aranmore boating tragedy markedNext articleHigh Court finds against government in Fahan Marina cse News Highland Gardai continue to investigate Kilmacrennan fire Man jailed for a month for crossing bomb cordon Facebook Further drop in people receiving PUP in Donegal last_img read more

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HR should consider its policy now on pensions deficiency

first_imgWorkforces may well react badly to realistic projections of what theirannual pension fund will actually buy. HR must decide how far to go ineducating employees on their likely financial needs in retirementStarting from this month, new rules mean employees must receive annualpension statements illustrating how much – or little – pension they will get onretirement. The regulations will be far-reaching. Though targeted at defined benefitarrangements, few employers will be immune from taking action. Those mostobviously affected will have occupational money-purchase schemes, personalpensions and stakeholder pensions. But many companies with final salaryprovision will also need to react if their arrangements include money-purchasebased additional voluntary contributions, protected rights funds or benefitstransferred in from employees’ previous money-purchase arrangements. So, few companies will be able to ignore the new requirements. They willneed to work with their pension advisers and administrators to deliver the newstatements within 12 months of their scheme’s year-end – an extra workload thatwill have to planned for over the coming months. But of more concern will be how employers can manage the likely responsefrom members. In most cases, the new illustrations will not make for attractivereading. Up to now, members’ pension statements have generally shown only the valueof their pension funds. In future, they will also have to give a projection ofthe annual pension that each member’s fund might buy. The illustration must bein ‘real terms’ that allows for inflation and is directly comparable withtoday’s prices. That means the new figures may be considerably lower. For employers there could be danger on two fronts. First, many members willsee the real value of their pension for the first time, and that could lead tosome unpleasant reactions if the figure is much lower than expected. Knowingthat they have choice and a flexible and portable money purchase pension willnot make up for the prospect of poverty in retirement. Cynics may see the‘choice’ boiling down to working longer, paying more or simply living on less.The stark truth could lead to feelings of discontent that trade unions will bequick to pick up on. Second, many members will not understand the statement without a lot of helpand explanation. The new projections will merely add to their general confusionabout planning for retirement. Likely questions may be: why is this number sodifferent to last year’s figure, or what does ‘today’s money’ mean, or why arethese results different from those on our online calculator? Certainly therewill be many time-consuming questions that will have to be answered. And thesewill all need managing. So what is the role of HR in this? In many cases it will be for the HR teamto manage the reaction. Or better still, to anticipate it and take the stingfrom its tail. That means managing members’ expectations and providing support and thetools to address the difficult issues revealed by the projections. It may be that the HR team will want to make some more fundamental decisionsaround the level of pension communication it wishes to provide. This couldinvolve setting a policy around how much responsibility the company wants totake – be it the legal minimum, or a more pro-active approach aimed at givingemployees a broader financial education. Such an approach would provide thetools so employees could consider their likely financial needs in retirement,analyse their current position and make informed decisions around their optionsfor bridging the likely gap. If HR teams consider this now, it may be possible to have a communicationpolicy in place that can deal successfully with any discontent from theworkforce, and help minimise the fall-out from it. By Nick West, European partner, Mercer Human Resource Consulting Previous Article Next Article Related posts:No related photos. Comments are closed. HR should consider its policy now on pensions deficiencyOn 1 Apr 2003 in Personnel Todaylast_img read more

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