Dutch pension funds PWRI, PFZW abandon merger negotiations

first_imgPWRI, the pension fund for disabled workers in the Netherlands, and healthcare scheme PFZW have abandoned their plans to merge the schemes.The €7.5bn PWRI said in a statement that both parties had decided to end negotiations, which had been resumed in July.PWRI and the €179bn PFZW had been discussing a possible merger since last year but decided to suspend talks last spring, citing “decreasing funding and volatile financial markets”.PWRI’s annual report later suggested that previous negotiations had stalled because of differing views. During the resumed talks, much attention was paid to both schemes’ financial positions, according to PWRI.In the meantime, however, their financial positions have failed to improve, while coverage ratios have fallen.PWRI said the resumed negotiations had lead to the conclusion that a merger would “not provide sufficient benefits for the participants under current circumstances”.Its spokeswoman declined to elaborate on the exact reasons why the talks broke down, or how PWRI envisaged its future.The pension fund has been closed to new entrants since last year, following the introduction of new legislation aimed at shifting disabled workers from “sheltered” workshops into the general workforce.As a consequence, PWRI participants will be increasingly joining the pension plans of their new employers.Last year, the scheme still had more than 94,000 active participants working in sheltered workshops.The pension fund said it expected its contributions would have to rise following the gradual ageing and thinning of its population.Because it also foresees that it will need to reduce its investment risk, and that the potential for indexation will decrease, it concluded that it would require a “large, robust merger partner”.As of the end of August, funding at PWRI stood at 99.8%, while coverage at PFZW stood at 91.1%.last_img read more

#Donkomi: Swansea place £18m price tag on Ayew amid Spurs links

first_imgEnglish Championship side Swansea City have slapped an £18 million price tag on forward André Ayew to ward off any potential suitors in the January transfer window.The 30 year old leads the scoring for the Welsh side this season with 12 goals in all competitions – the latest being the winner against Wigan Athletic last weekend.The Black Stars captain’s future at the club has been the subject of intense speculation over the past couple of weeks, with Tottenham Hotspur and Leeds United among the leading candidates for his signature.With 18 months left on his Swansea contract, and being the club’s highest earner by some distance, murmurs around the club suggest that the hierarchy is split between the forward’s future, with a section wanting to cash in quickly before he runs out his contract.But it looks like Ayew would be staying put, at least till the end of the season, with the latest development.Ayew rejoined Swansea in January 2018 from West Ham, but spent last season on loan at Turkish side Fernerbahce, before returning to the Swans at the start of the season.last_img read more