Rothesay Life has secured another tranche of liabilities from the Western United Group Pension Scheme, after completing a £111m (€134m) buy-in transaction.The scheme currently has around 14,000 members with around £500m in assets, of which £115m were insured in early 2013.The arrangement covers former employees of the Vestey Group, and was secured through the exchange of cash and UK gilts in return for the insurance policy.Group head of reward for Vestey Group, Ben Fowler, said the transaction represented the next step in the scheme’s de-risking strategy. “We returned to Rothesay Life because they provided a low-risk solution with operational precision and accompanying longevity, pension increase and re-investment protection,” he added.In other bulk annuity news, Just Retirement has completed a £36.5m single medically underwritten buy-in transaction, which it believes is the largest of its kind.The deal covers 200 members of a pension scheme in the shipping industry, who are all aged between 65 and 80. The insurer gathered medical information by conducting telephone interviews with an 85% response rate.It was agreed purely through a transfer of assets, with no additional cash contributions from the sponsoring company.Just Retirement director of DB solutions, Tim Coulson said: “The industry in which the members of the scheme worked resulted in a prevalence of medical and lifestyle conditions that was not fully reflected by traditional rating factors.”The scheme was advised by LCP,with partner Clive Wellsteed, said: “This is an interesting transaction for a scheme that is unlikely to have completed a buy-in without the advent of medical underwriting.”Lastly, the National Employment Savings Trust (NEST) has appointed Allianz Global Investors as investment strategy advisers, who will look to provide the DC-trust with scenario modeling.Allianz will also provide the fund with advice on the investment strategy of its target-date funds, as well as capital market assumptions, risk management and analysing the expected risk and returns from the fund’s investments.The company said its offering would support, and be complementary to, NEST’s in-house investment team, with advice coming on a project-by-project basis.Mark Fawcett, CIO of the fund, said the appointment of Allianz GI was due to a previous successful relationship.Elizabeth Corley, CEO of Allianz GI, said: “By offering our independent investment advisory expertise, we are pleased to be supporting NEST giving employers, from the smallest firms to the largest organisations.”
Kenya launches mobile application to monitor forests to curb illegal loggingKenya on Friday launched a mobile application to monitor forests in order to curb illegal logging.Kenya Forest Service (KFS) Director Emilio Mugo said the smart phone application will enable users to report illegal activities in the forest.“We expect the app to compliment the efforts of law enforcement officers to conserve Kenya’s forests,” Mugo said during the 20-year celebrations of the Kenya Forest Working Group (KFWG).The mobile system is a joint initiative of the KFWG and the University of Nairobi.Mugo said the app will reduce the cost of forest surveillance.“Kenya’s forests are spread across the country and we don’t have sufficient resources to monitor activities in all forests at real time,” he said.According to government data, forest covers seven percent of Kenya’s land mass. The director noted that Kenya has 142,000 hectares of plantation forest to supply wood to the timber industry.“We don’t allow logging in indigenous forest as they are used for conservation of watersheds and for use as wildlife habitats,” he said.KFS said the country has sufficient supply of wood to satisfy domestic requirements although Kenya imports small amounts from Tanzania, South Sudan and UgandaNational Coordinator of the KFWG Jackson Bambo said Kenya’s forests are under threat from human encroachment.“Expanding population has forced some communities to clear forests for agriculture activity,” Bambo said.He added that the mobile app will enable communities to report on forests activities to a centralized server.“The technology system is expected to enhance forests monitoring and reporting by various stakeholders for informed decision making,” he said.The system users are only required to have a smart phone to report any incidence in real time.The coordinator said the app will help to educate the millions of Kenyans who have smart phones but have little information on forests conservation.
After the show of shame on the opening day of the Nigeria Football Professional League (NPLF), FC Ifeanyi Ubah put behind their disgraceful no-show at Kano Pillars at the weekend to dump MFM FC 4-0 as Plateau United bashed Enyimba 3-1 at home in continuation of NPFL action today.Ifeanyi Ubah had abandoned the opening game of the new season on Saturday and have since been sanctioned by the league organisers.They put all their troubles behind them to record a big home win over MFM FC,who ironically also won big at the weekend at home against Niger Tornadoes.First half goals by Yaya Kone, Jimoh Oni and King Osanga as well as Ifeanyi Onuigbo late in the second half gave Ifeanyi Ubah their first win of the season. In Jos, Plateau United showed they were truly at home when they raced to a 3-0 lead against seven-time champions Enyimba, before Ikechukwu Ibenegbu made the scores a lot more respectable with a late face-saved for ‘The People’s Elephant’.In Gombe, It was a game of misfortune for debutants, Remo Stars, as Fabason Djoufouna 87th minute strike secured maximum points for Gombe United and ended the dreams of Remo Stars picking a point on the road.The Sky Blue Stars drew first blood after Captain Victor Mbaoma converted a free kick beautiful in the 20th minute and Ndukwe was right on point to make consecutive saves to deny Gombe United an equaliser after the restart.The first half ended in level terms and at the start of the second half Gombe United showed intent and approached the game more physically but we’re contained by the offside trap as the high line defence of the Sky Blue Stars did a decent job.Late into the second have in the 87th minute Fabason Djoufouna who arrived late into the box was right on time to slot home a low cross from Giwa Isaac to give the dessert scorpions the lead and eventually the winning goal of the encounter.The Sky Blue Stars will head back to Sagamu as they prepare to get their season back on track with a win.There were also home wins for Lobi Stars, Abia Warriors and Sunshine Stars.NPFL MATCH DAY TWO ResultsSunshine Stars 1-0 Shooting StarsNasarawa United 1-1 Enugu RangersGombe United 2-1 Remo StarsNiger Tornadoes 1-1 ABS FCAkwa United 1-1 Rivers UnitedPlateau United 3-1 Enyimba FCLobi Stars 1-0 Kano PillarsFC Ifeanyi Ubah 4-0 MFM FCAbia Warriors 2-0 Katsina UnitedTodayElkanemi Vs WikkiShare this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram