This year, Dutch schemes with funding levels between the minimum required coverage and the prescribed financial reserves have the one-off option to change their risk profile, as part of the transition to the new financial assessment framework (nFTK).According to Boertje, one-third of the pension funds are, in principle, entitled to file a request for such an adjustment.Another one-third of the schemes do not qualify because their funding is too low, which would increase the risk of a rights discount, Boertje said.The remaining pension funds with “surplus” coverage do not need to ask for permission, as they already have more leeway to invest, he added.Boertje said both small and large pension funds – as well as schemes with predominantly older and predominantly younger participants – had filed requests to increase of their risk profiles.He pointed out that most pension funds, wishing to avoid cuts to pension arrangements, were looking for solutions to low interest rates within the “triangle” of the pension target, internal finances and risk profile.“Because the steering mechanism of the pension contribution no longer works, adjusting the risk profile is the only remaining option,” he said.“However, it also increases the chances of setbacks.”Boertje stressed that the regulator had no desire to assume the responsibilities of pension funds’ boards, but he made clear that they must be able to illustrate how they had taken the interests of all participants into account.He added that the regulator also wanted to know how far, in the schemes’ opinion, interest rates had to increase in order to make a reduction of their interest hedge meaningful.Boertje said those pension funds that wished to reduce their interest hedge while raising their equity allocation would be asked which scenarios they had in mind.“They expect both interest rates to rise and equity markets to improve, while a rate increase often negatively affects stock markets,” he said. Boertje said DNB also wanted to know whether a board had made the request as a tactical or as a strategic policy measure. The Dutch pensions regulator, De Nederlandsche Bank (DNB), has confirmed that more than 30 pension funds have made formal requests to raise the risk profiles of their investment portfolios.Speaking at a conference organised by IPE sister publication Pensioen Pro, Bert Boertje, supervisory director for pension funds at DNB, said the schemes requested permission to decrease the interest hedge on their liabilities, increase their equity exposure or apply a combination of the two. “We are still busy assessing the requests,” Boertje said.“If schemes don’t have a plausible explanation, we will get back to them with additional questions.”
AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREWhicker: Clemson demonstrates that it’s tough to knock out the champ On it, they discovered, several video clips of a female employee using the company restroom, police said. “It was being wireless transferred to this receiver,” Burnett said today. “It’s still early on. We don’t know how many people are in the video clips.” So far, police know of one particular woman who appeared to be targeted. Castillo, police said, attached sugar-cube sized cameras on drain pipes under the sinks in two restrooms, covering them with insulation. The cameras’ pinhole-sized lenses pointed at the toilets, which were across from the sinks. The bathrooms, used by both men and women, had one toilet and a sink, with no stall. Burnett said investigators do not know if Castillo was watching live. A couple of wires on the cameras transmitted to the receiver at his desk. Police confiscated his computer and are examining it for evidence. Officers booked Castillo at the Gardena jail on suspicion of unauthorized access to a computer network, which is a felony. He also was held on suspicion of observing a person in a restroom, a misdemeanor. He was released after posting $30,000 bail. Officials at Space-Lok are looking into what files Castillo allegedly hacked. They will provide that information to police, Burnett said. It was unclear what Castillo did at the company. A company official hung up when a reporter contacted him today at the business. [email protected] local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! A worker at a Gardena aerospace parts manufacturer attached a tiny camera in a restroom and transmitted video of at least one woman to his desk as she used a toilet, police said today. Ryan Castillo, 29, was arrested Tuesday at his home in the unincorporated area between Harbor Gateway and Carson, Gardena police Lt. Ed Burnett said. At first, officials at Space-Lok Inc. at 13306 Halldale Ave. suspected that Castillo had hacked into files in the firm’s computer network and e-mail system. But when they began examining his computer Monday, they found something else on his desk – an iPod-sized receiver with a small video screen, Burnett said.