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Dutch telecoms provider KPN to introduce retirement flexibility

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first_imgThe €10bn pension fund of Dutch telecoms giant KPN said it would offer its participants the option of variable benefits at retirement.The move will allow retirees to avoid having their full pension rights converted into annuities, which have dropped in value in recent years due to low interest rates.In its annual report, the KPN scheme said participants with defined contribution (DC) arrangements would be able to choose between traditional fixed benefits from an annuity or payments that could vary over time.The choice was made possible by new legislation (Wet Verbeterde Premieregelingen) introduced in September 2016 that allowed for continued investment of part of a members’ accrued pension assets after retirement. KPN is one of a small number of schemes to introduce this option of variable benefits.Many pension funds, including the Pensioenfonds PostNL and BpfBOUW, have said they won’t introduce variable pension payments.Under the new legislation, participants in a DC plan have the right to shop around when their pension fund merely offers a single benefit option, which is almost always a fixed payment.As a consequence of few pension funds taking up the new rules, participants who want to continue investing have to turn to insurers, including Aegon, NN, Delta Lloyd and Allianz, which offer variable benefit arrangements.The KPN scheme said its decision was triggered by 8,000 deferred participants of the former pension fund of ICT firm Getronics – taken over by KPN in 2007 – who joined the Pensioenfonds KPN last year.At the Getronics scheme, which liquidated last year, many participants had accrued pension rights under DC arrangements.last_img read more

Cheniere seeks permit to feed gas to Corpus Christi LNG train 1

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first_imgUS LNG player Cheniere filed a request with the Federal Regulatory Energy Commission (FERC) to introduce fuel gas into the first liquefaction train at the Corpus Christi LNG project for commissioning. The company requested a permit be issued by no later than June 29, 2018, according to the filing to the commission.Cheniere noted in its filing that it has already filed the project commissioning plan for the Stage 1 with the regulator on May 25.According to an earlier monthly report, the Corpus Christi LNG Stage 1, which includes the first two liquefaction trains, two storage tanks, west jetty and east jetty civil work has reached an overall completion of 87.1 percent. Train 1 is projected to achieve substantial completion during the first half of 2019 with the second train to follow during the second half of 2019.The Corpus Christi project is a three-train liquefaction project under construction near Corpus Christi. Each train is expected to have a nominal production capacity of about 4.5 mtpa of LNG.The third train is part of Stage 2 of the project development currently at a 21.5 percent overall completion level.Cheniere has also set out plans for the construction of seven midscale liquefaction trains and an additional storage tank in the third stage of the project development. The Stage 3 project would increase the expected aggregate nominal LNG production capacity at the Liquefaction Project to approximately 23 mtpa.last_img read more

Florida man arrested for allegedly sucking elderly patient’s toes

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first_imgA 23-year-old man who works at a Florida hospital caring for the elderly is facing charges after he was allegedly caught sucking a sleeping patient’s toes, according to arrest records.Police arrested Frantz Beldorin early Tuesday morning for battery on a person 65 years or older.Investigators say the victim, a patient at Gulf Coast Hospital in Ft. Myers, told the sheriff’s office they were woken up on Monday after feeling someone touching their foot. He said he felt something wet between their toes, and when he looked over, the victim said they saw Beldorin on his knees next to the bed.The victim said they “ripped” the foot away from Beldorin. Hospital security called the sheriff’s office after the victim reported the incident to a nurse.Beldorin was arrested and taken to the Lee County Jail without incident, where he remains in custody.last_img read more