The €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.
The Hawthorne home sold for the highest price in Brisbane so far this year.The Scotts’ property has been snapped up by self-made millionaire Anthony Yap, who founded Good Price Pharmacy Warehouse. INSIDE QLD’S BIGGEST HOME SALES OF 2017/18 Shaun Scott is a former chief executive of Arrow Energy.They employed architect Donovan Hill to design a brand new house, which was completed in 2014.Selling agent David Price of Ray White — East Brisbane said the property attracted interest from potential buyers in London, New York and Dubai, as well Sydney and Melbourne.“It was a truly international campaign,” Mr Price said.“It’s a spectacular home. The house really had the lot because of the views over New Farm Park and the city, as well as being a flat block with a tennis court.”There’s been some big money changing hands between the movers and shakers of Brisbane’s property market in the past year, with prestige homes attracting strong demand and increasing interest from interstate buyers.This latest sale is the biggest of 2018 in Brisbane so far, eclipsing the $11 million sale of a mansion at 27 Sutherland Ave, Ascot, in March, and the $10.138 million sale in February of the Hamilton Hill mansion built by Christopher Skase at 36 Dickson Terrace.Mr Price also recently sold a riverfront home at 15 Laidlaw Parade, East Brisbane, for $3.45 million and has listed another executive address at 10 Aaron Ave, Hawthorne. “The top end’s very strong,” he said. The view from the property in Hawthorne. The view from the house in Balmoral.Mr Yap also owns another mansion in Balmoral, but his new digs in Hawthorne really are something else.The home has five bedrooms, six bathrooms, two swimming pools, a heated spa, a north-south facing championship-size tennis court, a boat house, putting green and private 12m jetty. SURF MILLIONAIRE’S DREAM HOME HITS MARKET This house in Balmoral is for sale. Good Price Pharmacy Warehouse managing director Anthony Yap. Picture: Richard Walker.Mr Yap and his wife, Hahn Luu, happen to be selling their current, six-bedroom home in neighbouring Balmoral, which is scheduled to go to auction next month.More from newsParks and wildlife the new lust-haves post coronavirus17 hours agoNoosa’s best beachfront penthouse is about to hit the market17 hours agoMs Luu declined to comment when contacted by The Courier-Mail. The riverfront property in Hawthorne sits on a 2137 sqm riverfront block.ONE of Brisbane’s most enviable trophy homes has sold for more than $11 million in the city’s biggest sale of the year so far. The mega mansion, on a sprawling 2137 sqm riverfront block in Hawthorne, has been home to energy executive Shaun Scott and his wife, Sarah, for the past eight years.The property has changed hands for $11.128 million — the second highest price achieved for a riverfront block with a house on it in Brisbane after billionaire Gina Rinehart’s $18.5 million property at Aaron Ave in Hawthorne. GET THE LATEST REAL ESTATE NEWS DIRECT TO YOUR INBOX HERE Inside the Hawthorne house, which has sold.Wait, there’s more.There’s also a wine cellar, music room, library, gym and games room with built-in bar.Records show Mr Scott, who is the former chief executive of Arrow Energy, bought the original property for $6.85 million in 2010. Inside the Hawthorne home.
He reminded consumers to be conscientious electricity usersfollowing the increase in Ceneco rate beginning this month – by P1.0659 perkilowatt hour (kWh). He attributed the increase to the hike in generation, transmissionand system loss charges, subsidies, and value added tax. Conserve energy, said Jose Taniongon, officer-in-charge of theCentral Negros Electric Cooperative (Ceneco). Norman Pollentes, department manager of Ceneco Corporate Planning,clarified that all power contracts of Ceneco could not be implemented withoutthe approval of the ERC. BACOLOD City – Want to avoid paying high electricity bills? Taniongon said, “The rate for the billing month of December 2019is P10.4678/kWh, an increase of P1.0659/kWh from last month’s rate ofP9.4019/kWh.” In a related development, Ceneco held a press conference onWednesday with Wennie Sancho, secretary general of Power Watch-Negros (PowerWatch) in relation to Sancho’s letter to Ceneco board of directors dated Dec. 9seeking clarification on the alleged “power overcontracting” by Cenecowith some power generators. Hence, according to Sancho, the Energy Regulatory Commission (ERC)opined that Kepco Salcon Power Corp. (KSPC) must be compensated by allowing therecovery of P232-million cost to maintain its financial viability. It added that for the interim period of 18 months, from Dec. 26,2014 to June 25, 2016, out of 262,800,000 kWh contracted energy, only139,284,000 kWh or 53 percent was utilized by the cooperative. He further stated that the adverse financial effect ofovercontracted power deals passed on to consumers reached to P547 million. “The ERC has the final say if there is overcontracting or not,”stressed Pollentes./PN He added that when the Electric Power Industry Reform Act of 2001was implemented in 2010, Ceneco’s method of procurement was made through powersupply negotiation and through solicitation of competitive offers fromdifferent generators. Today, the process is competitive selection process, hestressed. Part of Sancho’s letter stated that from July 29, 2011 to Nov. 25,2013 Ceneco contracted 59,710,493 kWh of power equivalent to about P232 millionin excess of its actual requirement.