Irish pensions industry should absorb cost of €530m levy, government says

first_imgThe Irish government has again argued that the cost of the €534m pensions levy should be absorbed by the industry by lowering management charges, despite accepting that its ability to do so is “very limited”.Minister for finance Michael Noonan said he continued to believe the cost of his 0.6% levy on pension assets – overlapping during its last year with a further 0.15% charge introduced by the minister in the 2014 Budget – should be met by the industry itself, but he said he did not believe companies should be forced to shoulder the cost through legislation.“I have pursued this issue with the representative bodies of these companies,” he said, “but the response has not been positive. I have been told it would be a matter for individual companies to decide on the question of absorbing the cost of the levy into their existing fees and charges, but that the scope for companies to do so is very limited.”Due to the overlap between the existing and the new pensions levy, the Irish Exchequer expects to reap income of €675m from the stamp duty in 2014, up from the €534m in payments to the end of June 2013. Last year, Noonan said a Department of Social Protection report on pension management fees would show the industry how the impact of the levy could be offset, a view he reiterated.“Implementation of these recommendations aims to ensure compliance with regulatory requirements and enhance the transparency and understanding of pension charges amongst trustees, employers and scheme members with a view to supporting competitive pricing and ultimately limiting erosion to the value of the pension received by the member,” he said.Speaking the same day as Noonan, minister for social protection Joan Burton noted that work was underway to implement all of the recommendations contained within her department’s report.She reiterated that the new Pensions Council – the body soon to be charged with advising on pensions policy once the Pensions Board is reconfigured into the Pensions Authority in an effort to avoid regulatory capture – would help her oversee the implementation.“The first task I will be giving the new Council is to monitor the implementation of the recommendations in the Report on Pension Charges and advise me if further actions are needed,” she said.“Should this prove necessary, a further policy and regulatory response may be brought to government.”last_img read more

NBA trade rumors: Bulls may be open to dealing almost anyone on their roster

first_img NBA trade rumors: Lakers, Bulls had ‘initial conversations’ about Lonzo Ball before deadline The Bulls finished 2018-19 with a 22-60 record and missed the playoffs for a second straight season. They hold the No. 7 pick in the 2019 NBA Draft, which is set for June 20, and are also looking to upgrade at point guard.“We have to get better at that position, there’s absolutely no question in my mind,” Bulls executive vice president of basketball operations John Paxson said last month. “Kris (Dunn) is going to have opportunity because he’s under contract, but we understand as an organization that’s a position that if we’re to make a step in the right direction, that we’re going to have to address.” Related News NBA trade rumors: Bulls guard Kris Dunn’s value on market ‘is low to nonexistent’ The Bulls could look to move Dunn this summer, although his “trade value is low to nonexistent,” multiple league executives told the Chicago Tribune in May. They also may be willing to deal guard Zach LaVine.Markkanen and Carter, meanwhile, are considered the cornerstones of the Bulls’ rebuild. Markkanen, a stretch forward, averaged 18.7 points and 9.0 rebounds while shooting 36.1% from 3-point range last season.”I know everyone says they have to work on everything, but I definitely am going to get my body ready for a longer season, hopefully a postseason also. I said before the season my goal is to play all 82, so I’m definitely going to work on my body to get it ready and work on the court as well,” Markkanen said in April, via NBA.com. “There are a lot of things I have to do better. But being consistent is the biggest part and how can I do it every night.” The Bulls could be looking to make some major changes.“There’s a growing belief around the league” Chicago is open to trading everyone on its roster except forwards Lauri Markkanen and Wendell Carter Jr., according to a report from The Athletic, which cites unidentified sources familiar with the team’s plans. Carter was the No. 7 pick in the 2018 draft and had a promising rookie season for Chicago.The Bulls have been linked to Lakers guard Lonzo Ball. Grizzlies guard Mike Conley will also reportedly be available this offseason. NBA trade rumors: Celtics, two other teams could target Mike Conley deallast_img read more