“There are also efficiencies in terms of good communications, for instance, and in extracting good terms from investment managers and administrators“And from a supervisory point of view, it is much easier for a regulator to oversee one hundred schemes than 100,000 schemes.”The Authority has previously hinted the future shape of the DC landscape, last year launching a consultation focused on minimum quality standards.It also said that it would like to ensure that trustees could not be barred, by the scheme’s trust deed, from tendering for asset management services – a likely attempt to prevent the launch of master trusts, backed by an asset manager as sole provider.Despite the issue not being mentioned in a recent summary of consultation responses, the Authority still backed the proposal, Kennedy said.“We would prefer a situation where the trustees of a pension scheme have freedom to choose an asset manager, to hire and fire an asset manager – just like they should have the freedom to hire and fire the administrator.”He did not seem surprised that the recent summary of consultation responses had heavily focused on the role of trustees.“I think people were right to recognise that we are putting the trustees, and the responsibility of the trustees and the ability of the trustees at the heart of what we want to achieve.” The Pensions Authority has reiterated its support for consolidation in the Irish defined contribution (DC) market, stressing the benefits of the economies of scale.Brendan Kennedy, formerly chief executive of the Pensions Board and now the pensions regulator at the rebranded Authority, noted that there were “efficiencies in the economies of scale” that could be achieved by reducing the number of DC schemes to around one hundred.Kennedy has previously said that small-scale schemes should be “discouraged” and said that it was “difficult to justify” the continued existence of any more than 100 funds.“Clearly, there are efficiencies in economies of scale,” Kennedy told IPE, noting both the advantages of scale to administration of funds, but also the benefits of fewer schemes to the expertise available to funds.
Landon Gomes took the opening kickoff 70 yards for a touchdown and the Ferndale Wildcats never looked back as they beat the McKinleyville Panthers 21-14 Friday night in McKinleyville.Gomes took the ball and found a hole along the right sideline and a block by Kyler Becksted put him in the clear to give Ferndale the early advantage. A missed point after attempt put the Wildcats ahead 6-0.“I think it was huge psychologically,” Ferndale head coach Clint McClurg said. “It’s huge to know you’ll be …
zoomRuegen Island. Illustration; Source: Pixabay under CC0 Creative Commons license Germany’s Mukran Port and energy supplier Hoyer have revealed plans to introduce a fully automated bunker station for service vessels at the port. As informed, a tank facility for marine gas oil (MGO) will be built by the end of 2019. The construction is scheduled to begin at berth 1, in the southern part of the Mukran Port, in September.The bunker station will be available around the clock for bunkering of vessels which operate in the Baltic Sea.Specifically, the refueling process at berth 1 will be automated and made possible by card.According to Mukran Port and Hoyer, the shipping industry in general, as well as offshore wind farm supply vessels and tugs would benefit from the new bunker station.It will be possible to refuel ships at night without additional waiting time. The new station will replace the existing land-side mobile refueling from 2020 and will be equipped with a storage chamber with a capacity of 100 cbm.“Thanks to the high shipping demand in Mukran, we will strengthen our refueling network in Germany and in the Baltic Sea Region with this investment,” Thomas Hoyer, managing partner of Wilhelm Hoyer, explained, adding that the port and the energy supplier will also deepen their long-term cooperation.Located on Germany’s island of Rügen, the deepwater port encompasses ferry, rail, multipurpose and offshore terminals on a total area of around 430 hectares. World Maritime News StaffRelated: First-Ever LNG Bunkering Carried Out at Mukran Port in Germany