PenSam hit by deeper-than-expected 2013 loss

first_imgThis is why the 2013 result fell short of expectations expressed in an interim report published at the half-year stage, the fund said.It said last year’s exercise, whereby many customers in the old PMF-Pension switched to the non-guaranteed Fleksion product, delivered a DKK132.2m blow to profits.PMF-Pension – the labour-market pension fund for childcare assistants, which PenSam took over from Sampension in 2006 – was merged into PenSam in 2012.Customers with old-style PMF-Pension plans, which included guarantees, were given the option last year to accept a bonus for changing their plans to Fleksion.PenSam said 38% of the 30,000 customers asked did opt to switch.PenSam Liv’s overall investment return for 2013 was 3.2%, and the Fleksion pension product generated a 7.7% return, the fund said.Helen Kobæk, PenSam’s managing director, said PenSam Liv had produced good investment returns in all asset classes.Equities returned 27%, while private equity and infrastructure generated a return of 8-9%, she said.Last year’s investment return was the result of the more active investment strategy put in place in 2010, which aimed to balance assets actively and manage risk effectively, PenSam said.Developments on the financial markets in the wake of the financial crisis had thrown up good investment opportunities, it said.As part of this, PenSam said it made active investments in construction projects in the Copenhagen harbour, in addition to buying up a mortgage bond portfolio from the state liquidator Finansiel Stabilitet. Contibutions for the year were broadly unchanged from the year before at DKK5bn.Assets under management rose to DKK84.5bn at the end of 2013 from DKK77.6bn a year before. Denmark’s PenSam reported an unexpectedly large loss for 2013 after it paid bonuses to customers switching to non-guaranteed pension plans.PenSam Liv – the part of the PenSam group that runs its core labour-market pension schemes – made a loss of DKK85m (€11m) in 2013 before tax, down from 2012’s profit of DKK186m.In its annual report, PenSam said: “The year’s result is not satisfactory but should be seen in the light of the product changeover that was carried out and developments on the financial markets.”The return on capital in the second half of the year failed to offset the effect on results of the product changeover, it said.last_img read more

The next big QLD building trend

first_img FOLLOW US ON FACEBOOK Metricon created a special arm to help homeowners navigate council approvals for multiple occupancy homes.Mr Ryan warned not all lots were suited to dual occupancy and navigating council zoning and town planning requirements could be tedious.“There are precincts where dual occupancy is appropriate and others where it is not,” he said. “DualOcc by Metricon is designed to assist people through that journey.” Sydney and Melbourne had led the trend out, he said, particularly off extended families and investors. Home designs have changed to take into account bigger households again.More from newsParks and wildlife the new lust-haves post coronavirus11 hours agoNoosa’s best beachfront penthouse is about to hit the market11 hours agoIn Queensland interest was likely to increase as land supply dwindled and councils looked to alternatives for high-rise apartments, he said.“Councils need to be looking or other options to bring more density because not everyone wants to live in a tower and not everyone wishes to live in a townhouse.”Mr Ryan said major benefits of dual occupancy included additional density, and potential extra income at a time when house prices in Brisbane were increasing. “A growing group now want to explore what development is possible on their existing land.“One of the major advantages of dual occupancy homes is the potential to make more income from a single land title.”Dual occupancy developments were classed as two or more homes on a single block of land.The developments could be multi-dwellings with one behind the other, a duplex, side-by-side attached dwellings, or a combination of all those. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:58Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:58 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD432p432p216p216p180p180pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenHow much do I need to retire?00:58 MORE: Robin Bailey lists Brisbane home Creating homes that accommodate multiple generations or families will become more important for Queenslanders, according to Metricon.“Often it’s people whose blocks are zoned for dual occupancy or who might be looking to maximise the yield of their lot.“In other cases, people might have owned a lot for a while and the zoning has now changed.“In many instances people are looking to stay in one part of the dual occupancy property and rent or sell the other.”center_img Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:11Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:11 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreen5 tips to style your home for sale01:12 Home building company Metricon is betting the next major trend in Queensland’s southeast corner will be dual occupancy homes.The next major home trend is being driven by house price rises, dwindling land supply, and buyers trying to make the most of their investment, according to a Queensland mega builder.Home building company Metricon is betting that dual occupancy homes will see the biggest demand going forward especially in South East Queensland. Sale of the century Wake up to ocean views Metricon’s Queensland general manager Peter Ryan said DualOcc — a specialist duplex and dual occupancy service — was created to simplify the approval and building process for property owners in Queensland and northern New South Wales.“We’ve seen a lot of requests for dual occupancy, particularly in areas like the Gold Coast and pockets of Moreton Shire,” he said.last_img read more

Kotoko 0-0 Olympics: Yaw Acheampong defends tactics in Kumasi draw

first_imgGreat Olympics coach, Yaw Acheampong, has expressed satisfaction at his side’s 0-0 away result with Asante Kotoko on Sunday.The Porcupine Warriors despite dominating possession but the visitors, who paraded a very experienced side including ex-Black Stars trio Godwin Attram, Dan Quaye and evergreen goalkeeper Richard Kingson.Olympics defended well to play out a draw with Kingson keeping a third clean sheet since returning to his boyhood club.“I am a defensive-minded coach and when I see that things are changing, I have to play to have at least a point which is better than none,” Acheampong told supersport.com after the game in Kumasi.“Our target is, if we have a goal, we kill the game so when the game reaches a certain stage that we see that things are getting difficult, we fight to take a point home.”Our tactics was to play behind the ball and then counter when in possession. We had a couple of chances that we should have made use of but we failed to score. That’s football. We are okay with the result.” Olympics increased their points tally to 19 but dropped from sixth to ninth position on the First Capital Plus Premier League log.–Follow Gary on Twitter: @garyalsmithlast_img read more