​UK schemes set for 2.5% fall in liabilities after CMI model revamp

first_imgAon said the changes would decrease projected life expectancies and therefore scheme liabilities.Matthew Fletcher, senior longevity consultant at Aon, said: “While the pensions industry still expects mortality rates to improve, by increasing the weight placed on recent mortality improvements, the new model reflects the growing evidence that these improvements are likely to be slower in the near term than the historically high rates seen in the years up to 2011.”Meanwhile, Willis Towers Watson’s retirement business director and longevity specialist Stephen Caine said a six-month reduction in life expectancy at 65 could knock around 2.5% of the liabilities off a typical pension scheme. This translated to roughly £20bn (€23bn) for FTSE 350 scheme sponsors as a whole.Annual improvements in life expectancy between 2000 and 2011 produced an average increase of around 2%, but mortality improvements have slowed since 2011 to around 0.5% a year, according to Willis Towers Watson. UK defined benefit (DB) pension schemes are likely to see a 2.5% reduction in liabilities as a result  of a revision to the Continuous Mortality Investigation’s (CMI) life expectancy model for 2018, according to consultancies Aon and Willis Towers Watson.Releasing its latest projections, the CMI said there was a growing consensus in the industry that, although mortality would continue to improve, the rates of mortality improvement over the next decade would be slower than those seen in the first decade of this century.“When compared with the previous CMI 2017 model, cohort life expectancies at age 65 are around five months lower for both males and females, at 19.8 years and 22.4 years, respectively,” the CMI said.Changes to the latest mortality projections model from the CMI – which is owned by the UK’s Institute and Faculty of Actuaries – included data from across the UK population up to the end of 2018, putting more weight on the narrower mortality improvements in recent years.last_img read more

Major growth suburb to be home to a new boutique development

first_imgBloom on Wesley at Lutwyche. Photo: SuppliedA six-storey development in one of Brisbane’s northern suburbs is offering buyers large oversized apartments with elevated city views.Boutique apartment builder developer Raise Projects’ latest development Bloom on Wesley is in the city-fringe of Lutwyche. Bloom on Wesley at Lutwyche.Bloom on Wesley incorporates 36 spacious two-bedroom plus study, three-bedroom plus study and three-bedroom plus multi-purpose room apartments with resort-style amenities featuring a rooftop infinity pool, gymnasium, barbecue and recreational area.The apartments feature up to 159sq m in a variety of floor plans, with modern living spaces and large balconies or courtyards to 66sq m.Prices of apartments start from $495,000 for two-bedroom apartments and from $645,000 for three-bedroom apartments. More from newsParks and wildlife the new lust-haves post coronavirus12 hours agoNoosa’s best beachfront penthouse is about to hit the market12 hours agoCheck out the views at Bloom on Wesley. Photo: SuppliedRaise Projects director Ramy Raymond said it was exciting to have the opportunity to develop such a perfectly positioned site in a major growth suburb.“We wanted to make the most of the location by creating a contemporary urban apartment building that caters for the desires of its residents,’’ Mr Raymond said.“Our architect has designed the building to maximise light and space while delivering on our commitment to creating oversize living spaces that are innovative, sophisticated and sustainable.“Our vision is to develop a building of uncompromising quality for residents who want to upsize their life by combining the convenience of urban apartment living with all the comforts and space of a house.’’Bloom on Wesley marketing manager and TOTAL Property Group managing director Adrian Parsons said Lutwyche was fast becoming a lifestyle destination of choice for home buyers looking for property in Brisbane.“The Bloom on Wesley development site is perfectly positioned in an area where we are seeing increasingly high demand,” he said.“Lutwyche has been undergoing a transformation and is emerging as a city-fringe hotspot for urban living.“There has been a spike in interest from people who are looking for spacious apartments in established northern suburbs like Lutwyche where they can enjoy a cosmopolitan lifestyle and fast, easy access to Brisbane’s CBD.“Bloom residents will be able to leave their car at home and walk to do just about anything; from browsing the quirky shops along the shopping strip to picking up some groceries at Lutwyche City Shopping Centre or popping on a bus or train for a short ride to the city, the options are endless.”center_img Imagine hanging around here during the summer months at Bloom on Wesley.Mr Parsons said there was an opportunity for both owner occupiers and investors.“We are seeing very strong interest in Bloom’s spacious and competitively-priced apartments from buyers and tenants,” he said.The site is 350m from the Lutwyche City Shopping Centre, which is undergoing a $60 million refurbishment, and is handy to many facilities on Brisbane’s north including the Royal Brisbane and Women’s Hospital 2.8km away, the QUT university campus and many private and public schools within 5km.last_img read more

Arsenal defy injury problems with 3-0 win at Swansea

first_imgArsenal made light of their injury problems with a comprehensive 3-0 Barclays Premier League win at Swansea. Gomis had time to pick his spot as he advanced on Petr Cech but he hesitated and tried to take it around the goalkeeper, which allowed the pacey Hector Bellerin to get back and clear. The chance, however, stirred Swansea into a period of dominance and Jefferson Montero slipped Bellerin to cross to the far post where Gomis headed straight at Cech. Giroud spurned Arsenal’s best chance of the half when, unmarked 18 yards out, he fired over. Swansea had genuine claims for a penalty after 32 minutes. Gylfi Sigurdsson’s free-kick was blocked by the Arsenal wall but referee Friend was unmoved, even though television replays appeared to show Per Mertesacker moving his hand to the ball. Shelvey headed over under pressure and Arsenal were content to get to the break on level terms, even if Campbell turned on Alexis Sanchez’s pass to warm the hands of Fabianski. But Arsenal stepped up the tempo after the interval and were immediately rewarded when Giroud peeled off Williams to head home his fifth goal in six games. Sigurdsson replied with a powerful shot which Cech palmed away but Koscielny’s controversial goal ended the game as a contest before Campbell added a third. TWEET OF THE MATCH “I think Arsenal could well win the league. There, I’ve said it.” – Former Tottenham striker Gary Lineker (@GaryLineker) reacts to Arsenal’s win. PLAYER RATINGS Swansea Lukasz Fabianski 6 (out of 10) Kyle Naughton: 6 Ashley Williams: 6 Federico Fernandez: 6 Neil Taylor: 6 Ki Sung-yueng: 7 Jonjo Shelvey: 7 Jefferson Montero: 7 Andre Ayew: 7 Gylfi Sigurdsson: 7 Bafetimbi Gomis: 6 Substitutes Modou Barrow (on for Montero, 78mins): 6 Leon Britton (on for Ki, 84mins): 6 Eder (on for Gomis, 84mins): 6 Arsenal Petr Cech: 7 Hector Bellerin: 7 Per Mertesacker: 7 Laurent Koscielny: 8 Nacho Monreal: 7 Francis Coquelin: 7 Santi Cazorla: 7 Joel Campbell: 7 Mesut Ozil: 8 Alexis Sanchez: 7 Olivier Giroud: 8 Substitutes Calum Chambers (on for Giroud, 84mins): Kieran Gibbs (on for Campbell, 84mins): Alex Iwobi (on for Ozil, 90mins) STAR MAN MESUT OZIL: Took time to get into his stride but the German claimed two more assist for Olivier Giroud’s opener and Joel Campbell’s clincher. Sprang many of Arsenal’s dangerous counter-attacks in the second period. MOMENT OF THE MATCH Campbell’s excellent second-half finish came right in front of the delighted Arsenal following. But the game’s turning point came when Bafetimbi Gomis was slipped through by Jonjo Shelvey and had the entire Arsenal half to run into. Gomis was closed down by Petr Cech but he should have shot, the chance lost when he tried to take it around the Arsenal goalkeeper. VIEW FROM THE BENCH Garry Monk named the same Swansea side which had ended their search for a first win in six at Aston Villa last week and was rewarded with a first-half display which was the most fluent for several weeks. But Monk was left to rue Gomis’ first half miss and referee Kevin Friend failing to spot Per Mertesacker’s penalty-box handball. Arsene Wenger might be bemoaning injuries to offensive players right now, but he knows he can count on Olivier Giroud as his fellow Frenchman has scored five goals in his last six games. MOAN OF THE MATCH Monk might wonder why Arsenal’s second goal was allowed to stand. Laurent Koscielny appeared to back into his former Gunners team-mate Lukasz Fabianski, who was also coming under pressure from Giroud. In an age when goalkeepers are over-protected it’s the sort of incident which normally yields a free-kick, but not this time as Koscielny was able to force the ball home. WHO’S UP NEXT? Bayern Munich v Arsenal (Champions League, November 4). Norwich v Swansea (Premier League, November 7). Swansea were the better team in the first half but paid the price for Bafetimbi Gomis failing to take advantage when put clean through by Jonjo Shelvey. Arsenal were far from their best in that period, but Olivier Giroud put them on their way to a fifth successive Premier League victory four minutes after the restart with the 2,000th goal of Arsene Wenger’s 19-year reign in north London. If that goal was sheer simplicity, the unmarked Giroud heading home Mesut Ozil’s corner, the second was shrouded in controversy as Laurent Koscielny bundled home after 68 minutes. The former Arsenal goalkeeper Lukasz Fabianski failed to collect under pressure from Koscielny and Giroud, the sort of challenge which usually results in a free-kick. But referee Kevin Friend felt no offence had been committed and Koscielny finished amid protests from Swansea players. Joel Campbell wrapped up victory five minutes later with a clinical finish for his first Gunners goal as Arsenal eased to another three points. It was the right Arsenal response to their shock Capital One Cup exit at Sheffield Wednesday in midweek and the perfect preparation for the crunch Champions League trip to Bayern Munich on Wednesday. Wenger responded to midweek injuries to Theo Walcott and Alex Oxlade-Chamberlain by handing Campbell his first Premier League start and the Costa Rica international was prominent in the early stages. Campbell set up Nacho Monreal’s drive through a crowded goalmouth and then shot over after the ball had ricocheted into his path off Ashley Williams’ shin. But Arsenal were fortunate not to be behind after 21 minues when Shelvey brushed aside Ozil and slotted the ball through for Gomis to run onto. Press Associationlast_img read more