BACB pension scheme transacts first open-tendered underwritten buy-in

first_imgThe British Arab Commercial Bank (BACB) Pension Scheme has entered into a £12m (€14.5m) insurance contract with Partnership, in the UK’s first tendered medically underwritten buy-in.The £12m deal covered all non-insured pensioners in the £60m scheme and was arranged via a third-party information collector.MorganAsh collected the medical information from the scheme’s members via a questionnaire. It then passed on the results to all interested insurers to formulate their bids.Insurers responded to the tender based on the identical medical information, resulting in a more competitive price for the trustees to transact. This differed from the process seen thus far, where deals are completed after a pension scheme selects an insurer upfront.JLT Employee Benefits (EB) had worked with insurers and MorganAsh to develop the process for its clients.Graham Wardle of BESTrustees, who chairs the BACB scheme, said the board received a 95% response rate from members, allowing the trustees to obtain an accurate price for the exercise.“We were able to achieve a competitive price by selecting Partnership Assurance, and we are pleased with how streamlined the process was,” he said.“The continual de-risking of our pension scheme is an important goal and ensures the long-term security for our members.”Buyout consultant at JLT EB, David Barratt, said the new process designed by the consultant could be important for schemes looking for effective and efficient de-risking.“We are continually looking to improve efficiencies for our clients and are delighted to have brought this new process to the market,” he said.Partnership Assurance director of corporate partnerships, Will Hale, said the tendered deal represented a landmark in the underwritten bulk annuity market.“We were happy to support JLT Employee Benefits develop this new market process,” he said.“A common approach to the collection of member information will ensure schemes wishing to de-risk through a choice of insurers, and they can be confident of attaining a competitive price.”last_img read more

Cricket News Five memorable Ashes series from ‘Bodyline’ to England’s thriller

first_img For all the Latest Sports News News, Cricket News News, Download News Nation Android and iOS Mobile Apps. New Delhi: England and Australia begin the latest edition of the Ashes at Edgbaston on Thursday, with the home side looking to wrestle back the urn. The opening day of the Ashes series between England and Australia also marks the start of the International Cricket Council’s new World Test Championship. The aim is to give individual Test series greater context and spark a worldwide revival of interest in the five-day game. Australia hold the Ashes but England have not lost a Test series at home to their arch-rivals since 2001.2005: England win Ashes thrillerThe 2005 Ashes was one of the greatest series in cricket history and saw England triumph over their fiercest rivals for the first time in nearly 19 years. It appeared to be business as usual for long-suffering England fans when Australia won the first Test at Lord’s by 239 runs. But when Australia fast bowler Glenn McGrath was ruled out of the second Test at Edgbaston after treading on a ball during practice on the morning of the match, England took charge. England’s Andrew Flintoff starred with both bat and ball and when Australia were 175-8, chasing 282 for victory, a home win looked assured.But Australia edged their way closer before last man Michael Kasprowicz was caught behind off Steve Harmison to give England victory by a mere two runs. The third Test was drawn and England survived a brilliant four-wicket burst from leg-spin great Shane Warne to win the fourth Test at Trent Bridge. England, now needing a draw at 2-1 up to regain the Ashes, were in danger of defeat on the last day at the Oval until Kevin Pietersen’s breathtaking 158 and a fine fifty from Ashes Giles rescued them following a top-order collapse.1981: Botham’s AshesRarely has one man done as much to win an Ashes as Ian Botham in 1981. He started the series as England captain but, after a defeat in the first Test at Nottingham and the embarrassment of bagging a pair in a draw at Lord’s, Botham resigned as skipper. England were still in dire straits after being made to follow-on in the third Test at Headingley, with former England wicketkeeper Godfrey Evans, who had become an odds-setter for British bookmaker Ladbrokes, making them 500/1 outsiders to win the match.Botham’s astonishing counter-attack innings of 149 not out, however, meant Australia were set a target of 130 before fast bowler Bob Willis’s inspired 8-43 saw England to an astounding 18-run win. Botham’s scarcely believable return of five for one in 28 balls at Edgbaston ensured England won the fourth Test by 29 runs. There were more heroics in the fifth Test when Botham’s blistering 118 set up a 103-run victory at Old Trafford that clinched the series.1974/5: Lillee and Thomson run riotAustralia’s Dennis Lillee was returning from a back injury and fellow fast bowler Jeff Thomson’s previous Test had yielded unimpressive figures of 0-110. Yet they still ran through England’s batsmen in frightening fashion. In the first four-and-a-half Tests Thomson took 33 wickets at 17.93 before he damaged his shoulder playing tennis on the rest day of the penultimate Test in Adelaide.Australia won the series 4-1, with England captain Mike Denness dropping himself at one stage. England’s only win came in the final Test when Thomson was missing through injury and Lillee broke down early.1948: Australia’s ‘Invincibles’An Australia side captained by Don Bradman in his final Test series swept all before them in an undefeated tour during which they won the Ashes 4-0. Underlying their superiority, Australia were set a seemingly impossible target of 404 on the last day to win the fourth Test at Headingley. Yet they got there for the loss of just three wickets, with Arthur Morris making 182 and Bradman an unbeaten 173.But the series is best remembered for Bradman’s final Test innings at the Oval when, needing four for an average of exactly a hundred, he was bowled for a duck by leg-spinner Eric Hollies and had to make do with a mark of 99.94.1932/33: ‘Bodyline’The most controversial Ashes series of them all was brought about by a desire to curb Bradman’s phenomenal run-scoring.England captain Douglas Jardine’s response was to deploy ‘leg theory’ — bowling short to a packed legside field — with supremely accurate fast bowler Harold Larwood the spearhead of the attack.It worked to the extent England won the Ashes 4-1, with Bradman’s average for the series reduced to 56.57. But the use of what became known as “Bodyline”, which saw batsmen having to defend themselves rather than their stumps, was condemned as “unsporting” by Australian officials and almost provoked a breakdown in diplomatic relations. last_img read more

Dodgers’ offense returns to form in victory over Reds

first_img Newsroom GuidelinesNews TipsContact UsReport an Error LOS ANGELES >> After a belt-tightening eight-game stretch during which they were limited to 18 runs and a .166 batting average by three of the best starting rotations in baseball, the Dodgers can put on their fat pants this weekend.Justin Turner hit a two-run home run in his first at-bat after returning from the DL and the Dodgers pulled away early in a 7-2 victory over the Cincinnati Reds on Friday night.The Reds’ starting rotation came into this weekend series with the highest ERA in the majors (5.81) by a wide margin. Friday’s starter, left-hander Amir Garrett, wasn’t around for long.After giving up Turner’s homer in the first inning, Garrett took a line drive off his pitching hand to start the second inning. The bullet came off Austin Barnes’ bat at 103 mph and left Garrett on the ground in pain. He left the game with a contusion. X-rays were negative. Maeda, on the other hand, emerged from the bullpen a new man.Bumped from the rotation to accommodate Alex Wood’s return from the DL on Saturday, Maeda had made just one previous relief appearance in his professional career – as a rookie with the Hiroshima Carp in 2008.In 10 starts this season, he had allowed 12 runs in the first innings along with a .349 batting average and 1.083 OPS. In his first inning as a reliever, he retired the side in order, striking out two.He kept going, striking out four of the first six batters he faced and retiring the first nine in order before Joey Votto led off the ninth with a home run.center_img The Dodgers’ offense went on to do most of its damage against the Reds relievers who followed.Two runs scored in the third inning when right-hander Jake Buchanan tried to make a highlight-reel play on Barnes’ chopper to the left of the pitcher’s mound with the bases loaded. This one Buchanan tried to bare hand and spin to throw Barnes out at first. His throw was wide of first, allowing the two runs to score.An inning later, Buchanan loaded the bases again on a double by Chris Taylor, a walk and a hit batter. Franklin Gutierrez’s first hit since May 16 – a ground ball single into left field – drove in two more runs.Kike’ Hernandez added a solo home run later, plenty of offense to support the a new tag team duo – Rich Hill and Kenta Maeda.Hill continued to struggle with his control, walking three in the second and third innings, and needed 98 pitches to get through five innings. He allowed just one run on two hits in that time but has now walked 16 batters in his past 18 innings.last_img read more