Risk that large DB employer insolvencies could ‘seriously strain’ PPF

first_imgLCP said its analysis indicated that even in the more serious scenario of a £20bn hit, a combination of adjustments to the PPF’s funding strategy and self-sufficiency targets could be enough to cover the deterioration in funding without the need to cut benefits.The measures that the PPF could take to absorb even a relatively large series of additional liabilities included putting back the date at which it was targeting self-sufficiency, accepting a lower target probability of achieving self-sufficiency, and raising levies.However, LCP warned that the biggest risk to the PPF would come if the current crisis hit sectors of the economy that tended to have relatively large DB deficits.If several long-established employers with large DB schemes in sectors such as manufacturing, aerospace and high street retail were all to face insolvency in the coming years, “even the more serious £20bn could prove to be an under-estimate”, it said.Should a much worse scenario than that arise, additional actions may have to be seriously considered, “including the possibility that the government attempts to reduce past and future PPF compensation”, the consultants said.“The crucial question is whether the insolvencies which we are likely to see in the coming years will hit firms which also have large DB deficits”LCP partner Jonathan WolffLCP partner Jonathan Wolff said it was reassuring to see that the PPF was relatively well placed “to navigate the current choppy waters” “but warned against complacency.“Recent history has been a reminder that the crucial question is whether the insolvencies which we are likely to see in the coming years will hit firms which also have large DB deficits,” he said. “There remains a risk that too many such insolvencies could put a serious strain on the system”.PPF viewDavid Taylor, PPF executive director responsible for the PPF levy, said: “Our members, levy payers and those protected by the PPF should not be concerned with speculation about our ability to weather the current economic situation.  Our latest modelling shows that we are well placed to achieve our self-sufficiency target and our 2020/21 levy estimate remains unchanged from its announcement last year.”The PPF is due to publish its 2019/20 annual report and accounts in the autumn, later than planned because some assets needed more time for complete valuations to be obtained. It has in the meantime published its first standalone responsible investment report.LCP said it also considered the effect of some non-Covid-19 factors facing the PPF, such as the move from RPI inflation to CPIH and the effect of recent court cases on PPF compensation.This article was amended after publication to include an updated comment from the PPF. The extent to which the coronavirus crisis hits employers with relatively large defined benefit (DB) deficits will be a key determinant of whether the UK’s DB lifeboat fund can cope without the need arising for extreme measures such as cutting compensation, according to analysis from LCP.Using two modelled scenarios, the consultants showed that the £32bn (€35bn) Pension Protection Fund (PPF) is likely to face a multi-billion pound hit as a result of insolvencies in the wake of the Covid-19 crisis.In a scenario assuming a similar rate of insolvencies as followed the 2007/08 financial crash but based on more recent claim levels, the hit on the PPF is £10bn.A £20bn scenario reflects a deeper economic downturn where PPF claims are focussed on companies with larger deficits.last_img read more

The Latest: Celtics say guard Marcus Smart in good spirits

first_img___The Russian anti-doping agency is suspending all tests for 10 days in response to measures implemented by the government to fight the coronavirus.The move comes after President Vladimir Putin told Russians except those working in essential sectors to stay home next week.RUSADA deputy CEO Margarita Pahnotskaya tells The Associated Press the testing suspension covers a longer period because of the risk of staff being stranded away from home. Tests stopped Friday and will resume on April 6.Pakhnotskaya says the World Anti-Doping Agency has been notified. March 27, 2020 The Latest: Celtics say guard Marcus Smart in good spirits The event originally scheduled for July 23-26 will now be held on Aug. 6-9 at the Evian Resort Golf Club.Evian is one of the five majors on the women’s circuit.The decision was made by the LPGA Tour, the Ladies European Tour and Evian organizers.LPGA Commissioner Mike Whan says “this adjustment makes for easier travel for players and assists us as we look to reschedule previously postponed events.”The women’s British Open is scheduled to be held two weeks after Evian. At Augusta National, kids who qualified for this year’s Drive, Chip and Putt will get to compete on the Sunday before next year’s Masters. They will compete in the same age division for which they qualified. That means there won’t be any qualifying for new participants until next year.___Oilers captain Connor McDavid says he elected to stay put in Edmonton rather than risk traveling home to suburban Toronto.McDavid says he didn’t want to take the chance of going through crowded airports and contract the new coronavirus in fear of potentially spreading it to his parents and grandparents. He says the NHL being on hiatus also allows him to break in the new home he built, which also includes a gym.McDavid spoke on a league-hosted video conference call featuring Pacific Division players on Friday. ___The LPGA Tour now has two majors that have been rescheduled because of the new coronavirus.With the Olympics postponed until 2021, the Evian Championship in France will be two weeks later on Aug. 6-9. That was supposed to be the week of women’s golf in the Olympics.Moving back the Evian will create a little room on the LPGA schedule when golf resumes. It also makes travel more practical for the players. The new date for the Evian Championship is one week before the Ladies Scottish Open east of Edinburgh, and two weeks before the Women’s British Open at Royal Troon.The LPGA previously rescheduled the ANA Inspiration in Rancho Mirage, California, from April 2-5 until Sept. 10-13. Jae Crowder of the Miami Heat has donated $15,000 to Boston-based custom slide sandal company ISlide. That money will go entirely to the company’s affected workers. Crowder is an ISlide investor and says he felt compelled to give because he knows workers there are in need. Crowder says “to see the potential negative business impact from this outbreak compelled me to help in any way I could.”___ Employers in Spain are allowed to reduce labor costs while guaranteeing that workers will return to their jobs once conditions improve.The club says it has not decided by how much the salaries will be lowered.___A Russia-based basketball league with teams in five countries has abandoned its season without declaring a champion because of the coronavirus outbreak.VTB United League CEO Ilona Korstin says it’s not appropriate to continue the season “in the current situation when borders are closed, teams can’t train at basketball arenas and clubs have to allow foreign players to go home.” The International Ski Federation (FIS) has postponed its presidential election at a biennial congress for at least three months due to the coronavirus pandemic.Hosts for some world championships, including Alpine skiing in 2025, were also due to be voted on at May 17-23 meetings in Thailand.FIS says it hopes to reschedule “in the autumn (fall) of this year,” possibly at a different location.Candidates to succeed 22-year incumbent Gian Franco Kasper as president, and for seats on the FIS ruling council, must be declared 30 days before the rescheduled elections.The three candidates for Alpine worlds in 2025 are: Saalbach, Austria; Garmisch-Partenkirchen, Germany; Crans-Montana, Switzerland. Considered a fourth-tier circuit in the U.S., the NPSL is affiliated with the United States Adult Soccer Association. The NPSL started play in 2003 and had planned to expand from 91 to 94 teams this season.The league was to have entered 14 teams in the U.S. Open Cup, which was suspended because of the pandemic.The NPSL summer season had been set to start in May and end in early August. The league said Friday that many of its venues would be unavailable after that because they are on college and school campuses.___Global players’ union FIFPro has called on soccer clubs to stop firing players or cutting their salaries before talks. Share This StoryFacebookTwitteremailPrintLinkedinRedditThe Latest on the effects of the coronavirus outbreak on sports around the world:___Boston Celtics coach Brad Stevens says guard Marcus Smart is doing well and remains in good spirits following his positive test for coronavirus last week. Associated Press center_img She says “we studied all the consequences and agreed we should follow the order. And it was agreed with WADA. I wrote them a letter yesterday.”___The Diamond League has postponed three more track meets because of the coronavirus outbreak.The events in Stockholm on May 24, Naples and Rome on May 28, and Rabat, Morocco, on May 31 have all been postponed with no new dates set.The first six events of the year have been called off and only the Shanghai meet has been given a new date. The Prefontaine Classic in Eugene, Oregon, on June 7 is now the first scheduled event on the calendar. Top-ranked tennis player Novak Djokovic, his wife and their foundation are donating 1 million euros (about $1.1 million) to help buy ventilators and other medical equipment for hospitals in Serbia.Djokovic says his foundation’s staff “will be monitoring everything” to get the equipment in place.His wife, Jelena, is the global director of the Novak Djokovic Foundation. She says ventilators needed to help COVID-19 patients range in price from 10,000 to 50,000 euros ($11,000 to $55,000).The 32-year-old Djokovic won the Australian Open in January for his 17th Grand Slam title. Among men, only Roger Federer, with 20, and Rafael Nadal, with 19, have won more.___ ___Atlético Madrid has followed Barcelona’s lead and announced it will reduce its players’ and coaches’ salaries during the stoppage of competition due to the coronavirus crisis. A day after Barcelona had done the same, Atlético said Friday that it will reduce its payroll temporarily “to ensure the future” of the club. Neither Barcelona nor Atlético are saying how much they would slash salaries. The moves will not impact their players’ contracts.___ Turkish basketball team Fenerbahce says one of its players and three members of the technical and administrative personnel have tested positive for the coronavirus.Fenerbahce says none of the four have been hospitalized. They were being isolated and monitored at home.The player and three staff members were not named.___The Evian Masters women’s golf tournament has been moved to August because of the coronavirus outbreak. With the season on hold, players have been told to self-isolate until at least April 4. To date, three NHL players have tested positive for the virus: two with Ottawa and the third with Colorado.___Good news for all those who have already qualified for the Tokyo Olympics: You’re in for 2021. Olympic officials have confirmed that the 6,200 or so athletes who had already punched their ticket for Tokyo will keep their spots for the rescheduled games next year. It resolves one of the key questions for marathoners, open-water swimmers and hundreds of other athletes whose qualifying process came early in the 2020 sports calendar, before the coronavirus started shutting down sports across the globe. The Diamond League says “the meeting organizers, the Wanda Diamond League and World Athletics remain committed to delivering a structured extensive season in 2020.”___Spanish soccer club Barcelona says it will reduce the salaries of its players amid the coronavirus pandemic.Barcelona says its executive board has decided to temporarily suspend player contracts. That produces a “proportional reduction of the remuneration provided for in the respective contracts.”The players’ contracts will remain intact during the job suspension. Smart announced his diagnosis on March 19, seven days after Utah Jazz All-Stars Rudy Gobert and Donovan Mitchell tested positive for COVID-19. Boston played the Utah Jazz on March 6.Celtics players and staff were also tested as a precaution and those tests have all come back negative.Stevens said he and team officials have been checking in with Smart and the rest of the team regularly via conference calls.“I’m proud of how he kind of took the initiative to tell people that he had it and that he felt good and that he got online, just continued to ask people to practice social distancing and self-isolation right now,” Stevens said. “It’s just, you know, it’s a really unique, unsettling time for everyone.”— Kyle Hightower reporting from Boston FIFPro says it’s “extremely concerned” that clubs in several countries “have begun to immediately lay off players or unilaterally reduce their salaries” because of the economic impact of the coronavirus pandemic.The Netherlands-based union says many players worldwide earn at or below average domestic income “and would be severely affected by salary decreases.”One club in Switzerland, Sion, terminated the contracts of nine players including former Arsenal pair Johan Djourou and Alexandre Song, who declined to accept reduced wages in a federal unemployment insurance program.FIFPro, which represents 65,000 men’s and women’s players, urges “clubs with short-term financial difficulties to meet with national player unions to negotiate fair and proportionate arrangements.”___ Still to be determined is how the Isports that make up the Olympics will allocate all the spots at the rescheduled games. Typically, the individual sports determine their qualifying procedures for Olympic events.World Athletics president Seb Coe confirmed that all sports have agreed to the IOC’s proposal that all athletes currently qualified for the Olympics will remain qualified for next year. In track, he said that accounts for about half the places. He said the important next step is to develop a fair process for the rest of the athletes, most of whom have seen their qualifying events postponed.___The National Professional Soccer League has canceled its 2020 summer season because of the new coronavirus outbreak. Korstin says the league will start preparing for the 2020-21 season.Russian club BC Khimki was leading the league with an 18-1 record when it was suspended.___More AP sports: https://apnews.com/apf-sports and https://twitter.com/AP_Sports,Tampa Bay Lightning advance to face Dallas Stars in Stanley Cup finals, beating New York Islanders 2-1 in OT in Game 6last_img read more

Week 12 Fantasy FLEX rankings

first_imgLISTEN TO THE SN FANTASY WEEK 12 PREVIEW PODCAST BELOWWeek 12 Fantasy Football Rankings: FLEXThese rankings are for standard, non-PPR leagues.RankPlayer1Christian McCaffrey, RB, Panthers @ Saints2Alvin Kamara, RB, Saints vs. Panthers3Nick Chubb, RB, Browns vs. Dolphins4Saquon Barkley, RB, Giants @ Bears5Josh Jacobs, RB, Raiders @ Jets6Julio Jones, WR, Falcons vs. Buccaneers7Michael Thomas, WR, Saints vs. Panthers8Chris Godwin, WR, Buccaneers @ Falcons9Mike Evans, WR, Buccaneers @ Falcons10Tyler Lockett, WR, Seahawks @ Eagles11Odell Beckham Jr., WR, Browns vs. Dolphins12DeAndre Hopkins, WR, Texans vs. Colts13Derrick Henry, RB, Titans vs. Jaguars14Le’Veon Bell, RB, Jets vs. Raiders15Ezekiel Elliott, RB, Cowboys @ Patriots16Leonard Fournette, RB, Jaguars @ Titans17Todd Gurley, RB, Rams vs. Ravens18George Kittle, TE, 49ers vs. Packers19D.J. Moore WR, Panthers @ Saints20Tyrell Williams, WR, Raiders @ Jets21DJ Chark, WR, Jaguars @ Titans22Jarvis Landry, WR, Browns vs. Dolphins23Cooper Kupp, WR, Rams vs. Ravens24Kenny Golladay, WR, Lions @ Redskins25Davante Adams, WR, Packers @ 49ers26Tevin Coleman, RB, 49ers vs. Packers27David Montgomery, RB, Bears vs. Giants28Chris Carson, RB, Seahawks @ Eagles29Jaylen Samuels, RB, Steelers @ Bengals30Joe Mixon, RB, Bengals vs. Steelers31DK Metcalf, WR, Eagles vs. Seahawks32Amari Cooper, WR, Cowboys @ Patriots33Phillip Lindsay, RB, Broncos @ Bills34Devin Singletary, RB, Bills vs. Broncos35Aaron Jones, RB, Packers @ 49ers36Jamison Crowder, WR, Jets vs. Raiders37Terry McLaurin, WR, Redskins vs. Lions38Darren Waller, TE, Raiders @ Jets39Mark Ingram, RB, Ravens @ Rams40Allen Robinson, WR, Bears vs. Giants41Julian Edelman, WR, Patriots vs. Cowboys42Calvin Ridley, WR, Falcons vs. Buccaneers43Carlos Hyde, RB, Texans vs. Colts44Mark Andrews, TE, Ravens @ Rams45Zach Ertz, TE, Eagles vs. Seahawks46Courtland Sutton, WR, Broncos @ Bills47DeVante Parker, WR, Dolphins @ Browns48Curtis Samuel, WR, Panthers @ Saints49Golden Tate, WR, Giants @ Bears50Jonathan Williams, RB, Colts @ Texans51Bo Scarbrough, RB, Lions @ Redskins52Derrius Guice, RB, Redskins vs. Lions53Miles Sanders, RB, Eagles vs. Seahawks54Kareem Hunt, RB, Browns vs. Dolphins55John Brown, WR, Bills vs. Broncos56Ronald Jones, RB, Buccaneers @ Falcons57Emmanuel Sanders, WR, 49ers vs. Packers58Alshon Jeffery, WR, Eagles vs. Seahawks59James White, RB, Patriots vs. Cowboys60Robert Woods, WR, Rams vs. Ravens61Marvin Jones, WR, Lions @ Redskins62Will Fuller V, WR, Texans vs. Colts63Brandin Cooks, WR, Rams vs. Ravens64Latavius Murray, RB, Saints vs. Panthers65Sony Michel, RB, Patriots vs. Cowboys66Zach Pascal, WR, Colts @ Texans67Tyler Boyd, WR, Bengals vs. Steelers68James Washington, WR, Steelers @ Bengals69Deebo Samuel, WR, 49ers vs. Packers70Marquise Brown, WR, Ravens @ Rams71Michael Gallup, WR, Cowboys @ Patriots72N’Keal Harry, WR, Patriots vs. Cowboys73Royce Freeman, RB, Broncos @ Bills74Brian Hill, RB, Falcons vs. Buccaneers75Adrian Peterson, RB, Redskins vs. Lions76Benny Snell Jr., RB, Steelers @ Bengals77Jamaal Williams, RB, Packers @ 49ers78Kalen Ballage, RB, Dolphins @ Browns79Cole Beasley, WR, Bills vs. Broncos80Robby Anderson, WR, Jets vs. Raiders81Demaryius Thomas, WR, Jets vs. Raiders82Darius Slayton, WR, Giants @ Bears83Gerald Everett, TE, Rams vs. Ravens84Jared Cook, TE, Saints vs. Panthers85Taylor Gabriel, WR, Bears vs. Giants86A.J. Brown, WR, Titans vs. Jaguars87Hunter Renfrow, WR, Raiders @ Jets88Russell Gage, WR, Falcons vs. Buccaneers89Raheem Mostert, RB, 49ers vs. Packers90Greg Olsen, TE, Panthers @ Saints91Ryan Griffin, TE, Jets vs. Raiders92Jacob Hollister, TE, Seahawks @ Eagles93Danny Amendola, WR, Lions @ Redskins94Diontae Johnson, WR, Steelers @ Bengals95Alex Erickson, WR, Bengals vs. Steelers96Dede Westbrook, WR, Jaguars @ Titans97Ted Ginn Jr., WR, Saints vs. Panthers98Jakobi Meyers, WR, Patriots vs. Cowboys99Josh Gordon, WR, Seahawks @ Eagles100Marcus Johnson, WR, Colts @ Texans101Chris Conley, WR, Jaguars @ Titans102Darren Fells, TE, Texans vs. Colts103Randall Cobb, WR, COwboys @ Patriots104Peyton Barber, RB, Buccaneers @ Falcons105Tarik Cohen, RB, Bears vs. Giants106Duke Johnson Jr., RB, Texans vs. Colts107Nelson Agholor, WR, Eagles vs. Seahawks108Corey Davis, WR, Titans vs. Jaguars109Kelvin Harmon, WR, Redskins vs. Lions110Scotty Miller, WR, Buccaneers @ Falcons111Tyler Eifert, TE, Bengals vs. Steelers112Trey Quinn, WR, Redskins vs. Lions113Benjamin Watson, TE, Patriots vs. Cowboys114Zay Jones, WR, Raiders @ Jets115Eric Ebron, TE, Colts @ Texans116Josh Reynolds, WR, Rams vs. Ravens117Allen Hurns, WR, Dolphins @ Browns118Vance McDonald, TE, Steelers @ Bengals119Frank Gore, RB, Bills vs. Broncos120Nyheim Hines, RB, Colts @ Texans Our Week 12 FLEX rankings are here to help save your Sunday morning start ’em, sit ’em blues. We’ll be the first to admit it gets kind of ugly in the bottom half of this list. There aren’t a ton of sleepers; there are just players we’d like to avoid more than others — the busts and the not-quite-busts, if you will. Think about it this way — there’s some poor soul out there who has to decide between Raheem Mostert, Russell Gage and Darren Fells for their FLEX spot. That’s not fun, but with the fantasy playoffs creeping up on us, it’s also a vitally important decision. When Gage catches eight passes or Mostert breaks a 70-yard run or Fells catches two scores, you’ll want to have played the right one. WEEK 12 NON-PPR RANKINGS:Quarterback | Running back | Wide receiver | Tight end | D/ST | KickerOr it could be even uglier, say Duke Johnson Jr., Scotty Miller or Tyler Eifert. That would probably only be a decision in a deeper league, but it’s still the type of decision someone may have. As with any other combo you could think of with the top 120 RB/WR/TEs, we have them ranked below.WEEK 12 DFS LINEUPS: FD cash | FD GPP | DK cash | DK GPP | Y! cash | Y! GPPSo, I’ll stop bogging you down with more hypotheticals. Just scroll on down and find how to finish off your lineup.WEEK 12 PPR RANKINGS: Running back | Wide receiver | Tight endIf you have any specific Sunday morning questions, be sure to hit us up on Twitter @SN_Fantasy.MORE WEEK 12 DFS: Values | Stacks | Lineup Builderlast_img read more