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first_imgArjan Hess, AVH’s chair, attributed the spiked coverage gap to the increase in interest rates as well as improved equity markets during the past months.These developments had benefited PGB more than AVH, he said.Statistics provided by supervisor De Nederlandsche Bank (DNB) showed that PGB had an interest rate hedge of 27%, against 48% at AVH.Securities holdings at both PGB and AVH were 61% and 36%, respectively, according to DNB.AVH’s board said it would reconsider its future, and added that rights cuts at the end of 2020 were still “very likely”.At the end of November, the scheme’s coverage ratio stood at 92.1%.A complicating factor is that Robeco had announced it would cease its services as a fiduciary manager for the pension fund.However, AVH’s chair said Robeco indicated it could extend its services for a while longer.Additionally, AGH, AVH’s small pensions provider, has financial and organisational challenges and is currently subject to a take-over bid by IT firm Centric.At the end of 2018, AVH had 74,000 participants, almost 10,000 of whom were pensioners. AVH, the €1.8bn Dutch pension fund for the agricultural and food trade, has – at the last minute – decided to refrain from joining the multi-sector scheme PGB.On their websites, both schemes explained  the merger would have come at the expense of a 15% rights discount at AVH, because of differing coverage ratios.In September, AVH announced it planned to transfer its pension assets to the €29bn PGB because of its poor financial position, as well as increasingly strict legal requirements.At the time, the funding difference between the two pension funds was 10%.last_img read more

first_img Better Collective sanctions 4m share sale to fund M&A options December 5, 2019 Submit Share Share StumbleUpon SBC Digital Summit: Better Collective’s Jesper Sogaard on adapting to the current climate May 1, 2020 Better Collective moves fast to mitigate COVID-19 as esports journey begins May 15, 2020 Related Articles Jesper Søgaard – Better CollectiveStockholm-listed affiliate marketing publisher Better Collective AS moves to expand its UK profile and presence, securing a digital services partnership with The Daily Telegraph.The partnership will see, Better Collective integrate its content and referral technologies across Daily Telegraph publishing platforms, promoting content that engages and educates readers on igaming and betting verticals.The Daily Telegraph commercial arrangement will be led and co-branded under Better Collective’s flagship portal bettingexpert domain, which will see the betting publisher secure a further channel to operate and market within the saturated UK online gambling marketplace.Jesper Søgaard, CEO of Better Collective: “Better Collective is all about transparency. We aim to make sports betting and gambling entertaining, transparent and fair, and a partnership with a world class brand like The Daily Telegraph allows us to empower millions of UK online bettors. This innovative commercial partnership – in my mind – very well illustrates the future of the fierce media market. I think we will see more ventures like this, and we will definitely be able to benefit from each other’s expertise. I am very proud that The Telegraph Media Group has chosen us to assist them in developing their business”.The details of the financial terms remain undisclosed; however, The Daily Telegraph will receive a fixed license payment and all future revenue generated will be split between the parties balanced in favor of Better Collective.Nicolas Gaertner, Managing Director, Commerce at The Daily Telegraph: “We are excited to be partnering with Better Collective and look forward to a prosperous commercial relationship for years to come.”last_img read more