Dutch electronics giants Philips makes €600m contribution to pension fund

first_imgEven though the scheme has now surpassed the legally required financial reserves of 107% coverage, it warned that it still considered itself to be in the “danger zone”, and was therefore still deliberating over the possible indexation of pension rights.The Philips Pensioenfonds said it lost 0.3% on its 70% liability-matching portfolio – meant to finance most of its liabilities, as well as 2% inflation – during the fourth quarter.In contrast, the scheme’s 30% return portfolio generated 5.5%, thanks to well-performing equity and high-yield credit.The return portfolio, which also includes emerging market debt and property, is to bolster its financial buffers and finance any surplus inflation and longevity risk, the scheme said.The pension fund attributed the 0.2% outperformance in particular to the returns on high-yield credit and commodities. Dutch electronics giant Philips is to boost the assets of its €14.9bn pension fund with an additional contribution of €600m.It said €500m would be used to increase the coverage ratio of the Philips Pensioenfonds by 3 percentage points to 111%.The extra contribution, it said, is the result of a new collective labour agreement (CAO) between the employer and the unions.The Philips scheme reported a quarterly return of 1.3%, leading to funding of 108% at year-end, and an annual return of 0.6%.last_img read more

Knoxville Raceway hosts July 16 IMCA Har­ris Clash special

first_imgKNOXVILLE, Iowa – Xtreme Motor Sports IMCA Modifieds and Karl Chevrolet Northern SportMods return to Knoxville Raceway for the 24th annual Harris Clash on Thursday, July 16.Top prize for the Modifieds is $2,000 while Northern SportMods run for $1,000 to win.Twenty-four cars will qualify for the Modified feature, which doubles as a Hawkeye Dirt Tour event; one past champion’s provisional will be given to the most recent winner who is licensed and competing in weekly IMCA events but who does not qualify.IMCA Speedway Motors Weekly Racing National, home region, Allstar Performance State and Hawkeye Dirt Tour points will be awarded for the 2015 Fast Shafts All-Star Invitational bal­lot qualifier.The Modified feature will be 25 laps and pay a minimum of $250 to start. The Northern SportMod feature is 20 laps.Pit gates open at 3 p.m., the draw closes and the drivers’ meeting starts at 6 p.m., hot laps are at 6:30 p.m. and racing starts at 7:15 p.m. Grandstand admission is $15 for adults, $8 for stu­dents, $4 for kids ages 6-12 and free for children five and under. Pit passes are $30.Anyone between the ages of 12 and 17 must have a waiver, signed by a par­ent or guardian, to get into the pit area. That waiver form can be downloaded from the Knoxville Raceway web­site and must be printed in color. The person the waiver is intended for must be present at time of sign-in.Registration forms can be downloaded from the www.bobharrisent.com website.More information is available by calling event promoter Bob Harris at 515 231-1748 and at the www.bobharrisent.com and www.knoxvilleraceway.com web­sites.Chris Abelson of Sioux City is the defending Modified Clash winner.The Harris Clash is the second of back-to-back Hawkeye Dirt Tour events next week. The series is at Southern Iowa Speedway in Oskaloosa on Wednesday, July 15.last_img read more