first_imgAsset managers should be held to account by pension funds over their stewardship issues at annual stewardship meetings, according to the chief responsible investment officer of Aviva Investors.Steve Waygood said there was a need to “shine a light” on the stewardship efforts of the investment management industry, and that the industry needed to be significantly more public in its disclosures on the issue.Speaking at a National Association of Pension Funds (NAPF) event on stewardship, Waygood said that, unlike a code for companies on corporate governance – which saw the matters discussed at AGMs and followed up by the capital markets – the Stewardship Code had no mechanism for holding asset managers to account.He pointed out that both Aviva Investors and Aviva published stewardship reports, but he questioned who was monitoring the data published. “How do our clients get to hold us to account for the content?” he asked. “Where is the equivalent to the AGM?”Waygood went on to recommend that an organisation, such as the NAPF, convene a stewardship AGM as a market-based mechanism for accountability, with one trustee from each of the group’s member pension funds present.He said trustees would be required to “come and vote on a series of presentations from the very biggest fund managers”.“The clients that were in the room would sequentially be able to vote on each of the chief executives of the asset managers’ presentations on the quality and breadth and depth of stewardship,” he said.“We need to shine a light on the stewardship of the investment management industry by being much more public to the end owners.”He said the debate surrounding stewardship had all too often has been “an ivory tower between the investment managers, corporate governance experts and fund managers”.Chris Hitchen, chief executive of RPMI, supported the call for pension investors to ensure asset managers were “doing the best job they can on our behalf”.However, Hitchen also said diversification of pension assets had been “overdone” in the last decade, meaning that fewer, larger stakes could be more easily monitored by pension funds.“Our goals aren’t really to match or beat indices,” he said, “they should for a long-term real return.“In that guise, holding fewer, larger investments and then having more deep relationships with the boards of our investee companies makes perfect sense.“We need to be committed owners.”last_img read more


first_imgAsset managers hold the key to ensuring pension schemes get value for money from the market, according to Chris Hitchen, chief executive at RPMI, although other panellists at the PLSA investment conference in Edinburgh said all agents – including trustees – had a role to play.The headline theme for the panel was the Financial Conduct Authority’s asset management market study, which the FCA launched in November last year, and whether the market was working for pension schemes.Tracey McDermott, interim chief executive at the FCA, said asset management was “one of the UK’s success stories”.But she said there was “no room for complacency” and that, as new regulations drove more consumers to engage with asset managers, it was of “enormous consequence that they receive maximum bang for their buck”. The market study is “a serious and wide-ranging exercise”, she said.The FCA’s next steps include a survey of institutional investors to get a picture of how purchasers of asset management services view the market, and “a comprehensive programme” of international comparison work, McDermott told delegates.Her overview set the scene for a panel discussion during which market participants passed around to different players the responsibility for ensuring that end investors get value for money.RPMI’s Hitchen said transparency was helpful but that it was not enough.He said asset managers were “the part of the investment chain that we are looking to to really help us get the best deal”, not least because they have the most resources out of investment consultants and end investors.“Fund managers are where the resources are, where the pools of assets are,” he said.“And most trustees in the room are probably looking to their asset managers to be their guardians in the market.”He highlighted problems in the asset management industry such as closet indexing and “a lot of competition using alpha”, but he also pointed to investors’ “atomised portfolios” as a shortcoming – “we’re all massively over-diversified”.Pension schemes can take steps themselves, too, noted Hitchen, pointing to Railpen’s having simplified its external manager arrangements and hired a full-time member of staff to monitor fees.The latter was a decision taken after a “forensic look” at its fees revealed the scheme was paying four times more than it thought it was.BlackRock’s Stephens accepted that asset managers were part of the solution, but he emphasised the need to differentiate between costs and value for money, and also passed responsibility to other market participants, including trustees.Trustees make some of the most important decisions that will affect costs and value for money, he said, with asset allocation by far the most important thing to get right.“Are trustees spending as much time on asset-allocation decisions as they are on manager selection?” he asked.“How thoroughly, how consistently, how frequently are trustees evaluating their advisers and the advice they are given? How easy do we providers make it for our clients to assess us?”Three conditions need to be met for there to be effective competition, which is good for trustees, he said.First, there needs to be choice, and second, those choices need to be differentiated.Third, “and the one I think is less often spoken about, is the willingness of clients to choose, to make change”.Inertia, said Stephens, was “one of the things that has got us into the situation we’re in”.That situation, according to Stephens, is one where “the average hedge ratio is 40%, where most pension schemes are able to liquidate huge swathes of their portfolio within a week or a month, thereby ignoring attractive illiquidity premia, where adviser appointments seem if not permanent then extremely long term, and where clients extend advisory mandates into asset management mandates without open tender.”A consultant’s view came from Robert Brown, chairman of the global investment committee at Willis Towers Watson, who said progress was needed in several areas, not just on costs, and that it was “incumbent” on every bit of the chain to pursue improvement.With returns low and risks high, investors “have to pull every lever available to them” to increase returns, he said.As to the structure of the industry, “the decision chain is full of agents”, all of whom are subject to potential conflicts of interest, and this needs to be managed, he added.Costs, meanwhile, are increasingly accepted as being too high despite the market’s being competitive, noted Brown, with this down to structural factors such as information being asymmetric and buyers of asset management services being quite fragmented, and therefore weak buyers.Aggregation, as has happened in Australia, could be a way of dealing with the latter problem, he said.Innovation, another area to consider, has brought some good and some bad changes, said Brown, although the associated rise in complexity of investment products has typically meant higher fee levels.Finally, according to Brown, the “relentless” increase in competition for resources, returns and talent, not to mention complexity, has driven the need for greater governance and more management resources to deal with this.“Now, more than ever, we need to make progress in all of these areas,” he said.last_img read more


first_imgThe Lifetime ISA announced in Wednesday’s UK Budget introduces a rival savings vehicle to the traditional pension fund. Jonathan Williams argues that the brand recognition of the Lifetime ISA risks undermining the success of auto-enrolmentFor months, the UK pensions industry has been preparing for chancellor of the Exchequer George Osborne to overhaul pension taxation, switching from a system whereby savings are taxed upon drawdown (EET) to one where you get taxed when paying in (TEE).While Wednesday’s Budget did not see these changes materialise, the proposal for a Lifetime ISA potentially heralds the beginning of a much more dangerous trend – one that continues to place the onus on the individual to act, while undermining a decade-long consensus about the need for ‘inertia’ to get people saving into pensions.The success of auto-enrolment is beyond doubt. As the Pensions Regulator (TPR) and the Office for National Statistics show with the release of each new batch of data on pension saving, millions of workers are now putting aside money for retirement. The numbers show 6m new savers compared with 2012, according to TPR’s most recent report. The government has been vocally backing the reforms, first with their terrible (and terribly catchy) workplace pension rap, and more recently through a campaign that regularly sees a 2-metre tall furry purple monster called Workie smiling down from the side of a bus, or lumbering around inner-city parks, reminding people to save into an occupational pension.So most people would have assumed, based on the evidence, that the government supported auto-enrolment, and the associated pension providers, as the best means as saving for retirement. So why does the chancellor seem intent on questioning their role, and, in effect, stabbing Workie in the back?The end of the Turner consensusThe answer is an ideological one. The political consensus carefully built from 2004 onwards by the Turner Commission, which recommended auto-enrolment as a way of forcing the hand of uninformed consumers, has been crumbling since its 10th anniversary.The 2014 Budget saw the revolutionary pension freedoms introduced, supposedly without the prior knowledge of the then-pensions minister Steve Webb, whose own proposals for collective DC akin to the Dutch system were crippled by a member’s ability to draw down pensions savings from 55 onwards.The ability to draw down money as members wished, without needing to buy an annuity, placed the emphasis on an informed and educated individual to act, and to navigate the complex world of finance associated with it by finding a drawdown product. As David Blake, an academic at the Pensions Institute recently noted, the changes effectively saw members brought into an institutional system through inertia, only to be thrown back into the retail market when they had to make decisions that would impact their finances for the rest of their lives.This focus on the individual operating within the retail market is set to continue with the introduction of the Lifetime ISA. While the ISA product and auto-enrolment both survive what Keith Ambachtsheer, the Canadian pension academic, calls the ‘Elevator Test’, once it comes to the drawdown phase, it is less likely you can explain to a pension saver during the trip to the 6th floor how to access a drawdown product. With an ISA, you simply take the money.The ISA also has the advantage of brand recognition and, in the Lifetime ISA, the selling point that you can use the savings – and the 25% top-up – to finance your first home. Pension savings, in the meantime, remain locked away for the future. Which product would, therefore, be more attractive to a cash-strapped saver under 40, even if by using an ISA she misses out on the 3% employers pay in as part of auto-enrolment?The answer may seem obvious to someone who understands the benefit of getting ‘free money’ from the employer, but the lure of the 25% bonus might win over many who do not understand that the minimum 3% contribution under auto-enrolment is actually a better deal than the ISA top-up, and that you get more by contributing less.NEST unboundThe real question, in this new world with a focus on individuals, is whether Osborne will see reforms through to their logical end and allow savers to dictate into which provider an employer has to place contributions. The approach, already in place in Australia to some extent, might trigger an advertising war between providers, but it would also unleash the free market on providers failing to offer value for money, or those investing in a way that’s not aligned with members.If the Conservative government really wants to put the onus on the individual, it must give savers full control and let choice drive consolidation, either towards the National Employment Savings Trusts, Now: Pensions and People’s Pensions in the market, or the insurer-backed master trusts.Such competition would require strong, sustainable and well-governed pension providers. Further, in an industry that has well-run not-for-profit trusts schemes, it would boost funds investing with the sole aim of the best outcome for members, not the dual goal of profits and returns.Jonathan Williams is deputy news editor at IPElast_img read more


first_imgHe said that, ultimately, it was the social partners who had to decide what kind of system they wanted.“It is the social partners who have to decide what they want, and it is for me to do the job,” he said.“We need automatic enrolment, and the approach should be a combination [of voluntary and compulsory contributions], but total freedom will not be a solution.”Trish Curry, meanwhile, regional head of AustralianSuper in the UK, described the Australian superannuation system, which is compulsory.“A compulsory system gets everyone in the game, and that’s what we’ve seen,” she said.“The key is to be in the system, and you see your pot growing, and that creates engagement, and that’s what we want.”Theo Kocken, chief executive and founder of consultancy Cardano in the Netherlands, showed a film of a behavioural experiment on monkeys.This demonstrated how a scenario where the animals were given less than promised caused disproportionate aversion to that particular provider.The monkeys’ observed behaviour explained why the many changes in the Dutch pension system had given people the sense that they had lost out, Kocken said, arguing that, psychologically, people were more emotional about their losses – and therefore remembered them more keenly – than they were about their gains.“Everything in life is psychological, and we have to avoid in the pension system that we build in too much of this anger and these negative feelings,” he said.On the question posed by the poll about compulsion in a DC system, Kocken said a perfect solution would be the auto-enrolment system of the UK combined with the mandatory system of the Netherlands.“As long as it’s not too complex,” he said. “I’m fed up with all these complex systems that, in the end, lead to all this political debate that we have in the Netherlands.” Attendees at a pensions panel discussion were split on whether it was preferable for a successful defined contribution (DC) system to involve full compulsion or whether it should be an auto-enrolment system with the possibility of opting out – but narrowly favoured full compulsion.In a poll conducted among audience members at a discussion at the 2016 IPE Conference & Awards in Berlin, 39.2% said full compulsion was the preferable method, while 37.8% indicated that auto-enrolment with opt-out would be better.Just 4% of people at the panel talk, entitled ‘Defined Contribution: Building a future-proof pension system’, chose voluntary enrolment with no compulsion, and 18.9% advocated collective enrolment through labour agreements as the preferable system. Speaking on the panel, Heribert Karch, chief executive of Germany’s MetallRente pension scheme, described the path second-pillar pensions provision had taken in Germany since the Riester reform of 2001, to the current point where he said the system was “hopefully” at the starting point of the social partnership model, where social partners are involved.last_img read more


first_imgCPEG indicated relief at the outcome as the result averted a potential “catastrophic” double rejection. However, as a precautionary measure it noted the vote could be contested.  “We are pleased that a solution has been found to allow the fund and its members to approach the future with more peace of mind,” it said in a statement.The cantonal government lamented that voters had opted for a proposal that did not provide for structural reform of CPEG, saying it hoped new recapitalisation measures or benefit cuts would not be necessary in the coming years. The law approved by the referendum would come at a higher cost to the canton than the government’s proposal, it said. How it will workThe mechanism for the bulk of the recapitalisation is fairly complex, involving a long-term loan from CPEG to the canton, to be reimbursed in the form of real estate assets – land for development or construction rights for housing in the Praille-Acacias-Vernets (PAV) area.If this were to lead to real estate accounting for more than 45% of CPEG’s overall assets, cash or other “contributions in kind” would have to be made, according to the text of the approved law.The government said the text would not allow any construction in the PAV area beyond what was already agreed. The PAV area is the focus of a plan to redevelop railway and industrial land to address a housing shortage in Geneva and surrounding municipalities.Speaking to IPE before the referendum, CPEG’s chief investment officer Grégoire Haenni said a recapitalisation would have an impact on the scheme’s asset allocation and the investment portfolio’s expected return, but the investment strategy would not change.In a national ballot yesterday Swiss voters backed a proposal to pump CHF2bn into the state pension scheme on an annual basis from next year. The provision was included in a reform of corporate tax rules that would also scrap preferential rates for multinational corporations. The CHF12.6bn (€11.2bn) public pension fund for the Swiss canton of Geneva will be recapitalised with CHF4.4bn but without structural changes after a public vote on Sunday.The funding level at the Caisse de prévoyance de l’Etat de Genève (CPEG) will reach 75% as a result of the recapitalisation, bringing it closer to the 80% level that it must reach by 2052 under federal law.However, voters rejected the government’s proposed change to CPEG’s structure, from defined benefit (DB) to defined contribution (DC).Both the government and opposition parties supported a recapitalisation plan, but only the government’s proposal included the DB to DC switch. Voters approved both plans, but more were in favour of the opposition’s plan. The turnout was reported to be 45%.last_img read more


first_imgShe will start work on 1 September, the fund said.Staaf has held several roles in private equity and asset management, according to AP6. She has previously worked as portfolio manager for unlisted investments within life science at Swedish insurance firm Skandia Liv and as a customer and portfolio manager for banking group SEB.She has also worked as chief executive of Evli Funds and chief financial officer and real estate manager for Swedish housing developer Riksbyggen.AP6 is distinct from the other four buffer funds backing the Swedish state pension in that it specialises in private equity, and is significantly smaller. Swedish national pension buffer fund AP6 has appointed Katarina Staaf as its new permanent chief executive, replacing Margareta Alestig who has been acting chief executive since the beginning of March.Staaf, who has been a member of the SEK34.7bn (€3.26bn) fund’s supervisory board since 2017, will fill the position left open following the departure of Karl Swartling nearly four months ago.Staaf said: “It feels very honourable to have been given the trust to lead an organisation who has the task to manage pension capital through investments in unlisted companies.“In my role as a board member, I have been able to take part of AP6’s specialist expertise. In my new role, I will become operative, which I really look forward to.”last_img read more


first_imgThe pensions group – which includes the firm’s huge life and pensions subsidiary and the independent professional pension funds AP, PJD and ISP – said the Hungarian green bonds had been earmarked for the development of wind and water energy, biogas facilities and the generation of electricity from biomass and solar panels.“In addition, we have invested DKK37m in bonds from the Nordic Investment Bank (NIB) and DKK112m in an issue from the World Bank,” said Nørgaard.Though the World Bank bond was not an explicitly green issue, Nørgaard said Sampension could be sure it was supporting projects in developing countries implemented under responsible standards when buying into any World Bank bond issue.The Copenhagen-based pensions group said it also invested DKK18m to help in the fight against COVID-19 in Guatemala.Sampension said that overall, it currently had approximately DKK11.3bn invested in forestry, renewable green energy solutions and green bonds.Germany’s finance agency last month confirmed the country’s planned debut in green bond issuance is still on track for the second half of this year, despite the coronavirus pandemic.Meanwhile, the Danish central bank is still hammering out the technical details of Denmark’s first green issuance – a model to include green certificates alongside standard government bonds in order to avoid fragmentation of the Nordic country’s limited government debt.Looking for IPE’s latest magazine? Read the digital edition here. Danish labour-market pension fund Sampension said it has invested around DKK300m (€40m) in green and sustainable bonds since the beginning of this year, boosting its investment volumes in this fixed income asset type.Green bond issuance is now slowly picking up again, the DKK293bn (€39bn) pensions group said, after a dip when the global impact of the COVID-19 pandemic became serious, and ESG bond issuance focused more on financing to tackle the viral outbreak.Jesper Nørgaard, deputy chief investment officer at Sampension, said: “If the risk is the same and there is no difference in the expectations of the return, then we always invest in green.”Sampension listed the investments in green and sustainable bond issues it had made so far this year, including more than DKK52m of Chilean government-issued green bonds, DKK15m of green bonds issued by the Polish government and over DKK42m of green bonds from the Hungarian state.last_img read more


first_imgThe Paddington house Graya Constuction bought and transformed before selling to Alison Ariotti. Television presenter Alison Ariotti with husband Gerry and their two daughters at their home in Bardon.They are currently rebuilding another old home in Paddington for former Wallabies great Stephen Moore and his family.The median house price in Paddington is $1.11 million, according to CoreLogic. The property is just around the corner from Rosalie Village.There are no photos of the inside of the house.Records show the property last sold for $525,000 in 2012.The two-bedroom house, with a study, has just been listed for rent for $450 a week, until Graya Construction can start work on it. Graya Construction took to social media to announce they had bought the property at 192 Baroona Rd, Paddington.More from newsParks and wildlife the new lust-haves post coronavirus18 hours agoNoosa’s best beachfront penthouse is about to hit the market18 hours agoThe circa 1920 cottage was marketed by Belle Property as being a “good old fashioned renovator” with a north facing position and city views, just around the corner from Rosalie Village. POWER COUPLE SLASH $3M OFF WATERFRONT MANSION An artist’s impression of the house Graya Construction is building for former Wallabies skipper Stephen Moore. Graya Construction has bought a property on Baroona Road in Paddington with city views.The builders took to Instagram to announce their most recent purchase to their 32.5 thousand followers and declare the property as their next project. UNLISTED HOME SETS NEW RECORD Former Wallabies great Stephen Moore bought this house in Howard St, Paddington, which is being transformed by Graya Construction into a dream home. Brothers Rob (left) and Andrew Gray of Graya Construction. Picture :AAP/David Clark.The company has been busy transforming a number of rundown homes in prime locations in the inner-city suburbs of Paddington and Bardon in recent years, including the home of television presenter Alison Ariotti. SOCCEROO SETTLES ON GOLD COAST BEAUTY Graya Construction has bought this tiny cottage at 192 Baroona Rd, Paddington.A DUMP on stumps in one of Brisbane’s best suburbs has sold at auction for almost $200,000 more than the city’s median house price.The brothers behind Graya Construction have paid $715,000 for a tiny, rundown house on 405 sqm at 192 Baroona Road, Paddington. GET THE LATEST REAL ESTATE NEWS DIRECT TO YOUR INBOX HERE last_img read more


first_imgJohn McGrathSOUTHEAST Queensland’s property market offers a “golden triangle of opportunity”, with the region tipped to have the best capital growth in the country.That is according to the latest McGrath Report, which says the region – which includes from the Gold Coast to the Sunshine Coast, Brisbane and west to Toowoomba – also offers the most desirable lifestyle in Australia. McGrath executive chairman John McGrath has predicted that Annerley, Grange and Springfield Lakes will be the next Brisbane suburbs to watch, while Maroochydore on the Sunshine Coast and Pimpama on the Gold Coast were his regional picks. This four bedroom house at 91 Cracknell Rd at Annerley could be yours for an offer over $795,000He said the suburb was surrounded by affluent suburbs but was significantly more affordable. Another one to watch is Springfield Lakes, a growing masterplanned community that is poised to benefit from a proposed passenger rail line extension. John McGrath“Economic growth and jobs are closely tied to every property market’s performance and Queensland has suffered in the shadow of the mining downturn,” the report said.“But boosted tourism, surging gas exports and the strongest annual growth in jobs in more than a decade are combining for a comeback.“Liveability, affordability, scale and future economic prospects all suggest that Brisbane is a market in which you can confidently invest.”The report noted that the Gold Coast and Sunshine Coast were now more expensive than the capital, with median house prices of $650,000 and $589,000 respectively compared to Brisbane at $536,000.80“This might be a sign of the future with a huge wave of downsizing due to unfold over the next two decades across Australia,” the report said. “Queensland’s best seachange locations, such as the Gold Coast and Noosa have long been favourite destinations amongst downsizerslooking for a more relaxed life.” An aerial view of Springfield Rise at Spring Mountain that was taken last year“While affordability is part of Queensland’s attraction, massive growth in Sydney and Melbourne property prices over a prolonged period means southern migrants can affordto buy wherever they like,” the report said.“Within Brisbane, southern migrants and local upgraders are favouring premium property in blue chip inner ring areas close to the CBD and/or river. center_img More from newsParks and wildlife the new lust-haves post coronavirus16 hours agoNoosa’s best beachfront penthouse is about to hit the market16 hours agoThis house at 82 Lanham Avenue, Grange, is on the marketIn Brisbane, Mr McGrath said Grange was becoming increasingly popular with families due to its proximity to schools and the city, relative affordability and bigger blocks.Annerley is also tipped for growth, with Mr McGrath saying it had been “under the radar until now”. This house at 2 Central Avenue at Paddington sold for $1.59 million in August“This has led to above average growth in desirable neighbourhoods like Hamilton (median house price up 38.5 per cent to $1.565 million), Paddington (up 15per cent to $1.15 million),Bulimba (up 11.3 per cent to $1.307 million) and Auchenflower (up 9.5 per cent to$1.095 million).”last_img read more


first_imgBunnings has an extended 15-year lease on the site to April 2024 “plus newly negotiated options extending to 2066 (previously 2048)”. Agent Darren Beehag of Burgess Rawson said the property was getting strong enquiry levels with “only a handful” of Bunnings warehouses offered on the open market last year.More from newsParks and wildlife the new lust-haves post coronavirus14 hours agoNoosa’s best beachfront penthouse is about to hit the market14 hours ago“The significant interest in the days since launching can be attributed to the scarcity of quality grade investment stock currently on the market,” he said.His Brisbane-based colleague Pat Kelly said the site was “currently owned by an interstate investor and the new owner could be based interstate or even overseas for that matter, as there is very little hands-on day-to-day management to undertake”.“A direct debit rental payment from Bunnings will occur monthly and all outgoings, repairs and maintenance are also conducted by Bunnings except for the land tax.” 445-451 Anzac Avenue, Rothwell, is for sale via expressions of interest. 445-451 Anzac Avenue, Rothwell, north of Brisbane, is up for expressions of interest.Owning your very own Bunnings warehouse may well be the ultimate renovator dream — especially if it earns over a million dollars in annual income.This one comes close enough, with the 14,042sq m building and parking for 334 cars, rented out to Bunnings, which delivers a net income stream of $1.6775 million.The deal has rent rising by 3 per cent every year, staying ahead of inflation.The 3.09 hectare property is in one of the fastest growing regions in the country — Moreton Bay in Brisbane’s north at 445-451 Anzac Avenue in Rothwell. MORE: Costly fallout of V8 star’s split from wife It has Bunnings as a solid tenant to 2024 with options extending to 2066. Having enough space to park hundreds of cars is also a key feature of the site.So what does it take to keep a tenant like Bunnings happy?The site has four street frontages, with a wide 230m Anzac Avenue frontage — one of the main streets in Rothwell.Having large capacity for parking was key and the building must be “impeccably presented”.Recent upgrades to the site included fire services with a new water tank capacity to 409,000 litres as well as new pumps.“Further renewable energy works including solar equipment on the building have been proposed by Bunnings,” the firm said in a statement.The last time Burgess Rawson sold a Bunnings warehouse – located in Tasmania – it fetched $14.06million at auction.Expressions of interest for the Rothwell site close at 3pm on February 28. Most expensive home in US history sells for $333m An “impeccably presented” building is key to keeping such a big client happy. FOLLOW SOPHIE FOSTER ON FACEBOOK Brisbane still positive despite southern slump Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:58Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:58 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD432p432p216p216p180p180pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenHow much do I need to retire?00:58last_img read more