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_imgKorbinJones6.5030thYes JamesHinman1114.0158thPR TIMEPlaceMedal WHS Boys Var.5K raceGradeTIMEPlaceMedalPers.Rec. JackWright6.201stYes CarsonLeGrand1212.4625th EmberlyGonzalez915.187thYesPR JaxCornejo6.332ndYes WHS Boys JV2 mile raceGradeTIMEPlaceMedalPers.Rec. DakotaDry1021.2558th Date:  Tuesday, Sept. 13thRaces start at 4:00 P.M. WELLINGTON MIDDLE School CROSS COUNTRY results KimberlyMorgan8.262ndYes HudsonLawrence7.256thYes KatrinaDvorak10.5412thYes WillLong1212.5029thPR MontanaHeacock914.0461stPR Date:9/10/16 AustinSoles914.0360thPR TIMEPlaceMedal JohnLong916.1685thPR TylerBrown919.0220thYesPR 6th Grade Boys RyleeMurray9.1773rd Where: Wellington Hargis Creek Watershed MEET:Wellington Hargis Creek Watershed   MackenzieHeacock915.4811thYes QuintonRedford912.1615thYes AveryBarker914.384thYesPR Thursday, Sept. 15th – Races Start at 4:30 p.m. AshtynSowersby11.545thYes WHS Girls JV2 mile raceGradeTIMEPlaceMedalPers.Rec. Date:9/10/16 WELLINGTON MIDDLE School CROSS COUNTRY results LakinSmith7.1146thPR TannerMeyer10.1029thYes ZachKristek11.5466th AndrewWolf1112.016thYes BerkeleyWright12.1170thcenter_img 8th Grade Girls1.5 milesTIMEPlaceMedalPer.Rec MorganBacon8.3161st HunterBryant914.5573rd 7th Grade Boys1 mileTIMEPlaceMedalPer.Rec MEET:Wellington Hargis Creek Watershed KadinHeacock1121.0754thPR TrinityMason13.4060th HopeMaxwell915.218thYesPR 8th Grade Boys1.5 milesTIMEPlaceMedalPer.Rec MEET:Wellington Hargis Creek Watershed OliviaSpeagle8.5569thPR JordynYoung916.2016thPR ChanceHamel1019.4739thYesPR ChristianSnipes9.169thYes BillyWalker912.057thYesPR TobyHenning9.256thYes Where:  Goddard -  Lake Afton CamdenParkey7.0944th 6th Grade Girls Next meet for 6th Grade Runners AsereaChampion8.171stYes DerickKotchavar914.0763rdPR PeytonFranke9.343rdYes Freshman Tyler Brown was Wellington’s top placer in the varsity 5K race.by Tracy McCue, Sumner Newscow —  It was Saturday morning, and Wellington Cross Country head coach Charles Wallace had a dilemma on his hands.He had 720 cross country runners scheduled to arrive in Wellington. But the town just had more than five inches of rain in the past 48 hours and Hargis Creek Watershed was a muddy mess.Since the north side of Hargis was pretty much under water, Wallace implemented an alternate south route at Hargis, getting the highest elevation possible for the runners. And it was just dry enough to pull off the race, although most runners finished the race in splattered mud.In the end, 603 of the 720 middle school and high school runners  came to Wellingto and the event went on without a hitch. Only the Chaparral team was unable to attend. There were a lot of other absentees.Wichita West would win the varsity boys with 44 points, outdistancing second place Arkansas City in the varsity race. Valley Center would win the girls.Wellington did not have enough runners to qualify as a team in either the boys or the girls 5K varsity races. Still, WHS featured 22 high school, 14 WMS and 10 sixth grade runners. Fifteen high school runners got personal bests.Freshman Tyler Brown was Wellington’s highest placer finishing in 20th place with a 19.02 time in the 5K race. He, too, got a personal record. Chance Hamel finished 39th with a 19.47 time, which was also a PR. Both boys finished with a medal.In other highlights, five of the six JV girls runners medalled. Wallace said some of the girls will be running the varsity 5K race in the near future. The girls JV race is a two-mile event.In the middle school ranks, Toby Henning placed sixth in the 1.5 mile eighth grade race. Wellington also swept the sixth grade races with Jack Wright finishing first for the boys, and Aserea Champion placing first for the girls.Wellington High School runners travel to the Anthony Lake Golf Course next Thursday with the race starting at 4:30 p.m.The middle school runners are running at Lake Afton Tuesday, starting at 4 p.m.The full Wellington cross country results are as follows: Next meet for WHS Runners will be at the Anthony Lake Golf Course BlakeBales1115.1277thPR JamesCarey11.5968th Date:9/10/16  Cool – course soggy KeatonHartman7.044thYes JoTredway1214.495thYes Close Forgot password? Please put in your email: Send me my password! Close message Login This blog post All blog posts Subscribe to this blog post’s comments through… RSS Feed Subscribe via email Subscribe Subscribe to this blog’s comments through… RSS Feed Subscribe via email Subscribe Follow the discussion Comments Logging you in… Close Login to IntenseDebate Or create an account Username or Email: Password: Forgot login? Cancel Login Close WordPress.com Username or Email: Password: Lost your password? Cancel Login Dashboard | Edit profile | Logout Logged in as Admin Options Disable comments for this page Save Settings You are about to flag this comment as being inappropriate. Please explain why you are flagging this comment in the text box below and submit your report. The blog admin will be notified. Thank you for your input. There are no comments posted yet. Be the first one! Post a new comment Enter text right here! Comment as a Guest, or login: Login to IntenseDebate Login to WordPress.com Login to Twitter Go back Tweet this comment Connected as (Logout) Email (optional) Not displayed publicly. Name Email Website (optional) Displayed next to your comments. Not displayed publicly. If you have a website, link to it here. Posting anonymously. Tweet this comment Submit Comment Subscribe to None Replies All new comments Comments by IntenseDebate Enter text right here! Reply as a Guest, or login: Login to IntenseDebate Login to WordPress.com Login to Twitter Go back Tweet this comment Connected as (Logout) Email (optional) Not displayed publicly. Name Email Website (optional) Displayed next to your comments. Not displayed publicly. If you have a website, link to it here. Posting anonymously. Tweet this comment Cancel Submit Comment Subscribe to None Replies All new comments Next meet for WMS Runners Follow us on Facebook.Follow us on Twitter. BraedenYbarra7.1656th DanielGarver7.597thYes 7th Grade Girls1 mileTIMEPlaceMedalPer.Rec Date: Wednesday, Sept. 14thRaces start at 5:00 pmlast_img read more


first_imgTwo Broward County poll workers, including one who checked and handled voters’ driver licenses on primary day, have tested positive for coronavirus, according to health officials.The poll workers were on duty for all nine days of early voting at a site in Weston, as well as at two precincts in Hollywood on primary day, which was on March 17.One of them was a poll worker at the David Park Community Center in Hollywood. As one of the eight workers at that location, he handled peoples’ driver licenses and scanned them as part of the voter check in and identification process.A total of 61 people voted at that location.The same worker was a poll deputy at the early voting site at the Weston Branch library, where people voted from March 7-15. His job there was to direct voters outside the polling place.Another individual was on duty at the Dr. Martin Luther King Jr. Community Center in Hollywood. That person served as the precinct clerk, a position which typically does not involve contact with voters.Peter Antonacci, the county’s Supervisor of Elections, says the early voting site and the two neighborhood voting locations had hand sanitizer available, with signs encouraging people to use it.last_img read more


first_imgThe next regularly scheduled Board of County Commissioners meeting will take place at 2 O’clock the afternoon of December 6th in room 280 of Building One of the Thurston County Courthouse. Facebook0Tweet0Pin0OLYMPIA – Thurston County Commissioners will not be holding their weekly board meetings for November 22nd and November 29th.  The temporary recess in meetings will allow commissioners to concentrate on deliberations regarding important year-end issues such as the 2012 budget.  It will also allow time for observance of the Thanksgiving holiday.last_img read more


first_imgFacebook0Tweet0Pin0 Submitted by Thurston CountyIncreased Enforcement for June and JulyAmericans love to celebrate the Fourth of July with family, friends, food and fireworks, but too often alcohol turns the party into a tragedy, making this iconic holiday one of the most deadly days of the year on the nation’s roads.That’s why this June through July, Thurston, Gray’s Harbor, Cowlitz, and Lewis Counties are stepping up police presence throughout the entire southwest Washington region as part of the “DUI Summer Kick-Off” enforcement crackdown to catch and arrest impaired drivers who put themselves and others at risk.“Local police will be out in force throughout this Independence Day, on the lookout for motorists who have had too much alcohol to be behind the wheel of a vehicle,” said Thurston County’s Target Zero Manager Jerry Noviello.  “Police will have zero tolerance for drivers who drink and drive this July 4th, putting themselves and everyone else on our roads at risk of life and limb.”While death and injury are of course the most serious of possible consequences of drunk driving, there are other negative considerations that can affect lives for many years, including loss of a driver licenses, vehicle impoundment, jail time, lawyer fees, court costs, insurance hikes, just to name a few.Be safe while you’re having fun this summer.  If you’re impaired, use a taxi or call a sober friend or family member. And if you happen to see a drunk driver on the road, don’t hesitate to contact local police.last_img read more


first_imgFacebook69Tweet0Pin0 Submitted by Harlequin Productions Harlequin Productions own comedy troupe, Something Wicked, will be just one of the acts during the 2nd Annual South Sound Improv Comedy Festival.Harlequin Productions is gearing up to present The 2nd Annual South Sound Improv Comedy Festival April 3rd and 4th at 8:00 p.m. at the State Theater in downtown Olympia. This festival will feature some of the most acclaimed improv troupes from the Olympia area and the Puget Sound region.Troupes set to perform include Unexpected Productions, Jet City Improv, Fools Play, Olyimprov, Hat Trick Pony, Generation Friends, and Harlequin’s own improv troupe, Something Wicked. Local favorite stand-up comedian Morgan Picton will serve as Master of Ceremonies.“This festival aims to celebrate extraordinary improv in our area,” said festival organizer and Harlequin development manager Mark Alford. “I think a lot of people don’t realize how vibrant our local improv scene is.”Last year the 1st annual festival sold out completely, forcing the theater to turn many patrons away at the door. This spurred the Harlequin staff to make this year’s festival a two-night affair.“The festival last year was Harlequin dipping its toe into Olympia improv,” commented Harlequin managing artistic director Scot Whitney. “We couldn’t fit the audience inside the theater! So this year we’ve added another night, two more troupes, and the amazing Morgan Picton. We’re preparing for a nice long swim in deep water.”Modern improvisational theater became a popular form of live comedy in the United States in the 1970’s and 80’s. However, it is still predominately confined to large cities. A scattering of improv troupes can be found among smaller cities and towns, but a festival of this size in a smaller city is not a common occurrence. “This is not some small-town, knock-off version of a big city festival,” Alford said. “We’ve got some of the most popular troupes in the state coming to perform. It’s really cool to be able to present this right here in Olympia.”“Unexpected Productions is the longest-running show in Seattle. Ever. And Hat Trick Pony is headed by the people behind the popular film series The Gamers and the web series JourneyQuest. Meanwhile, Jet City Improv is one of the most popular improv companies in the Pacific Northwest. Fools Play has been doing comedy in the South Sound for over 21 years. OlyImprov has been a local favorite since 2006. And in my opinion, Generation Friends is one of the best college improv groups in the nation. We’ve got an incredible lineup set to perform.”Friday April 3 will feature performances by Generation Friends, Hat Trick Pony, Olyimprov, and Something Wicked. Saturday April 4 will showcase Fools Play, Jet City Improv, Unexpected Productions, and Something Wicked.Harlequin is offering single-day tickets for $20 and two-day passes for $30. Patrons can find more info and purchase tickets by calling (360)786-0151, or by visiting harlequinproductions.org/something-wicked-improv.Alford summarized his excitement by saying, “This truly is a collection of some of the best improv our region has to offer. They’re gonna blow the roof off the place.”last_img read more


first_imgBy Jay Cook |HOLMDEL – An accord struck last year by Holmdel’s all-Republican governing body calls for an annual rotation of its elected officials to govern from the mayor’s seat, allowing for a fresh approach on the best way to manage the 18-square-mile town.In the 2018 calendar year, the mayoral office has shifted to Thomas Critelli.A five-year committeeman and first-time mayor, Critelli thanked his Republican counterparts both sitting beside him and in the audience for the opportunity to serve as Holmdel mayor for the next 365 days. Newly sworn-in committeeman Rocco Pascucci was unanimously voted in as the deputy mayor for 2018. Former mayor Greg Buontempo was also sworn in as a committeeman for his third term.“During last year’s reorganization, we discussed rotating the mayor’s seat each year, which was something this committee had not done for some time,” Critelli said, moments after being sworn in by former Holmdel mayor and Assemblywoman-elect Serena DiMaso. “I’d like to extend a special thank you to Mayor Greg Buontempo for allowing us to honor that commitment.”After his first mayoral speech, Critelli told The Two River Times that the agreement to elect a different mayor every year from within the unified governing body will benefit Holmdel.“It’s more about getting fresh ideas,” Critelli said, while also adding he’ll still collaborate with the four members on the township committee. “I think the public thought we were getting a little stale and maybe not moving as rapidly as we needed to – a little change is all.”Critelli is a 27-year Holmdel resident who owns three small businesses with his wife, Mary, in northern New Jersey. Critelli is a certified public accountant and is the president and founder of Danitom Development, a real estate development company. He also owns a manufacturing company and a convenience store, he said.Critelli believes that background and experience can only benefit Holmdel as he takes over the mayor’s seat.“I like to see things get done, not bureaucratically slow things down. The town can be bureaucratic in its thinking because of some of the people that have been here for long periods of time who like to do things at their pace,” he said. “We hope to be able to kick-start that a little bit and get things moving, sort of like a small business.”In his address to residents in attendance, the new mayor said there’s much to look forward to “in a truly exciting time in Holmdel township.”Critelli said the governing body will focus on continuing the relationship with Somerset Development, owners of the 473-acre Bell Works site just a mile from town hall; keep the municipal tax rate flat for residents; look to expand recreational activities for all residents; and engage in “aggressively rebuilding” faulty roads and infrastructure in town.Finding more recreational opportunities for Holmdel residents has been a recent goal for the governing body, Critelli said. The township committee authorized the creation of an ad hoc recreational committee early last year; a report compiled by the committee and a consultant will be provided to residents by the end of the month, he said.“We’re going to release that information and hopefully be able to exercise and move on some sort of aggressive improvements at the recommendations of the committee,” he said.Critelli also spoke about improving emergency service communications in the township. He said Police Chief John Mioduszewski was inquiring about new systems for his officers.Also on tap for 2018 will be a decision regarding Holmdel’s affordable housing obligations. The township will have a fairness hearing before a Superior Court judge in Freehold later this year with the Fair Share Housing Center, a group which litigates in favor of low-income housing throughout the state. Critelli declined to go into detail considering the pending litigation, but did say, “I expect it to be resolved sooner rather than later.”Since it is his first term as mayor, Critelli told residents he’d rely upon his current and former colleagues for guidance if needed. Committeemen Greg Buontempo and Eric Hinds are both former mayors, as are DiMaso and Monmouth County Freeholder-elect Pat Impreveduto, last year’s deputy mayor in Holmdel.“There’s an enormous amount of knowledge from the mayors that have come before me,” Critelli said. “I don’t like to go into anything blind, so I can rely on them for the right way to approach something.”This article was first published in the Jan. 4-11, 2018 print edition of The Two River Times.last_img read more


first_imgAfter winning the Kentucky Derby for the second straight year, jockey Victor Espinoza is excited to go for the elusive Triple Crown. Follow Victor as he visits ESPN and throws out the first pitch at Dodger Stadium. Good luck in the Preakness Stakes on Saturday, May 16! Come to Santa Anita for live racing plus watch the simulcast of the Preakness Stakes. Special packages available.last_img