“One way to maximise the benefit for the default fund is to access private markets”Mats Langensjö“One way to maximise the benefit for the default fund is to access private markets, if the board or management of the default fund thinks it can add value to the portfolio,” he said adding that this was nevertheless something that needed to be implemented over time and with care.Langensjö is a veteran of Swedish pension system reform, before this latest commission having led one public inquiry and the three annual reviews leading to the new AP-fund law in 1999.IPE asked him whether he found there were always some interests that resisted reform.He said: “My experience is that the government are quite good at seeing past the responses that are more to protect current positions, market structure or keep the status quo, and on to what are honest and relevant contributions to improve the default fund.”Langensjö said his job was to suggest a way forward that was good for the members, the pension system and one could actually be implemented – rather than being a theoretical or fragmented idea.“I had to be holistic and consider the broader context,” he said.To read the digital edition of IPE’s latest magazine click here. Pension system troubleshooter Mats Langensjö says the consultation on his plan to overhaul the default option in Sweden’s premium pension system has produced some great suggestions – among those simply driving particular agendas.The current framework for AP7 – the SEK670bn (€63.4bn) national pension fund which runs the choice-free alternative in the first-pillar defined contribution (DC) system – is long outdated and hails from when its position was totally different, according to the independent consultant.Responding to questions, Langensjö told IPE: “This change is long overdue and I believe my proposal will give the default fund a more relevant structure and still have a framework that has the flexibility to accommodate future changes or economic scenarios.”The consultation ended on Monday, having been launched on 17 February, and resulted in 28 published responses after 37 stakeholders had been invited to comment. While many of the respondents praised the proposal or large parts of it, others, such as some academics and the Swedish Investment Fund Association, had criticisms.Asked what he thought of the responses as a whole, Langensjö said: “I believe overall it is a typical and expected range of responses in this kind of public consultation process – some really good suggestions on details that can improve the implementation and also the future process.”At hand was a complicated and important matter, he said, which affected millions of pension scheme members and a large, complex portfolio, so there were many benefits to be had from the consultation process.“As always, and as you can expect, there are those respondees who take a narrower approach or drive a certain agenda. That is understandable and expected,” he said.Langensjö said he expected several details, technical suggestions and proposals for the implementation process itself contained in responses to be taken into consideration by legislators.State pension buffer fund AP6, which specialises in private equity investment, said in its response that there was a need for further investigation of some aspects of the plan in relation to AP7’s proposed future as a major private equity investor.However, Langensjö said this had been addressed in his report, with much of the work having already been done in the form of extensive analysis carried out by the Ministry of Finance over the recent broadening of investment rules for the four main state pension funds, AP1-4.“Most responders did not have the time and ability to take the same holistic approach as I did in my work, considering many different perspectives and in the end proposing relevant legislation,” he said.“One of my key points is that a default fund in a compulsory state DC-plan has to be given all the means, ability and flexibility to adjust the portfolio over time and in different economic environments,” he said.The default fund was for premium pension scheme members who really needed professional portfolio management, whereas people who had the skill or need for an individual risk profile or asset allocation could use the range of funds on the funds platform, he said.
Former QPR defender Clarke Carlisle has defended Ashley Young following recent controversy surrounding the Manchester United winger.Young has been accused of diving after winning penalties in matches against QPR and Aston Villa.But PFA chairman Carlisle, who was a team-mate of Young at Watford, said: “I wouldn’t say he is or has been prone to falling over.AdChoices广告“He is quick and slight so it doesn’t take much contact to make him go over.”Click here for our latest QPR quizFollow West London Sport on TwitterFind us on Facebook
The USC Gould School of Law hosted a reception to honor the president-elect of the California State Bar, Luis J. Rodriguez, Wednesday evening at Town and Gown.Rodriguez, who will be sworn in as the 89th president of the state bar on Oct. 12, is the first Latino, as well as the first public defender, to become president of the state bar.Gould faculty, California law professionals and law students attended the event. Many were excited for what Rodriguez’s election meant for the position.“He’s breaking down a lot of barriers that have been up for a long time,” said Olga Peña, a second-year law student and president of the Latino Law Student Association. “[It’s] a way to combat a lot of stereotypes because there’s still a feeling in the community that certain people become lawyers, and not all people become lawyers.”Robert K. Rasmussen, dean of the Gould School; Jackie Lacey, Los Angeles district attorney and USC alumna; Mike Feuer, the Los Angeles city attorney, and Rodriguez himself all spoke at the event.“Luis has done a lot and he’s forever committed to being the voice for those who have no voice,” Lacey said.Rodriguez attended Santa Clara University for both undergraduate studies and law school, but Rasmussen welcomed him to the Trojan Family at the end of the speeches by presenting him with an honorary gavel. The two also posed for a picture with matching “Fight On” signs.“Diversity is a foundational principal of our law school,” Rasmussen said. “We have always been committed to making sure that our law school looks like California and when someone like Luis succeeds, we all succeed.”Rodriguez also praised the Gould School for its ongoing commitment to diversity. More than 40 percent of the incoming law school class is a minority, according to Gould faculty.“Of the incoming law school class of 175 [students], 31 are Latino, which is unheard of in so many other institutions of higher learning. [Rasmussen’s] commitment to diversity is very valuable,” Rodriguez said. “I’m looking forward to working with USC.”Rodriguez already has experience working with students. As a past president of the Mexican American Law Association, Luis worked as a mentor to law students.“I was given him [as a mentor] because I want to work as a public defender, and he was also part of the public defender’s office of Los Angeles County,” said Evan Langinger, Rodriguez’s former mentee and a third-year law student at Gould. “This is a huge deal. He’s the first Latino elected to be head of the state bar, and I think more importantly, the first public defender to be president of the state bar.”Langinger works with Peña as part of USC’s Latino Law Student Association’s executive board. The group holds clinics to help people in the community, as well as volunteers at a teen court at Roosevelt High School.“We try to be here for the community and to do things for the community,” Peña said.The reception for Rodriguez was sponsored by several Los Angeles law firms. According to the law school, the sponsors raised close to $50,000, which will be donated in Rodriguez’s name to the Gould School’s immigration clinic. Students in the law school provide pro bono legal services to clients. The clinic has become a go-to place for transgender Mexican immigrants seeking asylum because of hate crimes committed against them in their home country.
Jamie O’Donnell, Michael Maloney and Seamus Breen at the official opening of Nathaniel Lacy Partners Solicitors new offices at the Riverside Centre, Letterkenny.Solicitor, Jill Vance (NL Solicitors) at the official opening of Nathaniel Lacy Partners Solicitors new offices at the Riverside Centre, Letterkenny with l-r Paschal Blake (the last mayor of Letterkenny), Gerard Grant, Chairman of Letterkenny Town Chamber and Nathaniel Lacy.Gerard Grant Chairman of Letterkenny Chamber cuts the tape to oficially open Nathaniel Lacy Partners Solicitors new offices at the Riverside Centre, Letterkenny with l-r t Nathaniel Lacy and Jill Grant (solicitor).Marie Therese Lacy, Siobhan Cullen, Cathy Ruddy and Gillian Brennan at the official opening of Nathaniel Lacy Partners Solicitors offices at the Riverside Centre, Letterkenny.Jill Vance (solicitor) pictured in her new offices Nathaniel Lacy Partners Solicitors at the Riverside Centre, Letterkenny with her parents Ruth and Geffory Vance.One of Ireland’s most respected and highly reputable law firms Nathaniel Lacy & Partners has opened a new office in Letterkenny. Nathaniel Lacy & Partners has established a stellar reputation over the years for delivering high quality advice and excellent results for clients. The firm’s decision to expand and open a new office in Letterkenny is a great boost for Donegal, as it’s inevitable the firm’s expansion will lead to new jobs being created here in the North West.The firm has been centrally managed by the Lacy family for over 75 years in Kells, Co. Meath but also have offices at the Four Courts, Dublin.The office will be managed by Raphoe native, Jill Vance who has extensive experience in litigation including personal injury litigation, medical negligence, insurance litigation, commercial disputes and land disputes.However, she and her other colleagues also provide the full spectrum of legal services including conveyancing and probate. Over the years, the firm has gained invaluable experience, knowledge and expertise which has resulted in them being engaged by the top private and public insurance companies in Ireland, the UK, Europe and the US.In addition, they have a large private client base to whom they provide a first rate efficient and cost effective service.At the launch party, Senior Partner, Nat Lacy said the opening of the Letterkenny office reiterated the firm’s progressive and expansive strategy.The office was officially opened by President of the Letterkenny Chamber of Commerce, Gerard Grant, who warmly welcomed Nathaniel Lacy & Partners to Letterkenny.Grant said, “It’s fantastic for Donegal, that a firm that is so highly respected throughout Ireland has decided to expand to Donegal.“It’s a great boost for us, and it will no doubt improve the general economic climate here, with new jobs being created. Another notable figure who attended the launch party was the last Mayor of Letterkenny, Pascal Blake.He extended a warm welcome to the firm and wished them every success in their future endeavours.Nathaniel Lacy & Partners Solicitors welcome enquiries and will facilitate all appointments.They may be contacted on 046 9280718 or by email on [email protected] Pictures above courtesy of Thomas Gallagher.JOBS BOOST FOR DONEGAL AS ONE OF IRELAND’S TOP LAW FIRM OPENS NEW OFFICE was last modified: September 17th, 2014 by Mark ForkerShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)