The European Commission has today unveiled its proposal for a pan-European personal pensions product (PEPP), with the draft regulation accompanied by a separate recommendation for the product’s tax treatment.The Commission said PEPPs were designed to complement existing state-based occupational and national personal pensions and would not replace or harmonise personal pension regimes.To ensure the PEPP “gets off to a flying start”, the Commission recommended EU member states grant the same tax treatment to the product as they do to similar existing national products, even if the new product did not fully match the national criteria for tax relief.The proposed regulatory framework was set up in expectation of a wide range of providers being able to offer a PEPP, such as insurance companies, banks, occupational pension funds, and asset managers. The PEPP forms part of the Commission’s plan to build a Capital Markets Union (CMU). The Commission believes the new pension product will help to channel more savings to long-term investments in the EU.The Commission has also proposed the PEPP framework because of concerns that the European market for personal pensions had become fragmented and uneven, with offerings concentrated in a few member states and nearly non-existent in others.According to an Ernst & Young study carried out for the Commission, the PEPP, with tax incentives granted, had the potential to double the growth of the personal pension market to €2.1trn by 2030.The Commission’s proposal set out standards for core product features such as transparency requirements, investment rules, switching, and portability.PEPPs will be authorised by the European Insurance and Occupational Pensions Authority (EIOPA) and can thereafter be distributed throughout the EU.The products will be portable between member states, and consumers can choose between five savings options. Member states will set the conditions for the saving phase and pay-out of capital, as well as tax treatment.PensionsEurope welcomed the Commission’s proposal as “a way to increase the overall pension savings and as one of the building blocks of the Capital Market Union”, but called on the Commission to promote occupational pension systems as well.Matti Leppälä, secretary general of the trade body, also said it “will be important to ensure the respect of existing national personal pension legislations and products”.“Tax incentives play an important role in defining the attractiveness of personal pensions, and we underline that the decision to take up the Commission recommendation will exclusively remain in the hand of each member state,” he added. “We hope that member states will decide to support pension savings.”EIOPA also welcomed the Commission’s legislative proposal, saying that it follows its advice “to create an attractive PEPP in the form of a second regime”.InsuranceEurope gave a cautious assessment of the Commission’s proposal, saying that, “at first sight”, it welcomed some of the PEPP’s features, such as the default investment option that would ensure capital protection for PEPP savers.It said the legislative initiative was important “but also very complex”, and that the insurance industry needed more time to study the proposal to assess whether it would be attractive to savers and providers.EFAMA, the trade association for the European investment industry, said it “fully supports” the Commission’s proposal.Peter De Proft, EFAMA director general, said: “The PEPP framework can succeed in breaking down barriers between national markets if it allows a broad range of providers the possibility to offer innovative and cost-effective pension products on a pan-European scale.“If this is achieved, I have no doubt that asset managers will have a significant role to play in the success of the PEPP.”The proposal will now be discussed by the European Parliament and the Council.
Facebook Twitter Google+ Published on November 5, 2013 at 12:40 am Contact Jesse: [email protected] | @dougherty_jesse Tyler Lydon was a Syracuse basketball fan long before he was a Division I basketball prospect. A Pine Plains, N.Y., native, Lydon’s father Tim always had SU on television. He raised Lydon and his two brothers to support, as Tim put it, “the best college team New York has to offer.”By the time he was 12 years old, Lydon was wearing a blue Syracuse beanie and hooded sweatshirt with regularity. He didn’t just watch SU play, he started to fall in love with its 2-3 zone, fast-break offense and winning ways. At the same time, he was excelling on the basketball court. He was always a standout, but when an unforeseen growth spurt met his natural skill at the beginning of high school, colleges started to take notice. Florida. Boston College. Maryland. Vanderbilt. Iowa. Virginia. AdvertisementThis is placeholder textThere was one problem — it wasn’t Syracuse. Then the phone rang in late July before Lydon’s sophomore season. It was Syracuse assistant coach Mike Hopkins. The Orange wanted him to come to the Carrier Dome for its home game against West Virginia.Tim Lydon was home early from work and in the backyard. When his son told him who was on the phone, he thought he was “messing around.”“I’ll never forget my dad’s face,” Lydon said. “He was convinced I was lying, and here we are now.”On Oct. 17, more than two years after Hopkins called, Lydon became the first player to verbally commit to Syracuse for the Class of 2015. Lydon attracted many high-caliber schools with an all-around skill set stuffed into his 6-foot-8, 185-pound frame. But now that his lifelong dream of playing at Syracuse is tangible, he’s working harder than he ever has. “Our family, top to bottom, always hoped Tyler would play at Syracuse,” Tim Lydon said. “We were very grateful that a lot of schools contacted him, but when the Orange started talking, well, we really started to listen.”Like many successful journeys, Lydon’s started at home.The Lydons’ home in Pine Plains sits on a hill – Lydon once developed his skills on a makeshift court at the top of his steep driveway. But when Tim Lydon recognized his son’s passion, he started a new project. At the bottom of the driveway, Tim Lydon cleared space for a full half court with a new hoop, and even drew the lines in white paint so his son could start to visualize game situations while he practiced. The finishing touches were put on the court when Lydon was 10 years old and the only thing that kept Lydon off the court, his father said, was “a foot of snow or six inches of ice.”“I always knew he could play, but then he just fell in love with the game,” Tim Lydon said. “I’d say he’s responsible for bringing his own game to the next level.”After playing for three years at Pine Plains High School, Lydon decided he needed to take another step. He said the players he was playing against were focusing on other sports like football and baseball, and that a more competitive environment would better prepare him for the collegiate level.That decision led him to the New Hampton (N.H.) School, where he is currently prepping for his first season with the Huskies as a reclassified junior. With the extra year of eligibility, Lydon, a hybrid forward, is working to find his strengths and build his basketball identity around them.“I was always in favor of him reclassifying, we knew even before he committed that he was going to,” Tim Lydon said. “It’s just another year to develop which he can use.”It is likely that in the coming year and half, Lydon will be joined by some of the nation’s top talent in Syracuse’s Class of 2015.But for now, he stands as the lone representation of the Orange’s distant future. Being the first to pledge to a top-tier school is both daunting and commendable, but it’s something that has hardly crossed Lydon’s mind. “I’m not really thinking too much of it right now,” Lydon said. “I’m just focusing on this season and getting better so that when I get to Syracuse, I’ll be ready to play.” Comments
Box Score (HTML) Print Friendly Version Preview Buy Tickets Live Stats 1350 ESPN Des Moines The Valley On ESPN3 Listen Live Watch Live DES MOINES, Iowa – The Drake University men’s basketball team held off Concordia – St. Paul, 81-75, in an exhibition contest Saturday night at the Knapp Center.Billy Wampler (Eau Claire, Wis.) led the Bulldogs with a game-high 22 points and seven rebounds. Wampler was followed by Reed Timmer (New Berlin, Wis.), who added 20 points.In their first game as Bulldogs, transfers De’Antae McMurray (Alton, Ill.) and T.J. Thomas (Stone Mountain, Ga.) added nine and eight points, respectively. Thomas also tallied seven rebounds while McMurray had three assists and no turnovers.The relatively close and competitive featured six lead changes and seven ties. The Bulldogs took advantage of their opportunities at the free-throw line, making 27 of their 33 free throws. Drake also capitalized on Concordia’s 17 turnovers by scoring 12 points off CSP errors. “Defensively, we need to be better, but take nothing away from Concordia-St. Paul,” said Drake head coach Ray Giacoletti. “We had to make some adjustments and T.J. Thomas did a good job switching those ball screens for us.”The game opened with a pair of free throws by Timmer, but it took both teams 1:30 to score a field goal. After trading baskets, the Bulldogs went on an 11-0 run to take a 16-4 lead. Drake’s defense also held Concordia without a field goal for 8:53 to take a 37-32 lead at halftime.Concordia answered with four quick points to open the second half, tying the Bulldogs at 37-37. The Golden Bears took their first lead, 45-44, at 15:48 before extending to their largest lead of the game 65-61 at 8:02. Holding Concordia scoreless for 3:30, Drake went on a 9-0 run including a pair of free throws by Thomas to give the Bulldogs a 67-65 lead. Less than a minute later, McMurray hit the first of two big three-pointers to seal the exhibition win for the Bulldogs.”We got a lot out of this and I’m glad it went down the way it did,” Giacoletti added. “We needed to be able to function and play in a close basketball game. We made four out of five stops to end the game and stepped up and made our free throws. Those are the things that will help us down the road.”The Bulldogs open their regular season on Nov. 11 against South Dakota at the Knapp Center. Tipoff is scheduled for 8:35 p.m. The game will be broadcast live on The Valley on ESPN3 and 1350 ESPN Des Moines. Full Schedule Roster Story Links Box Score (PDF) South Dakota 11/11/2016 – 8:35 p.m. Next Game: