Sparking the uncertainty is the news that the UK government plans to consult next year on proposals either to slight RPI with CPIH at some point between 2025 and 2030 or leave the matter to 2030 when the UK Statistics Authority can take the decision on its own account.The government move follows the publication in January of a House of Lords Economic Affairs Committee report, Measuring Inflation, addressing the future of RPI.Andrew Mandley, a UK IAS 19 specialist with Willis Towers Watson, added: “The big issue to watch for is whether companies reduce the assumed gap between RPI and CPI for this year end.“The numbers we are talking about in the accounts are potentially very big numbers”Simon Robinson, consultant actuary at Deloitte“Looking at the 30 September accounts we have seen so far, some companies have stuck with a 1% difference, but others have reduced it to a 0.8% gap. I expect we will see a similar pattern in the year-end reports, too.”In terms of the financial impact, Mandley said it all depends on “how much of your pension liability is linked to each of RPI and CPI inflation. But if you think about a 0.2% change in inflation assumptions, potentially you could be talking 2-4% of the DBO.”Simon Robinson, a consultant actuary with Deloitte, added: “The numbers we are talking about in the accounts are potentially very big numbers and could be as extreme as a reduction of 20% of the gross liability.”He also warned that a sponsor with a net asset position of £100m could end up in a deficit situation simply if they had hedged their inflation exposure because of the impact of the change on the asset side.On the issue of diversity in practice, LCP partner Tim Marklew told IPE: “The FRC hasn’t opined on any particular course of action.“We have sat down with all the major auditors and they have slightly different views. Some are quite conservative and their approach is to carry on as before, and others see the September announcement as a reason for firms to re-evaluate how they set inflation assumptions.”Meanwhile, it has emerged that it is unclear whether DB sponsors will uniformly adopt a so-called initial addition to the CMI 2018 to reflect the fact that those with access to DB provision tend to lead more affluent lifestyles than the wider population on average.Mandley said: “The introduction of the CMI 2018 has meant changes to some of the parameters underlying that model. In particular, less smoothing of the downturn in the rate of mortality improvement this decade produces lower life expectancy figures than in previous version, CMI 2017. On it’s own this could reduce the calculated DBO by 1% to 3%.”“The FRC hasn’t opined on any particular course of action”Tim Marklew, partner at LCPHe explained that those sponsors that opt to include the new initial addition “could find that there is little change to their overall mortality outcome and hence little change to their DBO.”In a statement addressing both inflation and mortality assumptions, an FRC spokesperson told IPE: “The two matters you raise are technical issues relating to Defined Benefit pension provision which do not come under the supervision of the FRC.” Three of the UK’s leading pensions consultancies have warned that uncertainty over the way defined-benefit (DB) pension plan sponsors should set their inflation and mortality assumptions under International Accounting Standard 19, Employee Benefits (IAS 19), could lead to substantial diversity in practice this year-end.In particular, sponsors are reportedly struggling with whether they should factor in the UK government’s announcement on 4 September over plans to consult on a move from the Retail Prices Index to the Consumer Prices Index as the basis for measuring inflation.IPE has also learned there is similar uncertainty over the transition adjustment from the Continuous Mortality Investigation 2017 to the latest 2018 model.Lane Clark Peacock partner Alex Waite said: “Some people take the announcement as implying that RPI will no longer exist in its current form in a decade’s time and we will effectively all use CPI. Alternatively, there is another view that nothing really changed on 4 September.”
Ripley County Republican Chair Ginger Bradford has announced the caucus to elect a District 3 City Council Member in Batesville.Bob Narwold accepted a position with the Batesville Buildings Department in March forcing him to vacate his seat on council due to state law.The caucus will be held at the Sherman House on Monday, March 31 at 7:00 p.m.The location of District 3 caused some confusion for election officials last week. Since the district is in both Ripley and Franklin County, the caucus location was believed to be based on which county had the larger voter population in the district.State election officials clarified the situation, saying that is not the case.“It is a situation where all of Batesville votes on the each council seat,” Bradford said. “When I explained it to them at the state, and they realized their not running in district, but for a district, the whole city votes.”Voter population in each county of the district was not a determining factor for the caucus location.Four precinct committeemen will vote for a new council member next Monday. The committee is composed of John Moton, Don Dickey, Mike Weiler and Dogger Dickey, Bradford said.“Dogger Dickey will be representing Franklin County,” Bradford added.Batesville resident Jim Fritsch is the only citizen to file for the city council seat.
REGISTRATIONRegistration is now open for 2012. ALL players and members must be registered before 31March 2012. If you are not registered before this date, it will affect your player insurance and your voting rights at the AGM. Please contact Stephen Lynch. Cost of membership is: €70 for Family membership, € 30 for Adults and €10 for children UNDERAGE TRAININGTraining for underage teams will resume as follows: Under 6’s Boys and Girls: 5.30pm Wed 25th Jan on Astro Pitch. Contact Alan Martin 0861723899 Under 8’s: Boys and Girls 6.30pm Wed 25th Jan on Astro pitch.Contact Noel Doherty 0866028868 Under 12’s Boys Fri 13th 6.00pm on Astro pitch. Contact Luke Gavigan 0877980865ANNUAL DINNER-DANCE The Annual Dinner dance takes place in the clubhouse on the 14 th of Jan. Tickets are only €10.There will be music and presentations as well on the night. Great value. SUPPORT YOUR CLUB.FOR SALEClub socks and togs for children up to age 14 and Canning hurls from sizes 26 – 35. Please contact John Burke at 086/8185915 for order form. IDEAL BIRTHDAY PRESENTS.UNDER AGE TEAMS.Help is required for the 2012 season with different underage teams for boys & girls football and hurling/camogie. Any adult players or parents interested in helping out with the underage teams should contact Alan Martin at 0861723899. Previous coaching experience is not required.STRICTLY COME DANCINGSean Mac Cumhaill’s are looking for people to take part in the Strictly Come Dancing which is beginning shortly. This is a great opportunity for people to go out and have fun and get exercise as well. Please contact Terry on 0866095347 or Peter on 0872363337 for more information. MAC CUMHAILL’S CLUB LOTTOThere was no winners of the lotto this week. Numbers were 2,4,16,28 There were 2 match 3 winners. Don Browne, The Beeches and Sophie Mc Bride, Glencovitt. Each receives €75.NEXT WEEK’S JACKPOT is €7,800 €2 weekly or a yearly subscription for the Club Lotto is €100. There is €5 weekly or a yearly subscription for the Club Lotto is €250.Contact any club committee member for details. MAC CUMHAILL’S BINGOMac Cumhaill’s Weekly Bingo is in the Villa Rose Hotel this week at 8.30pm. Everyone Welcome.CLUB MEETING’SClub meetings will be held on the Last Monday of every Month at the Clubhouse. Any person wishing to get involved in the club please come along or contact any member.The Clubhouse bar is now taking bookings for parties: Contact Simon on 085 1503092 for more information.Donegal yearbook on sale from clubhouse or contact any executive member. Only €10GAA NOTES: SEAN MACCUMHAILLS was last modified: January 9th, 2012 by StephenShare 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)Tags:Sean MacCumhaills GAA Club notes