A study commissioned by the European Fund and Asset Management Association (EFAMA) has recommended adopting life-cycle investment strategies as a default option for the pan-European personal pension product (PEPP).EFAMA said the study – carried out by the SDA Bocconi School of Management in Milan, Italy – concluded that the use of life-cycle strategies as the default investment option for the PEPP would be “economically desirable” for consumers.They would benefit from superior returns and comparatively low risk compared with bonds over a long-term investment horizon, the association reported.It said the study showed that life-cycle strategies ensured that “99.9% of the savers end up with an accumulated pension wealth greater than the inflation-adjusted capital invested, under both a 40- and 20-year accumulation period”. The study also illustrated the advantages of life-cycle investment solutions in terms of risk management and performance enhancement, according to Efama.One of the main debates surrounding the PEPP is whether it should offer a default option with a financial guarantee or whether the default option could rely on a life-cycle approach to protect savings.Opponents of the guarantee option have argued that it was expensive and lowered returns, and would undermine the potential success of the PEPP.“Our study, which belongs to [the emerging household finance] area of research, aims at contributing to the current debate on the type of default option that should offered by a pan-European personal pension product,” said Claudio Tebaldi, professor at the SDA Bocconi School of Management and one of the authors of the study.William Nott, EFAMA president, added: “The Bocconi study confirms that life-cycle investment strategies are a powerful tool for delivering high real rates of return and managing risks, not just investment risk but also inflation risk. We strongly believe that these strategies should qualify as a default option for the PEPP.” The European Commission’s proposal for a PEPP did not explicitly refer to a guarantee, instead saying that a default investment option needed to ensure “capital protection”.The European Parliament’s Economic and Monetary Affairs Committee is currently debating the PEPP. Dutch MEP Sophie in ‘t Veld, who is leading the review, has said the regulation should specify the risk-mitigation techniques, including the definition of ‘capital protection’ for a default option.The Bocconi study can be found here.
The Lakers are taking a gamble that the second era of Dwight Howard goes better than the first.According to a person with knowledge of the team’s intentions, the Lakers are preparing to sign Howard, 33, once the eight-time All-Star is officially bought out by the Memphis Grizzlies and clears waivers over the weekend.Howard, who played for the Lakers for an underwhelming 2012-2013 campaign before departing in free agency, is expected to provide depth at center. The team took an unexpected hit at the position last week when DeMarcus Cousins tore his left ACL during an offseason workout, possibly ending his season.The Lakers reportedly worked out Howard and Joakim Noah for an open roster spot on Thursday then brought in journeyman Marreese Speights on Friday. ESPN reported that several Lakers players were involved in the decision to sign Howard. A source confirmed that Howard is expected to have a non-guaranteed contract. Trail Blazers beat Grizzlies in play-in, earn first-round series with the Lakers The three-time NBA Defensive Player of the Year has still been productive when able to play – he spent last season recovering from surgery on his lower back and played in just nine games for the Wizards – but locker room chemistry has been an issue for Howard with several teams. That includes the Lakers, where he and Kobe Bryant had a rift that played a role in his departure for Houston in free agency in 2013 after the team traded for him the previous offseason.Howard’s lone season with the Lakers came with enormous expectations, but it ended with a 45-37 regular-season record and a first-round playoff sweep at the hands of the San Antonio Spurs. Howard turned down a $118 million deal to stay with the Lakers and joined Houston for significantly less.Howard averaged 16.6 points and 12.5 rebounds in his last healthy season for the Hornets, playing 81 games during the 2017-18 year. Lakers practice early hoping to answer all questions How athletes protesting the national anthem has evolved over 17 years Trail Blazers, Grizzlies advance to NBA play-in game; Suns, Spurs see playoff dreams dashed Newsroom GuidelinesNews TipsContact UsReport an Error Howard was acquired by the Grizzlies in July when the team saved $3 million by trading C.J. Miles to Washington in exchange for the injured center. The plan all along was for Memphis to waive Howard, and the Lakers emerging as a possible destination might have helped the franchise work out preferable buyout terms with Howard’s camp. Lakers, Clippers schedules set for first round of NBA playoffs AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREUCLA alum Kenny Clark signs four-year contract extension with PackersThe Lakers will hold the leverage on Howard, who is entering his 16th season, and can cut him before the NBA’s Jan. 7 deadline without cost to the team. Howard gives the Lakers a full 15 players on their roster.Times have been rocky for both Howard and the Lakers since their split. After three years in Houston, Howard has had his rights owned by five different teams in three seasons, suiting up for the Atlanta Hawks, Charlotte Bobcats and Washington Wizards in that time. He never played for the Brooklyn Nets or Memphis Grizzlies.Related Articles
NFLPA sends players ‘work stoppage ready’ plan after CBA talks Packers to release Mike Daniels, former Pro Bowl defensive tackle, report says Titans left tackle Taylor Lewan has been suspended the first four games of the 2019 season after a failed drug test for a banned supplement, NFL Media reported Wednesday.But Lewan insisted he did not take it knowingly as he shared an emotional video on Twitter revealing he went so far as to take a polygraph test to prove it. Thank you to everyone who sees this video and supports me. My family and I are so grateful to the Tennessee Titans organization and fans for your support. I will post the polygraph information next. #NoBadDays pic.twitter.com/lE9iEMmLxw— Taylor Lewan (@TaylorLewan77) July 24, 2019″Thank you to everyone who sees this video and supports me,” Lewan wrote. “My family and I are so grateful to the Tennessee Titans organization and fans for your support. I will post the polygraph information next.” Panthers’ Cam Newton should be ‘ready to roll’ for camp, coach Ron Rivera says Nonetheless, Lewan will now miss the team’s opening game against the Browns on Sept. 9 as well as their home opener against the Colts, Week 3 against the Jaguars and Week 4 against the Falcons. Related News Lewan, who turned 28 on Monday, has spent his entire career in Tennessee after being selected 11th overall out of Michigan in the 2014 draft. He has been named to three straight Pro Bowls, which earned him a five-year contract extension worth $80 million last year to make him the highest paid offensive lineman at the time.The Titans are scheduled to hold their first training camp practice Friday.