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UK unlikely to see ‘large-scale’ changes to pensions law post-Brexit

first_imgSegars added that some areas may need to see UK pensions law “disentangled” from EU directives and regulation.If the UK were to break ties with the EU completely and forego an agreement to join the European Economic Area, it would likely enable it to sidestep the eventual transposition of the revised IORP Directive, of which IPE has seen the final draft, due to be published Monday (27 June).Matthew Swynnerton, a pensions partner at law firm DLA Piper, stressed that a vote to leave the EU would not have an “immediate impact”.He said: “Whilst significant areas of UK pensions legislation originate from the EU – such as scheme-specific funding requirements for defined benefit schemes and non-discrimination – because these provisions have been implemented into national law, they remain intact despite the outcome of the referendum.”Scheme-specific funding requirements were introduced in the Pensions Act 2004, which established he Pensions Regulator (TPR) and the Pension Protection Fund and transposed into UK law the first IORP Directive of 2003.Swynnerton said that, while future reform was possible, he believed “large-scale” reform were unlikely, as much of the legislation was meant to protect members.A second law firm, Pinsent Masons, urged UK trustees to focus on the immediate impact of the referendum in the shape of market changes rather than the longer-term potential for regulatory change.Alastair Meeks, pensions partner at the law firm, said: “As far as legislative and regulatory change is concerned, trustees need only adopt a watching brief until government policy becomes clear.“The government would need time to decide what elements of EU law are worth retaining, and what can be overhauled.”The point was reiterated by a TPR spokesman, who said: “Any future change to UK pensions legislation as a result of the referendum would be a matter for government.”Meeks added: “Trustees shouldn’t mistake the interesting for the urgent.”For her part, Segars pledged that the PLSA would continue to ensure the voice of pension funds was heard in the “uncertain times ahead”.“It is essential that the UK government and policymakers in Brussels now act swiftly and decisively to manage current volatility and announce a clear plan to renegotiate our future relationship with the EU,” she said.Jean-Claude Juncker, president of the European Commission, said in a statement that he expected the UK government to act on the referendum’s result swiftly.“We now expect the UK government to give effect to this decision of the British people as soon as possible, however painful that process may be,” he said.“Any delay would unnecessarily prolong uncertainty.” The UK is unlikely to undertake a large-scale repeal of pensions law emanating from the EU in the wake of the nation’s historic vote to leave the Union, lawyers and the country’s pension association have predicted.Responding to Thursday’s referendum, which saw 52% of the electorate back a departure from the EU, the Pensions and Lifetime Savings Association’s chief executive, Joanne Segars, said the ramifications would become clear in the coming weeks and months.Segars, a former chair of PensionsEurope, said: “Much will depend on the precise nature of our future relationship with the EU, which may mean some aspects of UK pension provision continue to be influenced by the EU.”The Dutch Pensions Federation has lamented the UK’s departure from the union, telling IPE it would “lose an ally on pensions matters”.last_img read more

Sports writer runs infamous cross country workout on Sweet Road

first_imgMy breathing sounded like someone driving with a flat tire.The ground had leveled out almost five miles through the 6.25-mile Sweet Road route that the Syracuse men’s and women’s cross-country teams run on hard days, and my “run” had reduced to some motion between “jog” and “plod.” The Syracuse coaching staff’s belief in Sweet Road as a training ground is so strong that, when the men’s team won the national championship in 2015, the rings were engraved with “SWEET ROAD” just below the runner’s name.For all its hype, Sweet Road looks pretty ordinary. There are dense trees and then green pastures and then dense trees again. Low-slung ranches and grain silos dotted the countryside. One farm had a welcoming sign out front: “Enjoy our deck & animals!” You could cut the 36 square miles surrounding SU’s stake in Sweet Road, paste it somewhere in New England and someone would, unphased, build a stone wall around it.I arrived at 7:04 one morning to run the same route that No. 3 Syracuse had a few days earlier. I wanted to find out what exactly about this road so appealed to one of the NCAA’s best teams that they never went anywhere else for hard days.Justyn Knight, Syracuse’s top runner, once told me that he eats a peanut-butter bagel a few hours before a race, but I remembered that advice too late. I scarfed one down on the way out the door and hoped for the best. This, I would think later, was a misstep comparable to Michael Scott from The Office “carbo-loading” minutes before a 5K by eating a large tin of fettuccine alfredo.AdvertisementThis is placeholder textWith the car parked on one of the wide shoulders that makes Syracuse coaches love the road, I trudged up the first hill toward the telephone post that served as the starting line. In my first time here, I had tried to scout out the road’s toughest stretches. The rapid succession of hills close to Mile 3. Heartbreak Hill was self-explanatory. SU head coach Chris Fox said the worst part was the first 10 to 15 minutes. It didn’t occur to me until I started running that he meant “10 to 15 minutes” as someone who was running somewhere near a 5:20 mile.I was not doing that.The first half-hour was grating, but then the course levelled off and it was mostly rolling hills for a little more than a mile. Published on September 19, 2017 at 12:04 am Then, at about three-and-a-half miles, I saw Heartbreak Hill. Even in the van a few days before, just driving up the incline made me second-guess my decision to run because I thought that this part might hurt. This was the part, one runner said, that he always dreaded.The worst part was just looking at the hill for about a half-mile and knowing that, pretty soon, you’d have to run up it. There was an imperative feeling to not do it. A Ford F-150 was crossing at an intersection right before the hill, so I took this brief break and then took off sprinting. No idea why. I just did.I stopped sprinting about a quarter of the way up the hill and, as I ascended, I could only taste peanut butter. The further I ran, the more tired I became. I don’t know what I expected, but while my chest felt cold and my breath came in ragged spurts, I wasn’t profoundly more tired than any other time I’d gone running. Then again, I wasn’t running as fast as they had been. I didn’t have a coach tracking each second. Maybe expectation had overtaken whatever reality could have been. I still tasted peanut butter.Almost at the top of Heartbreak Hill, a trucker barreled by. Looking back, I swear he flashed me a thumbs up, which at the time made me feel better, but upon further thought: How bad does someone have to look for a stranger to give the thumbs up signal to a person seemingly doing a leisure activity?The view from the top of Heartbreak Hill was a beautiful, green panorama. It reminded me of my high school basketball coach, who always said our gym had the best tasting water, which wasn’t true but at times seemed like it.After making it through the worst, I shifted down a gear for the rest of the course. It was then I realized that, while I wanted to understand why exactly this road functioned so well in training, ego was also a propeller. I wanted to prove to myself, to anyone else, that I could do the training.After turning left onto Academy Street, I made my way toward Immaculate Conception Catholic Church, where SU always met up after their runs. At this moment, I realized I had been so intent on running Sweet Road that I had forgotten this run was unlike every other one I had taken in my life. This run wasn’t a loop.I was now approximately 6.25 miles away from my car in a rural area I did not know and my mouth was dry and my calves burned. So, I stuck my thumb out and started walking north on Sweet Road.Sam Fortier is the sports editor at The Daily Orange, where his column appears occasionally. You can reach him at [email protected] and @Sam4TR. Commentscenter_img Facebook Twitter Google+last_img read more