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SeanR

SeanR

Posted
Posted

The traditional method of building IT infrastructure specifically for new applications leads to disconnected silos of information and resources.

Aligning these silos using ITIL processes and a Configuration management Database to integrate data and workflow can help an IT organization achieve its goals by increasing the productivity of the IT organization, delivering IT services that meet the needs of the business more efficiently, and extracting greater value from existing investments.

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boxoctosis

boxoctosis

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Posted

Individual pensions contracts are already more than complicated enough and a further level of confusion will do nothing at all for members of the public as they approach retirement.

Curiously, much of the confusion can be traced back to a market change carried out in consumers' interests. This was the introduction of open market options so that customers would not be locked into a pension from a particular company. This led to a change from the traditional "deferred annuity" type of contract which promises an income on retirement to the "endowment" type contract which builds up a lump sum which can be turned into a pension at retirement. As a result, almost all "personal pensions" and "free-standing AVCs" taken out in the past 10 years have been of this second type.

Before this change some early "endowment" type contracts required the policyholder to take the pension with the insurance company which issued the policy. The terms of the exchange were often set out in the contract and so guaranteed the rate at which cash could be exchanged for annuity. It is this "guaranteed annuity rate" which may be valuable with interest rates at their current low levels. Similar clauses appeared in a number of more recent policies.

During the 1970s most insurance offices unilaterally extended the terms of their pensions contracts, so that the policyholder could take the cash sum at retirement and buy their annuity elsewhere on the best terms in the market - the "open market" option I have referred to already. To achieve this, office procedures were changed but a side effect now is that not all policyholders may have had their attention drawn to the guarantees in their contracts - another reason for close checking and for taking financial advice.

The guarantee may be limited to the retirement date agreed when the policy was effected and may only apply to a single-life annuity. It is very important therefore that policyholders approaching retirement should look carefully at their contract and consider taking authorised financial advice. This should extend not only to the contract terms but also to the range of possible annuities (including joint life annuity with their spouse, indexed annuity and so on).

Companies should explain their approach, and the options available to their policyholders, as clearly as possible so that policyholders do not miss out if a valuable option is available.

It should be stressed that the guarantee will usually relate to the rate at which the lump sum that has accumulated is turned into an annuity. The benefits payable will be dependent upon investment performance in the case of unit-linked contracts and the bonuses declared in the case of with-profits policies.

The Appointed Actuary must take into consideration the effect of the bonus declaration on the future development of the fund including the mix of business and the effect on pensions annuity business of both improving mortality and the effect of annuity rate guarantees. Lower interest rates also affect the interest earnings on assets held in the Life fund which will reduce bonus rates over time. This effect has already been seen in lower bonus declarations over the last five years and looks set to continue for a number of years to come.

Bonus rates are set by each company with the advice of their Appointed Actuary. The bonuses have to take into account equity between policyholders of different generations and with different types of contract. The Board of the company might be reluctant to spread the cost of an onerous annuity rate guarantee across all policyholders if they felt that was inequitable to, for instance, mortgage endowment policyholders.

Actuaries do not use crystal balls, but we are taught to consider the range of possible outcomes in the future. I remember when these contracts were introduced ensuring that the office set up reserves to meet the more expensive of the two options under the contract, i.e. assets would be accumulated to pay the greater value of the annuity option or the cash option. Many actuaries will have done the same. This basic position gives a clear illustration of how much money the office has available to pay out and then one would expect bonuses to be based on the more expensive of those two options. However, different offices have made different comments in their literature and the policy wordings also differ. In some companies, therefore, policyholders may be able to get more than asset share. This is why we believe that it is important that offices explain their individual position clearly.

It is only if an office is paying out more than asset share that there is a cost to the guarantee. In all cases the reserves are set up to protect the policyholders' interests allowing for the specific circumstances of the company. This is what actuarial advice is about. It is intended to ensure that the business is planned in order to enable the uncertainties of the future to be coped with effectively. This includes reserving for all obligations so that policyholder reasonable expectations can be met.

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Corky Romano

Corky Romano

Posted
Posted

OPERATING PROCEDURES

All new issue of burners, torches and hoses for oxygen and flammable gas will be examined and leak tested by using nitrogen gas before being brought into use thereafter, they will be examined and leak tested using nitrogen.

Each Operator is responsible for a daily check of his gear before starting work. Faults should be reported to the Supervisor and repairs should not be attempted by the user. Items which are faulty should be returned to the stores.

All gas cylinders must be kept at least 4 METRES from any heat source.

All cylinders must be properly supported.

Acetylene cylinders must be kept UPRIGHT when in use.

Use the correct regulating valve for the gas.

Inspect the next compartment for fire risk before starting to burn, weld or gouge. If the area contains flammable materials, have a fire patrolman stand-by BEFORE you start. If you have to use a fire extinguisher, make sure it is reported so that it can be re-filled.

Use the flint gun provided, NOT a burning or smouldering rope.

If you are working in a confined space, make sure you have adequate VENTILATION.

AT MEAL TIMES AND AT THE END OF SHIFTS, ALL FUEL AND OXYGEN MUST BE TURNED OFF AT THE CYLINDER OR MANIFOLD. USER A PROPER CYLINDER KEY WHICH FITS THE SPINDLE.

ALL REGULATORS MUST BE REMOVED AT THE END OF SHIFTS THUS ENSURING DISCONNECTION HAS BEEN CARRIED OUT. REGULARTOS ARE TO BE STORED IN A SAFE SECURE PLACE.

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blipwoo

blipwoo

Posted
Posted

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I

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blipwoo

blipwoo

Posted
Posted

Sell them both and buy some bats. In other news, the Japanese whaling lobby forwarded a motion to remove protected species status from giant crustaceans. "These quotas are vital for scientific research into the nature of weak spots", said Noel Edmonds.

This just in: PS3 is a computer system

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Lorfarius

Lorfarius

Posted
Posted

I thought love was only true in fairy tales

Meant for someone else but not for me.

Love was out to get me

That's the was it seemed.

Disappointment haunted all my dreams.

Then I saw her face, now I'm a believer

Not a trace of doubt in my mind.

I'm in love, I'm a believer!

I couldn't leave her if I tried.

I thought love was more or less a given thing,

Seems the more I gave the less I got.

What's the use in tryin'?

All you get is pain.

When I needed sunshine I got rain.

Then I saw her face, now I'm a believer

Not a trace of doubt in my mind.

I'm in love, I'm a believer!

I couldn't leave her if I tried.

I'm a believer

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ScouserInExile

ScouserInExile

Posted
Posted

We are currently experiencing a shortage of alcowipes due to a manufacturing problem. As an alternative Pharmacy will be issuing sanicloths. These however are only available in limited quantities because of extra demand.

Please use sanicloths for the following purposes only.

* disinfection of clean surfaces prior to an aseptic technique

* mopping up of spots of blood from hard surfaces

* decontamination of clean equipment that cannot be disinfected by any other method.

NB. Alcowipes should not be used for skin cleansing.

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