first_imgENGINEERS WEEK — Students in Ms. Macri’s 7th grade science class at Horace Mann Community School celebrated “Engineers Week” & New Jersey STEM month by using the Engineering Design Process to build structures and test their durability against earthquakes. ×last_img


UK High Court dismisses pension fund’s fight for revised PPF levy

first_imgA UK High Court judge has overturned the decision by the Deputy Pensions Ombudsman offering compensation to trustees after out-of-date data was used in a scheme’s levy calculation.The case refers to the West of England Ship Owners Insurance Services Limited Retirement Benefits Scheme’s 2010-11 Pension Protection Fund (PPF) levy, when failure-score provider Dun & Bradstreet (D&B) used dated accounts to calculate a failure score.The scheme’s sponsor is West of England Insurance Services, based in Luxembourg, with D&B’s local office charged with collecting the data used in failure-score calculations.However, D&B Luxembourg only used the accounts for the scheme sponsor up to 2007, on the premise trustees must submit up-to-date accounts. This resulted in the scheme’s 2010-11 levy being significantly higher than anticipated or required given sponsor guarantees and its risk of insolvency.After the trustees asked the PPF to reduce the levy using the current accounts and contingent assets, the lifeboat fund said it could not retrospectively change the score provided by D&B.After appealing the PPF’s decision to the Deputy Ombudsman, in February 2013 it was ruled that the PPF did have the right to make amendments to a score after it had been produced.The PPF was ordered to remove any interest payments on the delayed levy and provide £10,000 (€12,000) to the trustees for legal costs.However, taking the case to the High Court, the lifeboat scheme won its appeal against the Ombudsman’s decision.The court ruled the PPF did not have discretion to amend a failure score, or ask D&B to revise its score if calculated in its ordinary course of business.It said there was no scope in the levy determination for the PPF to depart from a failure score provided by D&B, and that it was not unreasonable for the PPF to set stringent rules in levy determination, some of which the trustees failed on.It was also not the PPF’s responsibility to consider whether D&B’s failure-score calculation was fair.A lawyer acting for the trustees said that, while it was helpful the PPF’s powers were clarified, the end result for trustees was a levy that could not be based on a sponsor’s true risk of insolvency.Lesley Browning, partner at law firm Norton Rose Fullbright, said: “Trustees and scheme employers must be careful to ensure D&B has up-to-date financial information at the relevant time.“It will be interesting to see how Experian’s appointment, and the proposal that a bespoke failure-score system will be developed, will affect trustees and employers.”Experian is expected to replace D&B as the PPF’s failure-score provider for the 2014-15 levy, providing a bespoke score system, details of which have been beset by delays.Nick Griggs, partner at consultancy Barnett Waddingham, said the case should act as a timely warning that data issues arising from the switch to Experian needed to be identified and addressed.”The issues are not directly related, but there is a clear parallel,” he said.Commenting on the case, a PPF spokesman said the lifeboat fund was pleased with the decision, as it underlined its approach to using the failure score.“It also underlines how important it is for all levy payers to engage with our insolvency risk provider to make sure they have all of the information,” he said. “This particularly remains the case when we move to a new insolvency risk provider.”last_img read more


German LNG Terminal Shortlists Four for EPC Tender

first_imgGerman LNG Terminal has selected four EPC (Engineering, Procurement and Construction) contenders for its LNG terminal project in Brunsbuettel, Northern Germany, with whom it will now continue the competitive tender process.The process of finding a contractor for site preparation, construction of a waterfront with new jetty, LNG storage and all process equipment and supporting infrastructure for an LNG terminal started in June this year.As disclosed by German LNG Terminal, the four downselected entities are the Spanish team composed of Cobra Instalaciones y Servicios and Sener Ingeniería y Sistemas, the South Korean duo of Hyundai Engineering and Korea Gas Corporation, the international group composed of Sacyr Fluor, Entrepose Contracting and VINCI Construction Grands Projets, and the Spanish-German duo of Tecnicas Reunidas and Heitkamp HIKB GmbH.The EPC tender is closing on December 5, and German LNG Terminal expects to award the contract before the end of April 2020.The EPC scope contains a jetty with two berths for LNG carriers ranging from 1,000 up to 265,000 cbm, both with LNG unloading and loading capabilities, LNG storage tanks, LNG vaporization and distribution facilities for a total capacity up to 8 bcm per annum.German LNG Terminal is a joint venture of Dutch companies Vopak and Gasunie as well as German company Oiltanking, part of Marquard & Bahls AG..The terminal will combine a number of services such as unloading and loading of LNG ships, temporary storage of LNG, regasification and send out into the German natural gas network and LNG distribution by trucks.last_img read more


Wellington Police Notes: Tuesday, August 2, 2016

first_imgWellington Police Department notes: Tuesday, August 2, 2016:•1:20 a.m. Officers took a report of a missing person in the 400 block S. G, Wellington. The subject was located and returned home.•1:44 a.m. Sharon E. Corter, 54, Wellington was issued a notice to appear for driving while under the influence of drugs and/or alcohol and inattentive driving.•9:29 a.m. Officers investigated a theft of a dog in the 1100 block N. H, Wellington.It was located and returned to the owner.•10:48 a.m. Officers investigated theft of electrical services by known subject(s) in the 800 block N. H, Wellington.•12:35 p.m. Officers took a report of suspicious activity in the 200 block E. Harvey, Wellington.•4 p.m. Officers took a report of lost drivers’ license in Oklahoma.•8:29 p.m. Officers investigated a battery in the 200 block N. Ash, Wellington.•11:45 p.m. Officers investigated domestic battery and criminal damage to property in the 700 block S. H, Wellington by known suspect.last_img read more