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Danish pensions tax plan flawed, industry says

“Many of PKA’s members will surely think it is hard to understand what the whole thing is about and what the consequences are,” he said.The plan was outlined yesterday as part of the government’s proposal to reduce taxes on work, cars and pensions by DKK23bn (€3bn) called “JobReform II”. The reform was aimed at extending the effects of the country’s economic upturn seen over the last few years.It proposed increasing the amount that can be saved into an old-age pension plan (alderspension) in the last five years before state pension age to DKK50,000 (€6,720).In the new plan, the government detailed how it would use the DKK2.5bn sum had earmarked for resolving the long-standing “interplay” problem in the pensions taxation system. It refers to contributions made later in life that do not pay off because of the way pension payments are offset against state benefits in retirement.In yesterday’s announcement, the government said the DKK2.5bn would be used to increase by 3.9% the tax value of the deduction for pension contributions for people with more than 15 years to state pension age. For those with less than 15 years to go, the increase would be 7.7%.The new system is to take effect from 1 January next year.Per Bremer Rasmussen, chief executive of the Danish Insurance Association, Forsikring & Pension, said: “It is absolutely crucial that we make it attractive for every to save up for a pension. So I am glad the government is doing something about that.”But the association said the new system introduced an extra complication with the new tapered job deduction for low-paid people. This, it said, reduced the incentive for blue-collar workers to save for a pension – therefore creating another interplay problem. The Danish government has unveiled further details of its new tax reform plan aimed at improving incentives for private pension saving – but the pensions industry has highlighted flaws in the proposal.The plan was built on a proposal published earlier in the summer entitled More Years on the Labour Market. It contained measures to increase the advantages of saving for private pensions and reduce the number of people who save little or nothing into a pension.Peter Damgaard Jensen, chief executive of pensions management firm PKA, said: “You could certainly have created more of an effect for the same money by targeting the deduction more towards those people who are hardest hit by the interplay problem.”Damgaard Jensen said it was also unfortunate that the new model was so complicated to understand.last_img read more

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Men’s basketball: No. 21 Wisconsin dominates Iowa on Senior Night

first_imgThe No. 21 Wisconsin Badgers men’s basketball team (21-9, 13-6 Big Ten) defeated the Iowa Hawkeyes (21-9, 10-9) at the Kohl Center Thursday night by a score of 65–45.In the Badgers’ final home game of the 2018-19 season, Wisconsin fans said their farewells to seniors Charles Thomas IV, Ethan Happ and Khalil Iverson, as the Badgers dominated on both ends of the floor to finish the season 12-3 at home.Wisconsin opened the scoring on their second possession courtesy of Iverson, who bolted past the defense for an emphatic dunk to give Wisconsin an early lead. The Badgers went on to score nine second-chance points before the 9:00 mark in the first half, all of which were part of a 12–2 Badger run that gave them a seven-point lead.Men’s basketball: Happ, Iverson, Thomas take on Iowa in Kohl Center finaleIn what will undoubtedly be an emotional night for players, coaches and fans alike, the University of Wisconsin men’s basketball Read…The Badgers finished the first half with a 31–22 advantage. Iverson and sophomore Aleem Ford each had seven points at the half.In the second half, Wisconsin stayed hot, making five of their first six shot attempts to create a 16 point lead, eventually stretching their lead to 53–30 thanks to a 20-6 scoring run that put away the game for Wisconsin.Wisconsin’s rebounding proved to be a critical difference, as they outrebounded Iowa 49-29 as a team. The Badgers also had 15 offensive rebounds to Iowa’s seven, and they outscored the Hawkeyes 23-7 on second-chance opportunities.Happ and Iverson closed out their Kohl Center careers in style. Happ finished with 21 points and 14 rebounds, while Iverson also posted a double-double, scoring 11 points to go along with 11 rebounds. Ford contributed nine points and five rebounds in the winning effort.Men’s basketball: Brevin Pritzl may be Wisconsin’s secret weapon this postseasonBrevin Pritzl was born and raised here in Wisconsin. Playing basketball at De Pere High School — just outside of Read…Iowa’s poor offensive night was led by juniors Jordan Bohannon and Ryan Kriener, who each finished with eight points. Iowa shot just 18-for-59 as a team — a season-low — including 5 of 22 3-point shooting.With the Badgers win and a Maryland loss to Michigan Sunday, Wisconsin stands at fourth place in the Big Ten. The win also guarantees the Badgers a double-bye in the Big Ten Tournament with either a win over Ohio State Sunday or a Maryland loss to Minnesota Friday night.Wisconsin will close out the regular season on the road against Ohio State Sunday afternoon in Columbus. The game will tip-off at 3:30 p.m. and can be watched on CBS or listened to live on The Badger Radio Network.last_img read more

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Osu-Homowo marathon held in Accra

first_imgThis year’s Osu-Homowo marathon has been held in Accra with Kwabena Frimpong taking the honours in the male division and Millicent Boadi dominating in the female division. The 22.5 kilometer event commenced at the premises of the Accra-Mall through some principal streets in Accra before concluding at the premises of the Osu Traditional Council in Accra.Nii Kinka Duwuona VI, Paramount Chief of the Osu Traditional Council used the occasion to thank the sponsors Papaye Foods and PZ Company for their continuous association with the event and pledged to offer the necessary assistance to see to the success of the event in subsequent years. He also called on his people to continue to live healthy lives by participating in sports as it served as medium through which the mind, soul and body can be kept healthy.Chief Executive officer of Papaye Fast food whose brand has been supporting the event since its inception expressed his delight at the high turnout of participants in this year’s event. He also used the opportunity to announce his company’s association with the event for next year and beyond. For him and his company, this was a way of giving back to the society that has tremendously contributed to its growth and successes over the twenty years of the company’s existence.Brands Manager of PZ Ghana, William Nartey was also happy to see his company contributing their quota to the growth of the event in the last two years. He also added that it was the company’s way of giving back to the society and provide the health impetus to the people through its products and services.For their efforts, Kwabena Frimpong took home a cash prize and a washing machine as the winner of the mens division. William Akuka came second and took home GHC 400.00 cash and a table top fridge with Godwin Adupo coming third. He also took home a cash prize and some souvenirs.Millicent Boadi came out tops in the ladies division with Elizabeth Botcho and Gifty coming second and third respectively. They all took away cash prizes and products offered by the sponsors.last_img read more

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