Ilmarinen, Liontrust Asset Management, Deutsche AWM, Towers Watson, Alliance TrustIlmarinen – Timo Ritakallio, long-standing CIO at Ilmarinen, has been named the Finnish pensions mutual’s next chief executive. He will succeed Harri Sailas, who is to retire next May after more than eight years as president and head of Ilmarinen, the country’s largest private pension provider, with €33.5bn in assets. In addition to his responsibilities at Ilmarinen, Ritakallio is also a board member at several local foundations, as well as business park operator Technopolis and the Finnish Securities Market Association. Jussi Pesonen, chairman at Ilmarinen, said Ritakallio would assume the new responsibilities from next February, ahead of Sailas’s departure in May.Liontrust Asset Management – James Beddall has been appointed to work alongside Jonathan Hughes-Morgan as co-head of international sales. Liontrust is in the process of setting up a branch office in Luxembourg, where Beddall will be based, subject to regulatory approval. He joins from F&C Investments, where he was head of international wholesale sales. He moved to Thames River Capital in 2007, which was then acquired by F&C in September 2010. Before then, he served as vice-president and director at Credit Suisse Asset Management.Deutsche AWM – John Adu has been appointed head of ETP and mandate sales for the UK, joining from Source. He started his career at Barclays Global Investors before stints with advisory boutiques Welbeck Consulting and IlliquidX. Alfred Le Léon, meanwhile, joins the team from HSBC Global Asset Management, where he was an ETF product specialist in charge of sales across EMEA. He has been appointed as a passive sales specialist to strengthen coverage in the French market. Towers Watson – Marcus Granstedt has been appointed as a senior consultant for the life insurance practice in Sweden and the Nordic countries. He succeeds Simon Stronkhorst, who will continue to be involved in projects for Nordic-based insurers but is returning to work in the company’s Amsterdam office. Granstedt joins from Legal & General, where he was head of reporting for its protection/insurance business. Before then, he worked for Towers Watson in the UK.Alliance Trust – Ilario di Bon has stepped down as head of equities to pursue other opportunities. Peter Michaelis will take on the role, leading a single equity investment team under the direction of the chief executive and CIO Katherine Garrett-Cox. In addition, Simon Clements, who was head of global equities at Aviva Investors, will be responsible for the management of Alliance Trust’s equity portfolio. Michaelis and Clements both joined Alliance Trust in 2012.Lombard Odier Investment Managers – Andrea Argenti has been appointed country head for its business in Italy, effective December 2014. He joins from BlackRock Investment Management, where he spent the last 14 years and since 2006 has been head of retail Italy for that business. Before joining BlackRock in 2000, Argenti was a sales manager at Société Générale Asset Management in Milan and began his career at Alcor, Solvay Group. read more

Marga Schaap, independent chair of the scheme, said: “Despite extensive economising, costs of increasingly complex regulation and supervision keep on rising.“Against an annual premium income of between €3.5m-4m, we need to spend at least €500,000m in costs,” she said. “This is absurd and not sustainable.”However, extending the contract with Aegon would – as a consequence of the current low interest rates and increasing longevity – require contributions to rise of 30%, Schaap said.Individual DC arrangements are not common with industry-wide schemes, and a DC plan would a first for PGB, which has taken in dozens of smaller pension funds during the past decade.The new individual DC plan must enable the fishermen to convert their accrued capital into pension rights before their retirement, the union documents indicated.However, PGB made clear on its website that was assessing whether and how it could implement the desired DC plan.Meanwhile, Zeevisserij is retaining the option to select another provider if PGB is unable to meet its deadline, Schaap said, who indicated that joining a PPI may be an alternative. She also underlined that the board of the fisheries scheme had not taken a decision yet.That said, another issue is the fact that the fisheries industry lacked a clear link with the printing sector.Earlier, Jetta Klijnsma, state secretary for social affairs, had asked PGB to exercise maximum restraint in further stretching its scope of action as long as the new pensions vehicle APF didn’t have legal status.Recently, she said that the APF needed further elaboration and that, as a consequence, it would come into force no sooner than 1 January 2016.For more on what is driving consolidation in the Dutch pension sector, see IPE’s recent coverage of the matterPGB could not be contacted for further comment.” The social partners of the €100m industry-wide scheme for the offshore fisheries, Zeevisserij, have said they wish to join the €19bn mandatory industry-wide pension fund for the printing industry, PGB.Employers and unions said they intended to set up an individual defined contribution (DC) plan with PGB, while leaving its current assets with insurer Aegon, which has guaranteed life-long benefits for the pension fund’s participants.Documents sent to union members revealed that the reason for changing pension arrangements was the end of its contract with Aegon, due to expire at the end of the year.Another issue were the increasing costs at the small scheme, which had less than 900 active participants, approximately 1,000 pensioners and 1,250 deferred members. read more

The £6.4bn Tyne & Wear Pension Fund, administered by South Tyneside Council, confirmed its decision to also join the asset pool to IPE, and both the £2.3bn North Yorkshire Pension Fund and the £1.6bn Lincolnshire Pension Fund agreed to back the arrangement earlier this month.The addition of SYPA, however, significantly boosts the pool’s internal capability, coming in addition to the £2.4bn managed internally by East Riding Pension Fund.Hattersley could not be reached for comment, but SYPA’s most recent annual report said all investments were managed internally, both for the £6.2bn South Yorkshire Pension Fund and the £212m South Yorkshire Passenger Transport Pension Fund.For the 2014-15 financial year, SYPA achieved a return of 14.2%, marginally below its benchmark, while its annualised 10-year return was, at 8.6%, 0.1 percentage points above target.In total, nine local authority funds have now declared their support for the Border to Coast arrangement, boosting the pool’s assets to £27bn.There are currently eight asset pools emerging following talks between the 89 local government pension schemes (LGPS) across England and Wales, triggered by a desire from central government to create half a dozen asset pools, branded British Wealth Funds by chancellor of the Exchequer George Osborne.The eight Welsh LGPS are expected to launch a standalone pool, while seven have emerged in England – including the already operational London CIV, and the partnership announced between the London Pensions Fund Authority and Lancashire County Pension Fund.Despite its size, Border to Coast is not the largest but is currently behind a £35bn pool including the West Midlands Pension Fund and a £40bn arrangement comprising Greater Manchester Pension Fund and the schemes for West Yorkshire and Merseyside.The pools have until 19 February to submit consultation responses to the Department of Communities and Local Government. South Yorkshire has joined the proposed Border to Coast local authority asset pool, further boosting the collaboration’s in-house management.In a statement, the £6.5bn (€8.8bn) South Yorkshire Pensions Authority (SYPA) said talks in recent weeks had confirmed the asset pool and South Yorkshire “share the same long-term vision and values”.It highlighted that the collaboration would allow it to “continue to reap the low cost and high returns” stemming from its current internal asset management overseen by John Hattersley, SYPA’s fund director.SYPA’s decision to join the asset pool – launched by the local authority funds for East Riding, Cumbria and Surrey late last year – boosts the number of participating funds by four over as many weeks. read more

The €20.8bn, three-year-old provider saw its €4bn corporate bond portfolio as one of its strongest performers in the six months to June.At 4.3%, corporate bonds returned well ahead of debt from publicly-owned institutions, which generated a 2.9% return – about on par with the fixed income portfolio’s overall 3% return.Hanna Hiidenpalo, the fund’s CIO, noted the first half of the year saw interest rates fall to historically low levels, thereby boosting the bond portfolio’s return.“We continued to efficiently diversify government bond investments outside of the euro area, in particular in the USA, and in emerging markets,” she added.However, private equity was the portfolio’s best performer, at 5.2%, ahead of the 4.6% return from unlisted equity.Both asset classes outperformed equity as a whole, with returns dragged down by a 4% loss from listed equity, which accounts for €5.6bn of the provider’s €7bn equity portfolio, and over a quarter of assets as a whole.Real estate also performed well, at 3.7%, largely the result of Elo’s €2bn direct property portfolio, which returned 4%.Hiidenpalo also struck a positive note about the growth prospects of Finland.“Finland’s economic growth finally attained the same level as the rest of the euro area but our economy remains very sensitive to Europe’s economic development. Interest rates, which look like they will remain low, will support growth, a positive inflation trend and the investment markets.” Pensions mutual Elo credited stimulus measures by central banks for “stable” returns of 1% over the first half of 2016, as it praised its fixed income and property portfolios for strong gains.The Finnish provider said that despite interventions by the European Central Bank and its counterpart in China, it had to contend with significant political uncertainty stemming from the terrorist attacks in France and the failed coup attempt in Turkey.Discussing markets during the first half of the year, Elo said: “In late June, the British EU referendum forced the markets into a very unusual and uncertain state.However, it conceded that in the wake of Brexit, investment income recovered “relatively quickly”. read more

Finnish pensions insurer Elo posted a slim 0.8% investment return in the first half, with unlisted assets producing the highest returns in its portfolio.Elo’s assets rose in value to €23.4bn by the end of June, compared to €22.6bn at the same point last year, according to its interim report.The firm’s market position strengthened particularly as a result of the pension insurance companies’ transfer periods, it said. Elo’s new premiums increased by €18.1m over the first half, bringing its market share to 25%.Elo’s CEO Satu Huber said: “Our market share has seen strong growth since Elo began its operations. We have invested in customer experience and service development, in particular.” Hanna Hiidenpalo, CIO at Elo said unlisted investments had generated the best returns during the first half of the year.“This supported the overall rate of return as returns in the securities markets were weighed down by the volatile economic climate,” she said.During the first half, Elo’s private equity allocation produced 6.7% and real estate returned 3.1%. Listed equities generated 0.3%, while fixed income investments made a 0.9% loss in the three-month period.VER recovers from Q1 lossMeanwhile, Valtion Eläkerahasto (VER), Finland’s state pension fund, saw investment losses in the first quarter corrected in the second, leading to a 0.5% return for January to June as a whole.Commenting on the investment environment in the reporting period, VER said that – among other factors – the Finnish equity market had performed well, although the trend had been reversed in late spring. In Europe and emerging markets the returns were lower, it said.Listed equities produced a 1.8% return in the first half, while private equity investments returned 9%, unlisted equities produced 3% and VER’s real estate investment trusts allocation generated 0.8%.Liquid fixed income made a 1.6% loss in the six-month period, but the category of “other fixed income investments” – which includes investments in private credit funds and direct lending to companies – made a 1.5% return.The fund said future monitoring and evaluation of the its investment activities would increasingly focus on long-term outcomes and future prospects instead of quarterly reporting. “However, VER will continue to post quarterly figures and comments to the same extent as previously,” it said.Although in real terms, the rate of return in the first six months of the year was negative at -0.3%, VER said its five-year average real return was 5.8% and 10-year real return 4.5%.The pension fund’s assets totalled €19.4bn at the end of June, down from €19.6bn at the end of 2017. read more

Wouter Koolmees, the Dutch minister for social affairs, has defended his decision to set stricter rules for collective cross-border pensions transfers, arguing that the IORP II directive makes a distinction between local and cross-border transactions.During a debate in parliament about the implementation of the directive in the Netherlands, he emphasised that stricter conditions were not at odds with European legislation.Koolmees’ remarks were in part a response to comments from Hans van Meerten, professor of European pensions law at Utrecht University, in an article in IPE’s sister publication Pensioen Pro. Van Meerten argued that the same rules must apply to all value transfers under EU law.Politicians for several Dutch political parties pushed Koolmees for a response. Erik Lutjens – professor of pensions law at Amsterdam’s Free University and a candidate for the senate for 50Plus, the party for older people – agreed that applying stricter conditions for approving a transfer to another EU state violated European law. Credit: CDAMP Pieter Omtzigt argued that Aon’s recent move to Belgium was ‘supervisory arbitrage’The amendment was tabled by Christian Democrat MP Pieter Omtzigt and Eppo Bruins, for the small religious party Christen Unie.A transfer within the Netherlands is already possible if a pension scheme’s funding ratio is at least 105%.The debate about cross-border transfers was triggered by Aon’s decision to move its Dutch pension fund to Belgium. The move improved the scheme’s funding due to a difference between the countries’ regulatory systems.Koolmees added the stricter conditions to the IORP II implementation bill after several MPs objected to what they saw as “supervisory arbitrage”. Raising barriers for transfers would make it more difficult for foreign pensions providers to implement cross-border arrangements, argued Lutjens. In his opinion, Koolmees’ policy was “an illegal distinction based on place of residence”. Wouter Koolmees, the Netherlands’ social affairs ministerHowever, the minister disputed this conclusion, contending that the crucial element was that the pensions directive itself made the distinction.He added that this point was extensively scrutinised by the Raad van State, the Netherlands’ highest legal college.The minister’s explanation, however, didn’t satisfy Martin van Rooijen and Steven van Weyenberg, MPs for the 50Plus and D66 parties, respectively. They said they wanted more clarity.During the debate, Koolmees advised against adopting an amendment requiring funds transfering out of the Netherlands to be fully funded by Dutch standards, which equated to a funding ratio of at least 125%. read more

AMF/AP3 – Former Swedish finance minister Pär Nuder has left his position as chairman of the supervisory board for the SEK590bn (€56.5bn) pension fund AMF. Nuder is also stepping down as chairman of the supervisory board for AP3 after holding the position for the maximum term of eight years.The Confederation of Swedish Enterprise (Svensk Näringsliv) – a co-owner of AMF – said Nuder believed recent media attention should not be allowed to cause AMF damage. Nuder has recently been the subject of allegations in the Swedish media, which he has denied. AMF supervisory board member Marie Rudberg will take up the position of acting chair until a suitable replacement has been found. Alecta, AMF, Alpima, PGB, Waterbouw, Morningstar, Merian Global Investors, LGIM, Willis Towers Watson, GAM, Franklin TempletonAlecta – Hans Sterte has been appointed deputy chief executive at Alecta. He has been CIO at the Swedish pension fund since the spring of 2018 and will continue this work in this role alongside the new position, to which he was promoted at a supervisory board meeting on 14 March.Alecta said that Katarina Thorslund, who is currently deputy chief executive and head of clients, will continue in both of these roles. Before coming to Alecta, Sterte was at Swedish pension fund Skandia where he headed up asset management, and before that, he worked at pensions and insurance company Länsförsäkringar. Nicolas MoreauAlpima – Former DWS chief executive Nicolas Moreau had joined the advisory board of London-based fintech firm Alpima. He is currently CEO of Ladbroke Advisory, an independent consultancy he set up at the start of this year after leaving DWS in October .At DWS Moreau oversaw its rebrand from Deutsche Asset Management and its listing on the Frankfurt Stock Exchange. He has also led AXA France and AXA Investment Managers, both as CEO. Alpima offers pre-built rules-based investment portfolios across a range of asset classes, as well as allowing investors to code their own quant strategies.PGB – Edwin de Jong has started as director of the administrative bureau of the €25.2bn Dutch multi-sector pension fund PGB, succeeding Hans van Vliet who has retired. De Jong joined from consultancy Sprenkels & Verschuren. Prior to this, he was a consultant at Willis Towers Watson for 25 years. He is also an independent adviser for pensions and actuarial matters.Within PGB’s board, Jochem Dijckmeester has succeeded Frans de Haan as deputy chairman. Dijckmeester has been a trustee representing employees since 2016. He is tasked with strategy and public affairs. De Haan remains on the board, responsible for relationship management.Waterbouw – Clemens Heijne is the new director of the administrative bureau of the €1.3bn Dutch industry-wide pension fund for hydraulic engineering (Waterbouw). In addition, Susan Oomens-Simons has started as board and policy adviser. They replace Berend Keddeman and Jan van Doorn, who were chief executive and director, respectively. Keddeman and Van Doorn will stay on as board advisers until 1 April.Morningstar – The investment research provider has hired the former co-CEO of Munich’s stock exchange as its new head of Germany and Austria, effective 1 April. Jochen Thiel will be responsible for business development and managing key client relationships with banks, advisory firms, asset managers, and consultants.Thiel was co-CEO of Bayerische Börse, the operator of the Munich Stock Exchange, for five years until the end of 2017, and has also held senior roles at Deutsche Börse and Capco. He is currently an advisory board member at 12Tree, an institutional investment house focused on ecologically and socially sustainable agriculture projects in Latin America.Merian Global Investors – The UK-based asset manager has promoted Dominik Issler to head of EMEA distribution. He has worked at the company – previously known as Old Mutual Global Investors – since 2015, when he joined from Martin Currie to lead distribution in Germany, Austria and Switzerland. He will continue to oversee this region alongside Benjamin Huegli.In a statement, Merian said the creation of the EMEA distribution role reflected the company’s focus on expanding in Europe, following the opening of its Zurich office in 2015. It has since opened an office in Milan, and plans to target Spain, Portugal, France, Benelux, and the Nordic region.Legal & General Investment Management (LGIM) – The UK’s largest investment manager has appointed Lisa Purdy as head of fiduciary distribution, tasked with growing LGIM’s fiduciary business across existing and potential clients.She joins from Lloyds Bank where she was corporate pensions director responsible for distributing pension services to commercial customers. She has also worked as an investment consultant and business development leader at Aon Hewitt.Willis Towers Watson – The investment consulting giant has appointed Anne Swift as a senior director in its advisory investment services team, focusing on defined contribution (DC) pension schemes. She joins from KPMG where she served as head of DC investment and has previously worked at Aon, BlackRock and Deutsche Asset Management.GAM – Michael Lai, the Swiss investment house’s lead manager for China and Asian equities, is to leave the company later this year. In a statement, GAM said he would “be working with us over the coming months to ensure an orderly and smooth transition”. The portfolios he runs will transfer to Rob Mumford and Yu-Heng Fan, subject to regulatory approval.Lai has worked for GAM since 1998, having joined from Trust Company of the West where he was responsible for Asian portfolios. Prior to this he was an investment manager at BZW Investment Management.AMP Capital – The AUD187.2bn (€117.2bn) Australian asset manager has appointed former Apple operations director Thomas Preising as a senior adviser to its infrastructure business. He worked at the tech giant for 14 years before leaving in 2018, and is currently an adviser to fintech startup Metafused.AMP said Preising would “bring his extensive experience of large-scale and efficient business operations in varied market environments, as well as his deep understanding of the tech industry and its growth”.Franklin Templeton – Nicole Vettise has joined Franklin Templeton as an institutional portfolio manager in its emerging markets equity team. She joins from BlackRock where she managed a team of product strategists for a range of equity strategies. She has also worked as an institutional portfolio manager at RBC Global Asset Management, and previously worked at JP Morgan Asset Management. read more

Mads Lundby Hansen, chief economist at the Danish free-market think tank CEPOS, warned against the tax proposal: “It will damage the savings if the pension return tax is raised again. And that will erode the Danes’ pension payments.”He also said that tax would mean an increase of 1.7 percentage points on the current pension return tax. Danes already faced pension taxes of 15.3%, Lundby Hansen added, the second highest of all OECD countries.According to a report from Danish news service Berlingske Business, the Social Liberal Party (Det Radikale Venstre) had changed its position on the tax and no longer required it tax to be implemented at an international level. Martin Lidegaard, finance spokesperson for the Social Liberal Party, told Berlingske Business: “Now we are ready to see if it can happen at a European level. We have moved away from it having to be international, towards also supporting it in a European solution, if that can be created.” German news magazine Der Spiegel also reported on Friday that German finance minister Olaf Scholz wanted to introduce the tax in Germany even if other EU countries did not come to an agreement. The EU financial transaction tax was initially proposed in 2010 by the European Commission to be introduced in some member states. EU members have been split on the financial transaction tax concept for years. Proposals being floated in Denmark to impose a version of the EU’s financial transactions tax could cost blue-collar workers’ pension pots DKK100,000 (€13,400), according to the Danish Centre for Political Studies (CEPOS).The tax – which would require financial institutions to pay 0.1% of the value of shares or bonds they buy or sell – is gaining support among Danish political figures ahead of the country’s next general election, scheduled for 5 June.Mette Frederiksen, leader of the Social Democrats, has voiced support for the tax proposal, as have politicians from the Socialist People’s Party, the Red-Green Alliance and the Alternative Party.The opposition Social Democrats have been tipped to win next month’s election. However, the surprise win in the EU parliamentary elections at the weekend for prime minister Lars Lokke Rasmussen’s Liberal Party has sparked renewed speculation over the likely result. read more

ERAFP said it would need to be able to assess the robustness of the processes used to integrate ESG factors put in place by the firms managing the underlying funds.The mandates are for four years and can be renewed for two successive one-year periods, for a maximum duration of six years.As at the end of December 2019 ERAFP had a 3% multi-asset allocation, up 0.3 percentage points from the year before. The pension fund created the multi-asset mandate in 2013, and it has been managed by Amundi. The risk  budget for the multi-asset fund has been set at 25% for the past two years.Looking for IPE’s latest magazine? Read the digital edition here. ERAFP, the French pension fund for civil servants, has tendered diversified fund of funds mandates ahead of current contracts expiring in March next year.The €34.9bn fund has four mandates to award for a total indicative amount of €1bn; two mandates are active, two are ‘stand-by’.Mandate holders will be expected to maximise performance while continuously seeking to deliver the best possible risk-return ratio by implementing a diversified, flexible, tactical, dynamic and opportunistic asset allocation.ERAFP is looking for managers to adopt a fundamental approach, without being tied to a benchmark, and to build a portfolio that must also respect the pension fund’s socially responsible investment framework. read more

Multimillion-dollar mansion sells amid ‘unusual’ sales surge Art deco magic with a modern twist 84 Markwell Street, Hamilton, is for sale, with the auction set for The Calile at 6pm on May 28 unless sold prior.One of our most graceful Georgian homes — built for a celebrated engineer whose work transformed the shallow Brisbane river into a usable channel — is set to go under the hammer.Called Cullen, the home was built for engineer Sir Edward Cullen whom history remembers as the man whose “continuing work on the river made Brisbane one of the few successful river ports of the era”.Brisbane-born in 1861, he designed a river control system to reduce the “futility of only dredging” and was behind the creation of Hamilton port itself after obtaining permission for a reclamation program. The home belongs to the Emanuels who are only the third family to ever own it. The home has had sympathetic upgrades.His Hamilton mansion was built on the hill at 84 Markwell Street in 1936, designed by prominent architect Mervyn Rylance, and created quite a stir, making front page news when it built, according to agents Ray White New Farm.Agent Christine Rudolph said the five bedroom home was impeccably maintained and had sympathetic upgrades over the years.“Elevated and private with river views from its prestigious cul-de-sac position, this generously proportioned estate includes lush landscaped gardens enclosing a swimming pool and charming gazebo.” FOLLOW SOPHIE FOSTER ON FACEBOOK MORE REAL ESTATE NEWS The property is landscaped, with a gazebo and a pool. This kitchen would suit the way modern families live.“The original architect Merv Rylance, was famous in the 1920s for designing a great number of the prominent homes in Toorak, Woollahra, Vaucluse and Bellevue Hill.”“It was one of the original and still standing homes built on Hamilton Hill for Sir Edward Cullen in 1936, who built Hamilton Port and the Port of Brisbane.”The Emanuels bought the home off the Malouf family which owns the largest chain of privately-owned pharmacies in Australia. The Maloufs had expanded the internal floor plan to more than 500sq m and were only the second ever owners in the home’s history. Historic rate cut coming: Experts Cullen chose to build in the hills of Hamilton overlooking the river. The home is on a 979sq m block.The property, which has polished jarrah floors, high ceilings, ornate cornices and a granite fireplace, goes to auction on May 28 at the Calile Hotel in New Farm — unless sold prior.The current owners are Craig Emanuel — an executive director of New York-based investment bank Morgan Stanley, and his wife Samantha — founder of successful Ascot ladies boutique Milo and Macy Shoes.“There are so many unique features we love about our home. It is not the typical ‘Queenslander’ made from timber on stilts, instead an architect designed timeless home, very unique to Brisbane,” Mr Emanuel said in a statement. Classic styling with high ceilings and polished floors. Ready for winter.More from newsParks and wildlife the new lust-haves post coronavirus13 hours agoNoosa’s best beachfront penthouse is about to hit the market13 hours ago The charm of yesteryear.The Emanuels also rejuvenated the property when they bought it.“We repainted the home, new carpets, plantation shutters and blinds, landscaped and irrigated the whole quarter acre site. We have also fitted a working fireplace and replaced all the internal and external garden lighting. We have also redecorated the pool area and pool cabana too.”The home is in the prized Ascot State School catchment and located just 5km from the Brisbane CBD. Loads of space in the master bedroom. Beautiful spot to see the sunrise. Agent Christine Rudolph of Ray White New Farm said the home was impeccably maintained. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:58Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:58 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD432p432p216p216p180p180pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. 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This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenHow much do I need to retire?00:58 read more