Sophia Floersch, after terrible crash, looks forward to next F3 season

first_img Written by FacebookTwitterLinkedInEmailISAAC LAWRENCE/AFP/Getty Images(NEW YORK) — Sophia Floersch can’t wait to get back on the track.In an exclusive interview with ABC News’ Good Morning America, the German Formula Three driver recounted the moment she lost control of her car during the Macau Grand Prix in November, sending it flying over the barriers and into the photographer’s box at 170 mph.“I wasn’t really afraid because, for me, it was a normal crash,” Floersch said. “When I saw the video, I was quite shocked as well, because it looks horrible and, all the flying parts, it feels different in the car.”Days shy of her 18th birthday, Floersch lost control of her car as she was trying to pass Jehan Daruvala. She spun out of control and catapulted into Lisboa Bend, smashing into Sho Tsuboi’s car before flying into the photographer’s pit.Following the crash, doctors spent 11 hours surgically repairing Floersch’s fractured spine and removing a bone splinter jammed dangerously close to her spinal cord, threatening paralysis.Floersch admits the crash was the worst she’s ever had, but she said she’s not fazed by it. Actually, she added, it motivates her.“It doesn’t scare me at all because every race driver knows the risk,” she said. “I have one big crash now and nothing really bad happened. So it doesn’t scare me, no.”Floersch started her racing career karting when she was 4 years old, switching to race cars at 14. She admits she wasn’t happy the first time she tried it.“I was crying,” she added. But she grew to love it and learned to push back and fight in a male-dominated sport.“Most of the people think it’s a man’s world and a man’s sport — for sure, it’s still a man’s world, but it’s not a man’s sport,” Floersch said, sending a message to aspiring female race drivers to “keep doing what you love and believe in yourself, because as a girl it’s not always easiest, especially in karting. You need to learn to be self-confident and not believe in what everyone is saying.”Floersch already has secured her spot in the next F3 season. Depending on how quickly her back and neck bones heal, she hopes to begin training in February.“It was never a thought to not continue racing,” Floersch said. “I want to drive again.”Copyright © 2018, ABC Radio. All rights reserved. December 14, 2018 /Sports News – National Sophia Floersch, after terrible crash, looks forward to next F3 seasoncenter_img Beau Lundlast_img read more

ABC’s Robin Roberts honored at NBA Finals

first_imgJune 6, 2019 /Sports News – National ABC’s Robin Roberts honored at NBA Finals FacebookTwitterLinkedInEmailABC(OAKLAND, Calif.) — Good Morning America co-anchor Robin Roberts has known struggle in her life, but she has proven that it’s possible to persevere when one keeps faith. Her example is one that  has inspired many, and on Wednesday night at NBA Finals Game 3, Roberts was recognized as this year’s recipient of the Sager Strong Award. The honor, named for the late sports reporter Craig Sager, is awarded to a person “who has been a trailblazer while exemplifying courage, faith, compassion and grace.”Roberts expressed her thoughts about the honor during Wednesday’s pregame show. Watch the video below:Copyright © 2019, ABC Radio. All rights reserved. Written bycenter_img Beau Lundlast_img

PF Task Unit Visits Maizuru, Japan

first_img View post tag: Japan View post tag: Navy Back to overview,Home naval-today PF Task Unit Visits Maizuru, Japan View post tag: visits Share this article View post tag: Naval Training & Education View post tag: Maizuru PF Task Unit Visits Maizuru, Japan September 27, 2011 View post tag: PF Pacific Fleet (PF) task unit consisting of Guard missile cruiser Varyag, tanker Irkut, and sea-going tug MB-66 pays courtesy visit to Japanese port Maizuru (Honshu Island), told PF Information Support Group to Central Navy Portal.In the first day of the visit, on Sept 25, Russian official delegation headed by the task unit commander Capt 1 rank Sergei Zhuga laid wreath at the memorial to Japanese naval servicemen died on duty.Later on that day, a bilateral meeting was held in order to plan SAREX joint exercise coming soon to practice search-and-rescue operations, maneuvering, and communications. In the evening, there was a banquette given by Maizuru naval base command at the host ship, destroyer Akebono.Today, on Sept 26, Russian and Japanese servicemen played friendly volleyball game, PF delegation paid courtesy visit to Maizuru Mayor, and bilateral SAREX consultations were continued. In the evening, Russian guests plan to give a return banquette on board Guard missile cruiser Varyag.The remarkable fact is that the current visit is the second call of Russian warships to Maizuru. Previously, this port was visited by PF task unit headed by large ASW ship Admiral Panteleyev in 2006.When the visit is over, Russian ships will head for Mariana Islands to take part in joint anti-terror exercise along with US Navy. PF large ASW ship Marshall Shaposhnikov visited Mariana Islands four years ago.[mappress]Source: rusnavy, September 27, 2011 View post tag: Unit View post tag: News by topic View post tag: Tasklast_img read more

Mayor’s Message: Dec. 14

first_imgMayor Jay Gillian Dear Friends,I want to take a moment to pay tribute to George Herbert Walker Bush, who served with distinction as our 41st president. President Bush dedicated his life to public service and to his country. I always appreciated his willingness to put America first and to build consensus. He was part of a generation – along with our long-time U.S. Rep. Bill Hughes – that taught me the importance of working together as a team. Respect for everybody – whether they’re political allies or not – is the foundation of good government. It’s a lesson I’ve tried to follow as mayor, and I’m grateful to the former president for providing such a good example. I hope you’ll all join me in mourning the loss of this great American.I’m happy to report that all four pumping stations in the Fourth Ward neighborhood drainage project are up and running. This represents a major milestone, and residents in the area should now begin to see the benefits of this flood remediation effort. City Council last night awarded the contract for the final phase of work, the paving of alleys in the project area, which will take place in the winter and spring.City Council also awarded a contract for a study and concept plan for using the existing berm that runs along the bayside marshes between 36th Street and 52nd Street for improved resilience to tidal flooding. The study is the first step in what could be major improvements for this part of town.Contractors have begun mobilizing for the restoration of the northern and western shorelines of Shooting Island in the bay off the area between West 17th Street and Tennessee Avenue. They will be working Mondays through Saturdays to install 2,700 linear feet of rock sill and 1,450 linear feet of oyster habitat. The sill will function as protection for the Shooting Island wetlands and will absorb energy from the waves and currents. The oyster habitat blocks will be spaced to promote the flow of tidal water between the marsh and bay.     This work represents the start of the longest living shoreline project in New Jersey. This first phase will help provide coastal resiliency and reduction of storm impacts. The shoreline of the island has receded nearly 60 feet since 1978. More than 150 acres of tidal wetlands will be restored and protected.We were successful in acquiring permits from multiple federal and state agencies, and these will allow us to move forward with a long-range plan for dredging, maintenance and restoration of our beautiful back bay recreational area. The effort will serve as a model for other shore communities in addressing similar issues in their efforts to keep their waterways open. First Night admission buttons are on sale now. Our family-friendly event is a great and safe way to celebrate New Year’s Eve, and this year’s entertainment lineup is excellent. Visit firstnightocnj.com  for more information and to purchase your buttons while they last.Finally, I want to congratulate Ocean City Fire Department Capt. Gary Green, who retired after 35 years of service to Ocean City. City Council honored him and six other members of his family who collectively dedicated more than 220 years to Ocean City. Each of the Greens served with distinction, and I’m grateful to their entire family for their commitment to our community.Warm regards,Mayor Jay A. Gillianlast_img read more

Norbake adjusts pressure

first_imgThe Pietroberto Bread Plant from Norbake (Batley, West Yorks) can produce bloomers, tinned bread and full-sized French sticks, among others, and 150 of the units are already in service in the UK.The compact Pietroberto has a weight range of 120-1,200g and features variable speed and adjustable time in the pocket prover. The divider has a Teflon-coated hopper and a new styler/hander-up system, eliminating the need for a conical rounder. The moulder is fitted with an adjustable top pressure board, which moves more slowly than the bottom belt, helping to reduce the stress on the dough during the final mould. Both divider and moulder are fitted with lockable castors, making them easy to move and maintain.last_img

Speech: Artificial Intelligence from Alan Turing to the Industrial Strategy

first_img We are spending an additional £7 billion in public R&D over five years – the greatest real-terms increase of any UK government ever AI is at the centre of a thriving digital tech sector now worth £184 billion to the UK economy. Tech-related investments in Britain surged nearly 90% last year, more than in France, Germany and Sweden combined.This investment and growth is a tribute to the intellectual creativity which is such a key part of what we offer to the world. When it comes to Nobel prizes in the Sciences, we come second only to the USA. But we have 50% more Nobel prizes per head of population than the USA. When it comes to universities in the global top 100, we come second only to the USA. But we have a whopping 2200% more of them per square mile than the USA.Why does this matter so much? Because innovation, creativity, thriving lives and thriving places all go with dense networks and connections. In many ways, innovation is like a chemical reaction: the concentration of inputs matters. And indeed, the facts bear this out – with less than 1% of the world’s population, our universities account for 16% of the world’s most-cited academic articles. That excellence leans on geography and language and the warm welcome we have always and will always extend to talent from all over the world. But it also rests on the key organisational foundations for good research: openness, curiosity, independence, and strict academic meritocracy.A change as momentous as this needs not just Sectors, Industries, Universities and Localities to work together – as if that were not already a huge task. Government needs to ensure that the whole country understands and supports the great changes ahead.Remember for a moment the Luddites. They often come up as the group that was on the wrong side of history, dinosaurs. They were that, but they were also skilled artisans, ordinary people frightened for their future place in society. Today we know their fears were unjustified – that we have never had more demand for good, skilled jobs than when the machines have taken the grunt out of human work. And it will be the same again: AI and automation will raise the demand for the most human work; and the government, with business and educational bodies, will deliver the institutions that allow everyone to develop their skills.It is not only as workers that some are fearful. Take our lives as consumers, for example: personalised pricing, technology designed to be addictive, our data being used against our interests.Let me give an example that might appeal to those of you who have flown in for this event on an economy airline. If you travelled with a family member, bearing the same surname, did that airline’s booking system automatically place you together? Or did it automatically place you in non-adjoining seats, to try to extract from you a premium payment for the ‘privilege’ of travelling together? On such questions will the trust of customers be won or lost. Once again, government’s role is to bring forth an environment in which companies treat customers with the respect they deserve, not use data and digital technology to exploit them. Our Consumer Green Paper, published in April, has started this conversation.Shifting social understandings and practices – we have done this well before. Think of the way that we’ve been able to build popular support for stem-cell research. We are doing the same thing around the use of data and algorithms by establishing the Centre for Data Ethics and Innovation, with the goal of developing a new national consensus around data and AI. I am delighted that Roger Taylor was this morning announced as chair of the Centre. Roger founded Dr Foster and understands how innovative use of data can deliver huge benefits for service users.Take just one example of what I mean. We have our mission to massively improve diagnostics with AI. Our side of the deal to achieve this is to provide funding, for sure. But even more valuable, it is to allow secure access to the resource that is our NHS data. For this, we need the public to trust that the power this unleashes will be well used to help us live longer, healthier lives.Our democracy and institutions have the pragmatism, legitimacy and flexibility to rise to the challenge of bringing the whole country behind these momentous transformations.And this, of course, is a sense in which our task in creating this better future is in fact different from the task of optimising an algorithm: the ultimate object and purpose is always enhancing human capabilities.Let me come back to Alan Turing’s extraordinary research proposal. When describing social intelligence, a form he does not think he can automate, he writes: “the search for new techniques must be regarded as carried out by the human community as a whole”.The power of the AI transformation for good is immense. We, here today, bring together all the skills and functions to succeed in this most important of tasks – to search these new landscapes for the good, to echo Turing’s words, of “the human community as a whole”.Together, we will build the talent, invent the tools, solve the big problems of humanity, and align all this with the public good.To work, colleagues! People I’m very pleased to be able to announce today that our AI Masters Programme, a central plank of the AI Sector Deal, has brought together the British Computer Society and the Turing Institute with leading universities, and businesses like Ocado, Amazon and Rolls Royce, and will start work in July our densely connected network of global top 100 university cities and towns creates thriving places in which workers find the jobs of the future and firms find the skilled, creative and confident workforce to build it indeed, TechNation’s 2018 report published just last month, described a network of more than 3,500 tech meeting up groups throughout the UK, with over 1.6 million individual members. And to underline the fact that tech doesn’t just live in London – these groups meet up in 283 locations across the country Anywhere access to top quality digital networks is vital to support the development of the AI and data driven economy that we are committed to. Currently superfast broadband is available to 91% of UK premises, and by 2025 15 million premises will have full-fibre Business Environment I have asked the regulators of the sectors that many of you here are busy disrupting to build on the sandbox concept to find imaginative ways to be innovator-friendly Skills Places Infrastructure We are investing in the deep skills that are needed, supporting our world-class universities throughout the country to build on their strengths – London and Edinburgh for pure AI and computing; Queen’s University Belfast in cryptography, Birmingham and Liverpool in medtech – to name just a handful. And thanks to our new funding, 1000 more researchers every year will be studying for an AI-related PhD Thank you, Stephen [Carter], for the introduction. Your work as a board member at BEIS has been of huge value, as has your contribution to this industry and many other spheres of public life.It is fantastic to be here at the world’s largest AI Summit for businesses, which now in its third year is going from strength to strength. Quite apart from the range and reputation of our sponsors, the 10,000 visitors expected over the two days is testament to just how engaged and passionate the AI community is.Almost 70 years ago to this day, in July 1948, just 15 miles upriver from here, a document (I have a facsimile here to show you) landed on the desk of the National Physical Laboratory – then, as today, the UK government’s leading research lab – that would be my nomination for the greatest research report ever written. The title: “Intelligent Machinery”. The author: Alan Turing.It is breath-taking in its vision, confidence, intellectual fizz and prescience. I recommend all of you interested in AI to read it.Alan Turing had discovered brilliant theoretical results in logic at Cambridge. Then, during the war, in pursuit of an overwhelmingly important national mission, he had become the most brilliant and innovative code-breaker, not only building machines, but also a team that continues to be legendary. At Bletchley Park, high theory merged with wires, transistors and solder to crack urgent real-world problems.Then after the war the National Physical Laboratory recognised the extraordinary winning combination of practical, theoretical and human intelligence in the person of Turing and set him on his future path of building machine intelligence.And here we are today, in direct descent, with a renewed understanding that the momentous potential of the AI and data revolution will bear full fruit when all of us – brilliant scientists, businesses as setters and solvers of real-world problems, investors as risk-takers, and government, as enabler, coordinator and partner, all come together.That is why I have developed our country’s Industrial Strategy, and I am very pleased that many of the companies and institutions in the room today have come together to define an AI Sector Deal with government – it is just the start of a deep and rich relationship, and already it has committed over £1 billion in investment.The changes that AI is bringing are epochal.There aren’t many moments in human history when a technology turns up that changes everything. Agriculture … the wheel … the printing press … then steam, chemicals, oil, electricity; then the micro-processor. And we are living through one of those moments now. In 2017, when the London-based DeepMind beat Ke Jie, humanity’s best Go player, a symbolic date entered the history books.So why is AI quite so revolutionary?Because previous technological revolutions discovered specific ways to improve human lives; this revolution has discovered automatic ways of discovering more. Thus the power to improve the lot of humanity is unprecedented.No wonder there are “Singularity-mystics” in California who believe this is taking us rapidly towards Starship Enterprise. Well … I’m certainly all for the “Enterprise” bit, even the starships of our space program, but I’m not sure about the singularity. An instance, perhaps, of the British pragmatism, empiricism and understatement that has proved its worth in science and business.The extraordinary transformations this implies are not pie in the sky, they’re not “flying cars tomorrow”. They are happening, as attested by so many of the amazing ways that the businesses in this room are already using AI.Whether it is Professor Rose Luckin making a robotic teaching assistant that takes the drudgery out of routine marking and administration …or Rolls Royce – I look forward to hearing from Neil Crockett their Chief Digital Officer – building autonomous ships ….Whether it’s Improbable – our latest UK -bred unicorn ($500m raised from Softbank. congratulations! ) – building the most sophisticated general purpose simulations of reality ever seen …Memrise, a language learning app who I heard just yesterday had raised £11.5 million …or indeed Quantaxa, harnessing the value of huge databases to combat financial fraudWhether it’s RAVN automating the dullest aspects of document control in a complex corporate legal process – no offence taken, I hope, from any lawyers in the room for the suggestion that not every aspect of the job is scintillating …or a composer automating the orchestration of their latest symphony …Whether it’s Babylon – the UK-developed health triage robot revolutionising front line access to health in Rwanda … or Darktrace, the AI-powered security company that is already used by 5000 global businesses to keep their networks secure …I am genuinely in awe of the range, the creativity, the power, of what you in this room are doing and building.And the more I find out about how this technology works – how reinforcement learning in complex networks rewards one parameter or downgrades another – the more I am struck by the parallels between the economy – that somewhat complex system whose long-term health my department has much of the responsibility for – and an AI system.Indeed, at the same time as Turing was writing in Teddington, Hayek, the Nobel prize winning economist who made London his home for many years was in his office at the LSE, just 6 miles away from where we stand, working on his theory of the economy as a massively parallel social computer; individuals, companies and entrepreneurs were nodes that were endlessly locally optimising and feeding information to neighbouring nodes.So in a sense, we are all involved in an enormously complex large-scale network optimisation. Our Industrial Strategy is a crucial piece of that optimisation. We need to upgrade our economy – version 4.0 – for the great transformation that is coming, and we approach this task in the spirit of intelligent designers.We have set ourselves the grand challenge of putting the UK at the forefront of the AI and data revolutions. The Prime Minister has announced our “moonshot” mission of using AI-powered early diagnostics to revolutionise cancer treatment in this country, with 20,000 more 5-year survivors by 2030. I hope that many of you in this room will be involved in reaching our ambition to increase survival probabilities for common cancers.But the opportunities of AI run deep throughout our Industrial Strategy.Taking each of the 5 foundations in the Strategy:Ideaslast_img read more

Harper honored for work on juvenile death penalty issues

first_imgHarper honored for work on juvenile death penalty issues Even before the U.S. Supreme Court held the juvenile death penalty unconstitutional in its March 1 ruling in Roper v. Simmon, the criminal defense bar in Miami had already singled out Assistant Public Defender Stephen Harper for years of advocacy on that case and this issue.Harper, 50, is this year’s recipient of the Rodney Thaxton Against All Odds Award presented annually by the Miami Chapter of the Florida Association of Criminal Defense Lawyers.The award is particularly meaningful for Harper because it is named for a longtime friend and colleague who died 10 years ago at the age of 37. Thaxton is revered for his record of tenacious civil and legal advocacy on behalf of the poor.“It was kind enough of the criminal defense bar just to recognize me,” says Harper. “But Rodney was a friend, a mentor, and a role model, so receiving an award in his name is very special.”Harper joined the office of Public Defender Bennett H. Brummer in September 1984, after graduating from Boston’s Northeastern University School of Law, and was named head of the juvenile division after four years of trial experience.His work earned him the 1998 Livingston Hall Juvenile Justice Award from the American Bar Association and the 2000 Juvenile Defender Leadership Award from the National Juvenile Defender Center .But what he felt most strongly about was the death penalty, particularly in cases where the defendant was a juvenile at the time of the offense.“Kids and life are my passion,” says Harper, who has two teenage sons of his own. “The juvenile death penalty issue had long been a concern of mine.”His involvement took a more direct turn in 2000, when five juveniles across the country were scheduled for execution.“then, discoveries in the behavioral and neurological sciences were increasingly indicating that adolescent offenders are far less culpable than we ever imagined,” he says. “They think differently than adults, their sense of consequences is not fully developed, and they do not have the same impulse control as adults.”Brummer granted Harper leave of absence in 2002 and 2003, and partial leave in 2004 to participate in the nationwide collaboration to end the juvenile death penalty.Now back full time in the PD’s office, Harper is once again supervising mitigation in capital cases, an assignment he first assumed in July 1995. He also continues to serve as an adjunct professor at the University of Miami School of Law, lecturing—naturally—on juvenile justice. July 15, 2005 Regular Newscenter_img Harper honored for work on juvenile death penalty issueslast_img read more

Fujifilm shares jump 15% on China coronavirus drug trial boost

first_imgBut a Fujifilm spokesman said the company expects no direct earnings impact from potential sales growth of Favipiravir in China, at least for now, as its license for the key ingredient in the country already expired last year.In Japan, Fujifilm manufactures Avigan only on receiving orders from the government and has no sales target for the drug, she said.Fujifilm shares closed Wednesday up 15.4% at their daily limit high of 5,238 yen.Fujifilm’s company logo (top) is seen at its exhibition hall nearby the headquarters of Fujifilm Holdings Corp in Tokyo, Japan June 12, 2017. (REUTERS/Kim Kyung-Hoon) Shares in Japan’s Fujifilm Holdings Corp surged 15% on Wednesday after a Chinese official said an active ingredient of the company’s Avigan anti-flu drug appeared to help coronavirus patients recover.Avigan, also known as Favipiravir, is manufactured by a subsidiary of Fujifilm, which has a healthcare arm although it is better known for its cameras. The drug was approved for use in Japan in 2014.Favipiravir has been effective, with no obvious side-effects, in helping coronavirus patients recover, Zhang Xinmin, an official at China’s Science and Technology Ministry, told reporters at a news conference on Tuesday. Topics :center_img In a clinical trial in Shenzhen involving 80 participants, patients who took Favipiravir showed greater chest improvement and took less time to test negative for the genomic trace of the virus, compared with patients not given the drug, Zhang said.First developed by Fujifilm Toyama Chemical Co Ltd, the drug has been approved for manufacturing in China by Zhejiang Hisun Pharmaceutical Co Ltd for use against new or recurring influenza in adults, the Chinese drugmaker said in a filing last month.In 2016, the Japanese government supplied Favipiravir as an emergency aid to counter the Ebola virus outbreak in Guinea. last_img read more

Mesut Ozil shushes Valencia fans after abuse from home supporters for time wasting

first_imgMesut Ozil shushes Valencia fans after abuse from home supporters for time wasting Comment Arsenal were ahead 3-2 soon after Ozils substitution (Picture: Getty)Arsenal came into the game with a 3-1 lead from the first leg at the Emirates, but fell behind to an eleventh minute Kevin Gameiro goal.Aubameyang put Arsenal back in control six minutes later before Alexandre Lacazette made it 2-1 for the Gunners in the second half.Gamerio struck again to give Valencia hope before Aubameyang completed his hat-trick in the final 20 minutes.MORE: Arsenal and Manchester United in race to sign Real Madrid midfielder Marcos Llorente Advertisement Advertisementcenter_img Coral BarryThursday 9 May 2019 9:42 pmShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link2.9kShares Ozil aimed a cheeky dig at the home crowd as he made his exit (Picture: Getty)Mesut Ozil was handed a yellow card for time wasting against Valencia and the Arsenal star could not help but take a swipe at the angry crowd as he made his exit.Unai Emery decided to substitute Ozil with the Europa League semi-final second leg game at 2-2, 5-3 to Arsenal on aggregate, and the German took his sweet time to head towards the touchline.Ozil was shown a yellow card for time wasting and had abuse hurled at him from the unimpressed Valencia crowd.The jeers continued as Ozil made his way off the pitch in the 61st minute and the playmaker brought his hand to his mouth to shush the home supporters.ADVERTISEMENT Ozil was still shushing the Valencia supporters after he came off (Picture: Rex)Ozil continued to taunt the fans inside the Mestalla Stadium before Emery guided his player onto the bench.AdvertisementAdvertisementAnd with Valencia chasing an epic comeback, Arsenal hit them with a killer blow in the 69th minute.Pierre-Emerick Aubameyang fired Arsenal into a 3-2 lead on the night, 3-6 on aggregate, to derail Valencia’s hopes of an epic comeback.last_img read more

Irish regulator publishes draft minimum standards for DB management

first_imgIreland’s pensions regulator has set out clear guidelines for trustee behaviour around risk management, stressing that the proposed list should be viewed as the minimum required of defined benefit funds.The head of the Pensions Authority, Brendan Kennedy, said trustees were faced with “complicated financial responsibilities” and that the guide was meant as a practical guide for the industry.The guidelines set out requirements such as assessing asset value annually and monitoring investment returns and increases in liabilities – insofar as the scheme does not see its liabilities significantly altered before the end of each financial year.Kennedy stressed that all the points highlighted were important to understanding the financial position of individual schemes. “These guidelines are a minimum, and we expect that, in practice, trustees are likely to be doing more,” he said.The guidelines, broken down into categories covering scheme data, governance, regular processes and analysis, called on trustees to assess whether they were taking unnecessary investment risks.It also urged trustees to keep in mind the level of contributions, taken with investment returns, and determine whether these were sufficient to maintain the minimum funding standard over a three-year period.“The funding standard is a statutory measure of solvency whose purpose is to protect members’ benefits,” the guidelines added. “However, it is important to remember it is a minimum standard only.”The draft guidelines – published before the Irish High Court ruled that trustees of the Omega Pharma scheme could call on the sponsor to fund the scheme above and beyond the minimum funding standard (MFS) – highlighted that the MFS was only a benchmark.The Pensions Authority also highlighted the importance of regular impact and risk assessments, while accepting that it was “rarely possible to put a meaningful numerical value on any risk”.The guidance concluded: “It is not possible to generalise about what steps should be taken, but trustees should bear in mind their responsibility to balance the financial interests of all members of the scheme.“Some risks will have different effects on different classes of members. This is a challenge for trustees given their responsibility to balance the interests of all members of the scheme.”The industry has been asked to respond to the guidelines by the end of September.,WebsitesWe are not responsible for the content of external sitesLink to Pensions Authority’s draft guidelines on financial management of defined benefit schemeslast_img read more