New accommodation needed for trafficking victims

first_imgWhatsApp Facebook Twitter Thomond Community College to hold its annual Multicultural Day RELATED ARTICLESMORE FROM AUTHOR Advertisement by Kathy MastersonSign up for the weekly Limerick Post newsletter Sign Up [email protected] migrant rights organisation Doras Luimní is calling on Justice Minister Frances Fitzgerald to provide alternative accommodation for victims of human trafficking, who are currently housed in direct provision centres.“We would be very critical of the Government policy since 2007 of housing trafficking victims in direct provision centres while the investigations are ongoing.“Victims of trafficking, and sex trafficking in particular, are especially vulnerable, they have suffered a lot of trauma and some would be suffering with post traumatic stress,” explained Patricia Stapleton, anti-trafficking officer with Doras Luimní.This week a report was submitted to Minister Fitzgerald criticising Ireland’s treatment of both asylum seekers and victims of trafficking.The report, compiled by the Immigrant Council of Ireland, Focus Ireland, Sonas Housing and Nasc, has called for short-term emergency accommodation and more support facilities to be made available to victims of sex traffickers.The submission of the report coincides with the release of figures from the Central Statistics Office showing a 133 per cent increase in human trafficking offences in Ireland between June 2013 and June 2014.According to Ms Stapleton, direct provision centres are “wholly inappropriate” for the needs of human trafficking victims.“They have to share rooms with other people, there is open access and they don’t get the support they need. They are victims of human rights abuses and they should be entitled to more appropriate accommodation for their needs.We would be advocating for the Minister to create an alternative housing solution for victims of human trafficking,” she saidMs Stapleton revealed that, like asylum seekers, victims of human traffickers can also be left living in direct provision centres for extended periods of time, which can have a negative impact on mental health.She added that the living conditions can cause some of the victims to suffer “secondary trauma in addition to the trauma they have already suffered”. NewsNew accommodation needed for trafficking victimsBy John Keogh – September 25, 2014 801 Email TAGSDoras LuimníHuman TraffickingJustice Minister Frances Fitzgerald center_img Linkedin Print Concern over migrant families being accommodated in hotels Free Céilí Afro Dabke workshops and performance Limerick celebrates Africa Day Doras Luimní hold events in Limerick for World Refugee Day Previous articleLimerick councillor not ready to dump landfill proposalNext articleNew Limerick council tenants already in deep water John Keogh Doras supports more than 1,200 peoplelast_img read more

UBS UK pension scheme enters into £1.4bn longevity hedge

first_imgThe UBS (UK) Pension and Life Assurance Scheme has covered the longevity risk associated with the majority of its defined benefit (DB) pensioner members via a £1.4bn (€1.5bn) longevity swap with Zurich Assurance.Until now all the longevity risk in the roughly £3bn DB section of the scheme had been unhedged, according to Richard Hardie, chair of the trustee.He said: “This transaction is an important building-block in our plan to reduce the uncertainties facing the DB section of our scheme as it approaches maturity.“It adds considerably to the security of all DB members’ pensions; the longevity risk attaching to approximately half its liabilities (broadly its pensioners) has been removed.” Suthan Rajagopalan, partner at Mercer and lead adviser to the trustee, said longevity risk management had been on the trustee’s agenda for several years.“This transaction was the result of a thorough review of the scheme’s longevity risk exposures and the options, initially including bulk annuities, for reducing these, complementing the trustee’s ongoing de-risking programme and investment strategy.”Mercer, which acted as the lead commercial and investment adviser to the trustees, said the deal was structured as an “innnovative ‘pass through’” insurance contract, with 100% of the longevity risk reinsured by Canada Life Reinsurance.Greg Wenzerul, Zurich’s head of longevity risk transfer, said: “We adapted Zurich’s large-scheme longevity swap solution to fit the trustee’s requirements for a flexible, long-term insurance solution to hedge the scheme’s longevity risk in a cost effective manner.“The trustee, Canada Life Reinsurance and their respective advisers deserve huge credit for the efficient execution of this transaction during a period of severe turbulence and uncertainty, the nature of which further underlines the benefit and security of using a UK regulated insurer for longevity hedging.”UBS’s deal is the third longevity hedge by a UK pension scheme to be disclosed this year. In January it was revealed that Lloyds Banking Group struck a £10bn longevity swap, the second largest longevity de-risking transaction ever for a UK pension plan, and last week a £1bn longevity hedge by Willis Pension Scheme was reported.According to a Mercer spokesperson, there was another Mercer-led longevity swap for £150m in the first half of the year but the providers and the pension scheme involved have not yet been announced.Last year there were two longevity swaps, and the year before three. The Merchant Navy scheme this year converted a longevity swap to a £1.6bn buy-in, with consultants saying the trend of such conversions is likely to continue.Looking for IPE’s latest magazine? Read the digital edition here.last_img read more