The long-term average contribution rate to the insolvency fund is 0.27%.Announcing the final rate this week, PSV said companies contributing to the fund would be paying around €1.1bn this year (2018: €725m), based on total balance sheet pension reserves of €348bn.In the first half of 2019, recorded business insolvencies were down 3.7% on the first year of 2018, according to the German statistical office, but in October it announced that local courts had reported 0.2% more business insolvencies in July 2019 than in July the year before.A relatively high profile insolvency in recent months has been that of UK travel group Thomas Cook, which filed for insolvency proceedings in late September. Its German subsidiary followed the parent company into insolvency. The pension plan sponsored by Thomas Cook in Germany had liabilities of around £365m (€417m) as of 30 September 2018.PSV does not comment on individual companies, a spokesman told IPE.The PSV is broadly comparable with the Pension Protection Fund (PPF) in the UK, although with some differences, for example with regard to the proportion of benefits they cover and caps on the compensation. Germany’s pension insolvency fund has set the levy rate for 2019 at a higher level than that forecast in July, as it had subsequently warned members would likely be the case.The final rate for 2019 will be 31 basis points, compared with 21 basis points in 2018.In July the Pensionssicherungsverein (PSV) told members that the contribution rate could be less than 20 basis points, but in early October it announced the rate would likely be considerably higher – between 30 and 35 basis points – on account of “multiple insolvencies in the last few months”.These would lead to a noticeably higher claims volume than what had been expected in the middle of the year, the Cologne-based institution said at the time.
Maria Sharapova won for the first time since the Australian Open as she beat Mihaela Buzarnescu, 6-4, 6-1, on Sunday in the Madrid Open.The Russian five-time Grand Slam champion has been struggling with an arm injury, losing her last four matches, crashing out in the first round in Stuttgart last week.ADVERTISEMENT Volcano watch: Island fissures steaming, lake water receding Carpio hits red carpet treatment for China Coast Guard PLAY LIST 02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite03:23Negosyo sa Tagaytay City, bagsak sa pag-aalboroto ng Bulkang Taal01:13Christian Standhardinger wins PBA Best Player award “I think it was a great match. I played really well. Of course, maybe she didn’t play her best, but she’s always tough to play against,” Halep said.Halep has been having fitness issues with her legs and lost to CoCo Vandeweghe in the second round on the Stuttgart clay last week.“I don’t have problems any more. I had a lot of treatment. I took care of my leg,” Halep said. “It was actually coming from the back. I always have little issues with my back, so I know how to treat it.”A third Romanian, Sorana Cirstea also reached the second round by beating Czech Katerina Siniakova, 6-4, 2-6, 6-4.“All the girls from Romania are really strong. They train a lot. They play really well, if they are confident,” Halep said.ADVERTISEMENT View comments In fight vs corruption, Duterte now points to Ayala, MVP companies as ‘big fish’ LATEST STORIES MOST READ Scientists seek rare species survivors amid Australia flames Truck driver killed in Davao del Sur road accident Jo Koy draws ire for cutting through Cebu City traffic with ‘wang-wang’ In-form Romanian Buzarnescu reached the Prague Open final last week, but unseeded Sharapova, who took the title in Madrid in 2014, dominated this first round meeting.Sharapova jumped to a 5-2 lead in the first set but Buzarnescu briefly showed some resistance by winning the next two games.FEATURED STORIESSPORTSGinebra beats Meralco again to capture PBA Governors’ Cup titleSPORTSAfter winning title, time for LA Tenorio to give back to Batangas folkSPORTSTim Cone, Ginebra set their sights on elusive All-Filipino crownThe Russian seized the momentum by breaking again to clinch the set and dropped only one more game as she won in 82 minutes to set up a second-round match with another Romanian, Irina-Camelia Begu, who upset No.5 seed Jelena Ostapenko the evening before.In another Romanian-Russian clash top seed Simona Halep crushed Ekaterina Makarova 6-1, 6-0, for a 13th straight victory in the tournament. Green group flags ‘overkill’ use of plastic banderitas in Manila Sto. Niño feast Floyd Mayweather Jr. to visit Philippines ‘Stop romanticizing Pinoy resilience’ P16.5-M worth of aid provided for Taal Volcano eruption victims — NDRRMC Lights inside SMX hall flicker as Duterte rants vs Ayala, Pangilinan anew There was a mild upset in the men’s tournament, where unseeded Frenchman Richard Gasquet knocked out Czech 14th seed Tomas Berdych 6-4, 6-2.Canadian Denis Shapovalov joined Gasquet in the second round after seeing off American Tennys Sandgren 6-1, 6-4.Sports Related Videospowered by AdSparcRead Next Don’t miss out on the latest news and information.