It started out as a caravan park in Victoria and is now one of the biggest providers of retirement lifestyle resorts in Australia

first_imgAn artist’s impression of the infinity pool at the Pinnacle Country Club at Palm Lake resort in Toowoomba.It started out as a caravan park in Victoria and is now one of the biggest providers of retirement lifestyle resorts in Australia.The Queensland-based Palm Lake Group, which is responsible for the Palm Lake Resorts in Victoria, NSW and Queensland, is celebrating 40 years this summer, with a host of new projects in the works.Company founder Walter Elliott said a trip to the United States to explore the residential park model in 1973 changed the business trajectory.“Speaking with some of the over-50s’ residents there, I noticed that people could live quite well in a managed village,” Walter said. “I decided to develop something along the same lines here in Australia. A site came up in 1976 in Bangholme, Victoria, and I purchased Willow Lodge in 1977.”His son Scott Elliott recalled mowing the lawns at Willow Lodge before becoming an on-site manager and, eventually, the managing director of the Palm Lake Group.“Of all the Palm Lake Resort locations, it’s (Willow Lodge) my favourite because of the maturity and enhancement that we have achieved at that site,” Walter said.But soon after acquiring Willow Lodge, it was time to look north, with the company buying an existing resort in Bethania on Brisbane’s south side. Palm Lake Resort Toowoomba.Earthworks are currently underway on a fifth Palm Lake Care facility at Mt Warren Park. Scott Elliott said the company was working on a “handful of further locations” on Australia’s east coast with “at least three years of development plans already on the drawing board”. “Every new resort, village or aged care facility we complete, there are people who copy our ideas, our style, our design and even our business model,” he said. “Copycats are unavoidable but when they come out, you know you’re doing something right – they are paying us a compliment to a degree. Palm Lake Resort Beachmere Bay is going Hampton’s style.It was this site where the Palm Lake Resorts brand was born. Scott Elliott said residents Jean and Lindsay Dobson came up with the name, which was inspired by the grand palm trees and adjoining lake.More from news02:37Purchasers snap up every residence in the $40 million Siarn Palm Beach Northless than 1 hour agoNew apartments released at idyllic retirement community Samford Grove Presented by “We liked the name, so it stuck,” said Scott who took on the role of live-in resort manager. He said he learned valuable lessons in those early days.“I learnt about treating people right – from the residents and the committee members to the staff. It’s something I’m still passionate about today,” Scott said. “We have nearly 7000 residents across all the Palm Lake Resorts and they are all welcome to my phone number if they need me – many do call me direct.”From Bethania, Palm Lake Group purchased its first greenfield site at Banora Point. It’s next venture was at Deception Bay, with that development selling out in just 18 months. Palm Lake Group, which has its headquarters on the Gold Coast, now operates 20 manufactured home estates, including the new Caloundra Cay development, and three retirement villages alongside four Palm Lake Care facilities. center_img Palm Lake Resort Toowoomba.“What they don’t realise is that this makes us raise the bar and set new challenges for ourselves.”The lifestyle resorts have enviable facilities, from competition-style, eight rink, undercover lawn bowls greens, professional tenpin bowling alleys, luxury cinemas, state-of-the-art gymnasiums, resort-style pools and amenities.The company owns and operates 14 sites in Queensland.last_img read more

Brussels postpones implementation of MiFID to 2018

first_imgThe Commission said the European Securities and Markets Authority (ESMA) informed it that national authorities and trading venues responsible for putting the infrastructure in place were not in a position to do so by the initial deadline.“In light of these exceptional circumstances and to avoid legal uncertainty and potential market disruption, an extension was deemed necessary,” it said.The extension comes after the Commission had in August ruled out notions of delay.The new deadline does not affect the timeline for the adoption of the so-called level II implementing measures under the directive and the corresponding regulation (MiFIR), however.MiFID II does not directly apply to European institutional investors, but they should take an interest, IPE contributing editor Joseph Mariathasan has argued. Indeed, in the UK, the new rules are a pressing matter for local authority funds, as they could face a “fire sale” of up to half their £230bn (€314bn) in assets if they are reclassified as retail investors under the directive. The European Commission has extended by one year the deadline for MiFID II due to “exceptional technical implementation challenges”.The new deadline for the entry into application of the revised Markets in Financial Instruments Directive is 3 January 2018. The new trading rules were initially supposed to become operational on that same date in 2017.The deadline was extended because of the “complex technical infrastructure that needs to be set up for the MiFID II package to work effectively”, according to the Commission.last_img read more

Accounting roundup: Hans Hoogervorst, LAPFF, FRC, FASB

first_imgThe IASB chairman Hans Hoogervorst has used a speech to the Dutch Instituut voor Pensioeneducatie to defend the board’s pensions accounting rulebook, International Accounting Standard 19, Employee Benefits (IAS 19).His comments come as the standard comes under increasing criticism over its reliance on a AA-corporate bond yield for discounting purposes.Hoogervorst told his audience the challenges facing Dutch pension schemes could not be attributed solely to the current low-interest-rate environment.“[P]ension funds would have suffered from the financial crisis under any scenario,” he said. He added that the board “rejects calls to fundamentally change pension accounting to eliminate or reduce pension deficits.”Hoogervorst did, however, concede that the IAS 19 measurement model “does not cater for recent developments in pension scheme design” such as Dutch hybrid plans.He added that the board was now looking “at whether improvements can be made” to the standard.The IASB recently confirmed it would add a limited-scope feasibility study into post-employment benefits that rely on an asset return.The project is in the board’s research pipeline and unlikely to progress to an active project.In other news, the chairman of the House of Lords Economic Affairs Committee has turned up the heat on the UK Financial Reporting Council (FRC).In the letter, the Labour Party peer has demanded answers from the watchdog on the potential conflict between the IFRS and UK company law and also on the issue of prudence in accounting.Lord Hollick has invited the FRC to clarify whether the opinion obtained by the Local Authority Pension Fund Forum (LAPFF) alters the FRC’s finding that the LAPFF position is “misconceived”.The LAPFF has argued that accounts prepared under IFRS enable companies to pay out fantasy dividends from illusory distributable reserves to the detriment of long-term investors.The FRC has publicly stated in comments reported in The Times newspaper that the LAPFF position and that of its legal adviser George Bompas QC is “wrong”.Documents obtained under UK freedom of information legislation and seen by IPE reveal, however, that civil servants not only restrained the FRC from claiming that the LAPFF was wrong but also expressed dismay at The Times report.Also on the 29 November letter to the FRC, Lord Hollick asks the audit watchdog whether it is happy with the steps the IASB has taken to reintroduce the concept of prudence into the IFRS Conceptual Framework or whether a more conservative definition is needed.IASB staff told the board at a 15 November meeting they expect the new Conceptual Framework to have little impact on IFRS preparers.They said this was because “few preparers develop accounting policies by reference to the framework”.Meanwhile, the US is unlikely to adopt IFRS for use by domestic companies in the “foreseeable future”, the SEC’s top accountant has revealed.The watchdog’s chief accountant said in a 5 December speech to the American Institute of CPAs conference: “I believe that, for at least the foreseeable future, the FASB’s independent standard-setting process and US GAAP will continue to best serve the needs of investors and other users who rely on financial reporting by US issuers.”Addressing the same conference, FASB chairman Russell Golden pledged further co-operation with the IASB.He said the US board would “continue to collaborate and cooperate with the IASB and national standards setters with an eye toward agreeing on and adopting standards that promote common outcomes”.The IASB and FASB have recently reached non-converged outcomes, however, on high-profile convergence projects covering lease accounting and financial instruments.In other news, the UK FRC has warned preparers it has so-called alternative performance measures in its sights.The use of APMs or non-GAAP measures has emerged as a hot-button topic in recent months.On 7 June, the International Organisation of Securities Commissioners (IOSCO) issued a statement detailing 12 indicators for preparers to follow when publicising non-GAAP measures.The IASB is mulling whether it will add a project on possible standardisation of non-GAAP measures to its work plan. A decision is expected from the board later this month.Lastly, the Trustees of the IFRS Foundation have announced a number of tweaks to the Foundation’s constitution.The move follows a review of the Trustees’ structure and effectiveness in 2015.Under the new arrangements, the number of IASB members will fall from 16 to 14.The Foundation has also changed the criteria governing both board member and trustee professional backgrounds and their geographic distribution.In addition, nine IASB members must approve the publication of a proposed or final IFRS. This requirement falls to eight if there are 13 or fewer board members.last_img read more

Industry experts call for consolidation in UK pension system

first_imgTom McPhail, head of pensions research at Hargreaves Lansdown, said arguments in favour of consolidation were “incontrovertible”, such as improved governance, improved investment returns and greater efficiency.The concept also has support from regulators – albeit tentative.Last month, in its scathing review of the asset management sector, the Financial Conduct Authority said the consolidation of pension funds would help bring about greater professionalism, allowing trustees to hold providers to account.Appearing in front of parliament’s Work and Pensions Select Committee last month, Lesley Titcomb, chief executive of the Pensions Regulator (TPR), said consolidation “could be valuable both in the DB and the DC market because it could bring benefits of scale and cost savings, and drive up standards of trusteeship”.Andrew Warwick-Thompson, an executive director at TPR, added: “We see huge potential, particularly for those small sub-scale schemes, for bringing them together to support better funding outcomes by reducing their administrative investment and governance costs through some form of consolidation.”Pooling of assets is no new thing – several of the country’s largest employers have multiple pensions that are managed by one team.Railpen runs more than £25bn (€29.8bn) on behalf of six different DB and DC schemes, for example, while Lloyds Bank also has a number of separate pension funds under the watch of a single trustee board and investment team.The Netherlands shrank its total number of pension schemes from more than 1,000 in 1997 to roughly 300 this year. The Dutch regulator believes this could fall further to 200 next year.However, the PLSA’s Segars said she hoped for a “less aggressive” approach from the UK’s regulators.A major stumbling block identified by several commentators was combining different liability models. The local government pension schemes’ 89 pension funds all use the same valuation metrics and liability calculations, so pooling assets and other services is relatively straightforward.In the private sector, this is not necessarily the case.Also speaking on the PPF’s panel of experts was Steve Webb, who served as pensions minister for five years until 2015 and is now director of policy at Royal London.Webb said: “There could be an officially sanctioned way of turning [a DB scheme’s] structure into something standardised, which could then be pooled with others with that uniform benefit structure. Then you can get scale and pool them.“If you can do this in a cost-effective way – that’s always the big question – then you can add them together in some sense. Not necessarily fully merge them, but have a common structure – then they can do stuff together.”Warwick-Thompson pointed out to MPs that consolidating liabilities “implies that you are somehow severing the link with the sponsoring employer that provides the covenant”. Such a move has serious implications for DB pension security and the PPF.Titcomb and Warwick-Thompson both suggested “regulatory or legislative intervention” might be needed to get a consolidation movement off the ground.Richard Harrington, the current pensions minister, told MPs last month the government “has to nudge consolidation”.“We cannot just keep endlessly talking about consolidation without doing something,” he said.The PLSA’s DB taskforce is working on ideas to put to the minister, and Harrington said he would be putting together his own proposal to put to the market.“I look forward to receiving many people’s ideas, but they have to be not just identifying the problem,” Harrington added.Webb believes there may be legislation on this subject as soon as the next parliamentary session, which begins on 9 January 2017.One thing is clear: Momentum is building for consolidation. ‘Collaboration’ is fast becoming the UK pension sector’s new buzzword – but it could take legislative action before meaningful change is delivered for private sector schemes, according to experts.Speaking at the launch of the Pension Protection Fund’s (PPF) Purple Book last week, a panel of industry experts including a former UK pensions minister and the chief executive of the pension fund trade association discussed the potential for collaboration and what barriers funds face.Joanne Segars, chief executive of the Pensions and Lifetime Savings Association (PLSA), told the assembled journalists that there was “quite a lot of appetite for consolidation” among both defined benefit (DB) and defined contribution (DC) pension schemes, particularly in light of the radical changes taking place with the Local Government Pension Scheme (LGPS).She added: “With smaller schemes, the trustees are less able to get a good deal from their advisers and hold them to account. They are much less able to access to some of the bigger, more interesting and more helpful asset classes.”last_img read more

COVID infects WVSUMC health worker; OPD temporarily closed

first_imgPatient No. 822, asymptomatic, was in isolation at a quarantine facility, according to Dr. Sophia Pulmones, head of the Local Health Support Division of the DOH-6.   The June 28 lockdown of St. Paul’s Hospital of Iloilo on General Luna Street was the first, where 11 personnel got infected and eventually recovered from the disease. The deceased elderly man also infected a 71-year-old woman and her 39-year-old daughter. The patient had contact with an 80-year-old man (Patient No. 679) from Barangay Bo. Obrero, Lapuz district, who died from COVID-19 last July 7. ILOILO City – West Visayas State University Medical Center (WVSUMC) in La Paz district temporarily closed its outpatient department (OPD) yesterday. One of the government-run hospital’s healthcare workers was found infected with coronavirus disease 2019 (COVID-19). WVSUMC is the third hospital in Iloilo City to temporarily shut its department or portion of its wards after recording COVID-19 cases. All personnel deemed at risk were swabbed, isolated and monitored. Areas affected were properly disinfected, it added. “Gina-consider ina sia (Patient No. 679) nga local case or ang source sang transmission is within the area,” Pulmones told Panay News. While WVSUMC did not state the circumstances, the Department of Health (DOH) Region 6 confirmed that a 53-year-old female health worker from Mandurriao district contracted the viral illness. The second was Western Visayas Medical Center in Mandurriao district. Three of the hospital’s personnel tested positive for COVID-19. They all recovered./PN “We apologize that our OPD service will be temporarily put on hold. However, it will resume operations once it is ready to serve the public,” part of WVSUMC’s statement read. She, however, disclosed that DOH-6 have yet to determine the patient’s source of infection as this was being written.   West Visayas State University Medical Center. WVSUlast_img read more

Theft investigation leads to one arrest in Laurel

first_imgLaurel, In. — Franklin County Sheriff’s deputies arrested a Laurel man in connection with the theft of two motor vehicles from the Lakeview area.The theft was originally reported in October of 2016, quickly James Shelton, 18, of Laurel, was identified as a suspect. Police say Shelton was taken to the Franklin County Security Center on Monday and a 17-year-old juvenile could face charges.If convicted for felony burglary and theft Shelton could receive up to six years in prison and a fine of up to $10,000.last_img read more

Cardinals 8th Graders Place 2nd At OA Classic

first_imgThe STL Cardinals started the OA Classic strong with wins over St. Mary’s 57-21 and St. Nicholas 29-28, but fell just short of winning the title with a championship loss to St. Lawrence 45-41. The 3rd game of the day and 2nd game back to back proved to be a disadvantage to the fast pace style of the Cardinals bringing their record to 4-2.  Scoring was spread across the roster led by Connor Miles with a tournament average of 19 ppg, Preston Conway 8 ppg, Hank Ritter, 7 ppg and defense led by Carson Meyer averaging 6 rebounds per game.The Cardinals have two home games this week hosting Milan on Monday and Sunman Dearborn Thursday.Courtesy of Cardinals Coach Chad Miles with Jenny Miles.last_img read more

TP Rankings: Djokovic regains number one spot

first_imgRelatedPosts Djokovic clinches fifth Italian Open title Djokovic zooms to 10th Italian Open final Djokovic fined $10,000 for ‘unsportsmanlike conduct’ Serbia’s Novak Djokovic returned to the top of the ATP Rankings for a fifth stint after capturing a record-extending eighth Australian Open title. It will be his 276th week at the top, replacing Spain’s Rafael Nadal, who had overtaken him at No. 1 on November 4 last year. Djokovic, who has now been World No. 1 during nine of the past 10 seasons (2011-16, 2018-20), will break Roger Federer’s record for most weeks at No. 1 (310 weeks) if he stays at the top until 5 October. “That’s one of the two biggest goals, for sure. I mean, there is no secret in that,” said Djokovic, after winning in Melbourne. Andrea Gaudenzi, ATP Chairman, said: “Novak has had a faultless start to the season, leading Serbia to victory at the ATP Cup and capturing a record eighth Australian Open crown. He has proven yet again that he is the man to beat and his record in Australia is second to none. Many congratulations to Novak and his team on such impressive start to the year and his deserved return to World No. 1 in the FedEx ATP Rankings.” Djokovic first ascended to No. 1 in the FedEx ATP Rankings aged 24 on July 4, 2011 for a total of 53 weeks until July 8, 2012. The Serbian returned to top spot on three further occasions between November 5, 2012 and October 6, 2013 (48 weeks), from July 7, 2014 to November 6, 2016 (122 weeks) and from November 5, 2018 to November 3, 2019 (52 weeks). The 32-year-old Djokovic is unbeaten in 2020 with a perfect 13-0 match record, which includes helping Team Serbia clinch the inaugural ATP Cup trophy. His Australian Open win takes Djokovic’s Grand Slam championship tally to 17 (third in the all-time list behind Federer on 20 and Nadal on 19) and gives him a strong lead in the year-to-date ATP Race To London.Tags: Andrea GaudenziATP CupNovak DjokovicRafael NadalRoger Federerlast_img read more

Faria given a six-match stadium ban

first_img Press Association Chelsea coach Rui Faria has been given a six-match stadium ban following his altercation with match officials in last month’s Barclays Premier League defeat to Sunderland. Faria had to be restrained by Jose Mourinho on the touchline after reacting furiously when referee Mike Dean awarded a penalty to the Black Cats. Faria, who has also been fined £30,000, had admitted two charges of misconduct. center_img An FA statement read: “Following an Independent Regulatory Commission hearing, Chelsea coach Rui Faria has been given a six-match stadium ban with immediate effect, subject to any appeal, after he admitted two breaches of FA Rules. “The first breach was that Faria used abusive and/or insulting words towards the fourth official during Chelsea’s game against Sunderland on 19 April 2014. “The second breach was that his behaviour following the match referee’s request that he leave the technical area amounted to improper conduct. “Faria, who requested a non-personal hearing, was also fined £30,000 and warned as to his future conduct.” Faria could yet appeal his suspension, which is longer than the three-game stadium ban handed to Newcastle boss Alan Pardew following his head-butting incident with Hull’s David Meyler. Mourinho and Chelsea midfielder Ramires were also charged following separate incidents during and after the same game. Mourinho has denied an FA charge of improper conduct arising from his post-match comments, and has requested a non-personal hearing. Ramires was banned for four games after accepting a charge of violent conduct following an off-the-ball incident involving Sebastian Larsson. last_img read more