One size fits all: How many default funds does a pension scheme need?

In this paper, we analyse the number of default investment funds appropriate for an occupational defined contribution pension scheme. Using a unique dataset of member risk attitudes and characteristics from a survey of a large UK pension scheme, we apply cluster analysis to identify two distinct groups of members in their 40s and 50s. Further analysis indicated that the risk attitudes of the two groups were not significantly different, allowing us to conclude that a single lifestyle default fund is appropriate

Grouping Individual Investment Preferences in Retirement Savings: A Cluster Analysis of a USS Members Risk Attitude Survey

Cluster analysis is used to identify homogeneous groups of members of USS in terms of risk attitudes. There are two distinct clusters of members in their 40s and 50s. One had previously ‘engaged’ with USS by making additional voluntary contributions. It typically had higher pay, longer tenure, less interest in ethical investing, lower risk capacity, a higher percentage of males, and a higher percentage of academics than members of the ‘disengaged’ cluster. Conditioning only on the attitude to risk responses, there are 18 clusters, with similar but not identical membership, depending on which clustering method is used. The differences in risk aversion across the 18 clusters could be explained largely by differences in the percentage of females and the percentage of couples. Risk aversion increases as the percentage of females in the cluster increases, while it reduces as the percentage of couples increases because of greater risk sharing within the household. Characteristics that other studies have found important determinants of risk attitudes, such as age, income and (pension) wealth, do not turn out to be as significant for USS members. Further, despite being on average more highly educated than the general population, USS members are marginally more risk averse than the general population, controlling for salary, although the difference is not significant

UK Renal Registry 18th Annual Report: Chapter 3 Demographic and Biochemistry Profile of Kidney Transplant Recipients in the UK in 2014: National and Centre-specific Analyses.

There was a 2% fall in overall renal transplant numbers in 2014, with a significant fall in kidney donation from donors after circulatory death (10%). In 2014, death-censored renal transplant failure rates in prevalent patients were similar to previous years at 2.4% per annum. Transplant patient death rates remained stable at 2.3 per 100 patient years. The median age of incident and prevalent renal transplant patients in the UK was 50.6 and 53.3 years respectively. The median eGFR of prevalent renal transplant recipients was 52.5 ml/min/1.73 m2. The median eGFR of patients one year after transplantation was 57.4 ml/min/1.73 m2 post live transplant, 53.6 ml/min/1.73 m2 post brainstem death transplant and 50.1 ml/min/1.73 m2 post circulatory death transplant. In 2014, 13% of prevalent transplant patients had eGFR ,30 ml/min/1.73 m2. The median decline in eGFR slope beyond the first year after transplantation was −0.48 ml/min/1.73 m2/year.In 2014, malignancy (26%) and infection (24%) remained the commonest causes of death in patients with a functioning renal transplant

Amblyrhiza and the Vertebrate Paleontology of Anguillean Caves

Recorded interest in the caves of Anguilla dates back to the second half of the nineteenth century. The earliest explorations were concerned with the locating phosphatic cave earths, and resulted in the mining of several sites. Incidental to this work, the bones of the largest island rodent ever discovered were collected from Aguillan caves. Whereas the phosphate mining operations were short-lived, the remains of the giant rodent Amblyrhiza have catalyzed a continued interest in the caves of Anguilla. The most recent series of explorations have provided the first adequate documentation of Amhlyrhiza fossil sites, and have started to yield radiometric dates

The Interpretation of Caribbean Paleogeography: Reply to Hedges

La hipòtesi de GMRlàndia (Iturralde-Vinent & MacPhee, 1999) especifica que una llengua de terra, capaç d'actuar com a via de dispersió per a organismes terrestres, va connectar les futures Antilles Majors amb la vorera del nord-oest de Sud Amèrica durant un període curt cap a la transició Eocè/Oligocè. Hedges (2001) ha criticat aquesta hipòtesi sota diferents prismes, i a aquest treball tractam de replicar algunes de les seves objeccions, tenint en compte l'evidència més recent que tenim sobre les següents tres qüestions: (1) Quant ha durat la presència dels ambients terrestres actuals de la conca del Carib? (2) Quines han estat les dates d'emergència més probables per a les illes que tenen aquests ambients? (3) Quin efecte tenen les corrents de superfície marines sobre la distribució dels objectes que suren a l'àrea del Carib? Primer, en contra del que diu Hedges, encara no hi ha evidència geològica per a donar suport a una continuïtat als ambients terrestres del Carib abans de fa 37 Ma. A llavors, la pretensió d'Hedges que com a mínim algunes entitats biòtiques haurien persistit in situ per períodes de més de 37 Ma (la data més primerenca suportada per tal evidència), com a minim a algunes de les illes actuals, encara no es pot mantenir sobre bases geològiques. Segon, l'esdeveniment d'importància decisiva en l'emergència de GMRlàndia no fou la baixada del nivell eustàtic de la mar, sinó l'aixecament d'lm arc insular tot seguint el final de la seva fase magmàtica. A llavors, notar, com Hedges fa, que l'emergència de GAARIàndia no va estar correlacionada amb una baixada identificable principal-encara que fos correcte- no és pertinent al problema plantejat. Ni ho són les incerteses de les datacions, tant de les baixades com de l' esdeveniment d'aixecament. Finalment, encara que el moviment de les corrents de superfície marines està afectat per la força de Coriolis, el vent és molt més important per al moviment dels objectes sobre la superfície. Experiments reals revelen que aquests moviments són significativament caòtics, cosa que condueix a que el transport passiu virtualment mai esdevindrà en línia recta. Com a resultat, encara que els objectes transportats pels rius de Sud Amèrica eventualment poden embarrancar a les costes del Carib, els temps de trànsit són probablement llargs. Aquest fet, tal volta més que qualsevol altre, condueix a que les llargues estades a la mar siguin un mètode improbable de dispersió exitosa per a moltes castes d'organismes. Òbviament, les investigacions geològiques i paleontològiques no poden falsar escenaris històrics, però poden subministrar termini ad qu.em per precisament el tipus d'esdeveniments en que els biogeògrafs insulars haurien d'estar interessats, tals com quan apareixen per primera vegada a una àrea ambients desitjables per organismes terrestres, i quins organismes (representats per les seves restes) eren els primers en disposar de l'avantatge d'aquestes noves terres.La hipòtesi de GMRlàndia (Iturralde-Vinent & MacPhee, 1999) especifica que una llengua de terra, capaç d'actuar com a via de dispersió per a organismes terrestres, va connectar les futures Antilles Majors amb la vorera del nord-oest de Sud Amèrica durant un període curt cap a la transició Eocè/Oligocè. Hedges (2001) ha criticat aquesta hipòtesi sota diferents prismes, i a aquest treball tractam de replicar algunes de les seves objeccions, tenint en compte l'evidència més recent que tenim sobre les següents tres qüestions: (1) Quant ha durat la presència dels ambients terrestres actuals de la conca del Carib? (2) Quines han estat les dates d' emergència més probables per a les illes que tenen aquests ambients? (3) Quin efecte tenen les corrents de superfície marines sobre la distribució dels objectes que suren a l'àrea del Carib? Primer, en contra del que diu Hedges, encara no hi ha evidència geològica per a donar suport a una continuïtat als ambients terrestres del Carib abans de fa 37 Ma. A llavors, la pretensió d'Hedges que com a mínim algunes entitats biòtiques haurien persistit in situ per períodes de més de 37 Ma (la data més primerenca suportada per tal evidència), com a minim a algunes de les illes actuals, encara no es pot mantenir sobre bases geològiques. Segon, l'esdeveniment d'importància decisiva en l'emergència de GMRlàndia no fou la baixada del nivell eustàtic de la mar, sinó l'aixecament d'lm arc insular tot seguint el final de la seva fase magmàtica. A llavors, notar, com Hedges fa, que l'emergència de GAARIàndia no va estar correlacionada amb una baixada identificable principal-encara que fos correcte- no és pertinent al problema plantejat. Ni ho són les incerteses de les datacions, tant de les baixades com de l' esdeveniment d'aixecament. Finalment, encara que el moviment de les corrents de superfície marines està afectat per la força de Coriolis, el vent és molt més important per al moviment dels objectes sobre la superfície. Experiments reals revelen que aquests moviments són significativament caòtics, cosa que condueix a que el transport passiu virtualment mai esdevindrà en línia recta. Com a resultat, encara que els objectes transportats pels rius de Sud Amèrica eventualment poden embarrancar a les costes del Carib, els temps de trànsit són probablement llargs. Aquest fet, tal volta més que qualsevol altre, condueix a que les llargues estades a la mar siguin un mètode improbable de dispersió exitosa per a moltes castes d'organismes. Òbviament, les investigacions geològiques i paleontològiques no poden falsar escenaris històrics, però poden subministrar termini ad quem per precisament el tipus d'esdeveniments en que els biogeògrafs insulars haurien d'estar interessats, tals com quan apareixen per primera vegada a una àrea ambients desitjables per organismes terrestres, i quins organismes (representats per les seves restes) eren els primers en disposar de l'avantatge d'aquestes noves terres.The GMRlandia hypothesis (Iturralde-Vinent & MacPhee, 1999) specifies that a landspan, capable of acting as a dispersal conduit for terrestrial organisms, connected the future Greater Antilles with the margin of northwestern South America for a short period around the time of the Eocene/Oligocene transition. Hedges (2001) has criticized this hypothesis on various grounds, and in this paper we seek to reply to several of his objections by considering the most recent evidence bearing on these three questions: (1) How long have the present land environments of the Caribbean basin been in existence? (2) What are the likeliest emergence dates for the islands supporting those environments? (3) What effect do sea-surface currents have on the distribution of flotsam in the Caribbean area? First, contra Hedges, there is still no geological evidence for continuity in Caribbean land envirorunents earlier than 37 Ma. Therefore, Hedges' claim that biotic entities on at least some of the present islands have persisted in situ for periods longer than 37 Ma (the earliest date supported by such evidence) still GUillot be sustained on geological grounds. Secondly, the event of overriding importance in the emergence of GMRlandia was not drawdown in eustatic sea level, but uplíft in the island arc following the termination of its magmatic phase. Therefore, noticing as Hedges does that the emergence of GMRlandia was not correlated with an identifiable major drawdown-even if correct-has no pertinence to the issue at hand. Neither do uncertainties in the dating of either drawdowns or the uplift event. Finally, although the movement of sea-surface currents is affected by the Coriolis force, wind is much more important for the motion of objects on the surface (flotsam). Actual experiments reveal that such motions are significantly chaotic, which means that passive transport will virtually never occur in a straight line. As a result, although objects carried by South American rivers may eventually wash up on Caribbean shores, transit times are likely to be long. This fact, perhaps more than any other, makes long seas journeys an improbable method of successful dispersal for many kinds of organisms. Among such organisms we count most land mammals, for a host of autecological and physiological reasons. For other kinds of organisms, including herps, different considerations may apply. Obviously, paleontological and geological investigations cannot falsify historical scenarios, but they can provide termini ad quem for precisely the kinds of events that island biogeographers should be interested in, such as when environments suitable for land organisms first appeared in an area, and what organisms (as represented by their remains) were the first to take advantage of these new lands.The GMRlandia hypothesis (Iturralde-Vinent & MacPhee, 1999) specifies that a landspan, capable of acting as a dispersal conduit for terrestrial organisms, connected the future Greater Antilles with the margin of northwestern South America for a short period around the time of the Eocene/Oligocene transition. Hedges (2001) has criticized this hypothesis on various grounds, and in this paper we seek to reply to several of his objections by considering the most recent evidence bearing on these three questions: (1) How long have the present land environments of the Caribbean basin been in existence? (2) What are the likeliest emergence dates for the islands supporting those environments? (3) What effect do sea-surface currents have on the distribution of flotsam in the Caribbean area? First, contra Hedges, there is still no geological evidence for continuity in Caribbean land envirorunents earlier than 37 Ma. Therefore, Hedges' claim that biotic entities on at least some of the present islands have persisted in situ for periods longer than 37 Ma (the earliest date supported by such evidence) still GUillot be sustained on geological grounds. Secondly, the event of overriding importance in the emergence of GMRlandia was not drawdown in eustatic sea level, but uplíft in the island arc following the termination of its magmatic phase. Therefore, noticing as Hedges does that the emergence of GMRlandia was not correlated with an identifiable major drawdown-even if correct-has no pertinence to the issue at hand. Neither do uncertainties in the dating of either drawdowns or the uplift event. Finally, although the movement of sea-surface currents is affected by the Coriolis force, wind is much more important for the motion of objects on the surface (flotsam). Actual experiments reveal that such motions are significantly chaotic, which means that passive transport will virtually never occur in a straight line. As a result, although objects carried by South American rivers may eventually wash up on Caribbean shores, transit times are likely to be long. This fact, perhaps more than any other, makes long seas journeys an improbable method of successful dispersal for many kinds of organisms. Among such organisms we count most land mammals, for a host of autecological and physiological reasons. For other kinds of organisms, including herps, different considerations may apply. Obviously, paleontological and geological investigations cannot falsify historical scenarios, but they can provide termini ad quem for precisely the kinds of events that island biogeographers should be interested in, such as when environments suitable for land organisms first appeared in an area, and what organisms (as represented by their remains) were the first to take advantage of these new lands

The effect of lipoprotein-associated phospholipase A2 deficiency on pulmonary allergic responses in Aspergillus fumigatus sensitized mice.

BackgroundLipoprotein-associated phospholipase A2 (Lp-PLA2)/platelet-activating factor acetylhydrolase (PAF-AH) has been implicated in the pathogenesis of cardiovascular disease. A therapeutic targeting of this enzyme was challenged by the concern that increased circulating platelet activating factor (PAF) may predispose to or increase the severity of the allergic airway response. The aim of this study was to investigate whether Lp-PLA2 gene deficiency increases the risk of PAF and IgE-mediated inflammatory responses in vitro and in vivo using mouse models.MethodsLp-PLA2-/- mice were generated and back crossed to the C57BL/6 background. PAF-AH activity was measured using a hydrolysis assay in serum and bronchoalveolar lavage (BAL) samples obtained from mice. Aspergillus fumigatus (Af)-specific serum was prepared for passive allergic sensitization of mice in vivo and mast cells in vitro. β- hexosaminidase release was studied in bone marrow derived mast cells sensitized with Af-specific serum or DNP-IgE and challenged with Af or DNP, respectively. Mice were treated with lipopolysaccharide (LPS) and PAF intratracheally and studied 24 hours later. Mice were sensitized either passively or actively against Af and were studied 48 hours after a single intranasal Af challenge. Airway responsiveness to methacholine, inflammatory cell influx in the lung tissue and BAL, immunoglobulin (ELISA) and cytokine (Luminex) profiles were compared between the wild type (WT) and Lp-PLA2-/- mice.ResultsPAF-AH activity was reduced but not completely abolished in Lp-PLA2-/- serum or by in vitro treatment of serum samples with a high saturating concentration of the selective Lp-PLA2 inhibitor, SB-435495. PAF inhalation significantly enhanced airway inflammation of LPS treated WT and Lp-PLA2-/- mice to a similar extent. Sensitized WT and Lp-PLA2-/- bone-marrow derived mast cells released β-hexosaminidase following stimulation by allergen or IgE crosslinking to equivalent levels. Wild type and Lp-PLA2-/- mice responded to passive or active allergic sensitization by significant IgE production, airway inflammation and hyperresponsiveness after Af challenge. BAL cell influx was not different between these strains while IL-4, IL-5, IL-6 and eotaxin release was attenuated in Lp-PLA2-/- mice. There were no differences in the amount of total IgE levels in the Af sensitized WT and Lp-PLA2-/- mice.ConclusionsWe conclude that Lp-PLA2 deficiency in C57BL/6 mice did not result in a heightened airway inflammation or hyperresponsiveness after PAF/LPS treatment or passive or active allergic sensitization and challenge

Body Size in Amblyrhiza inundata (Rodentia, Caviomorpha), an Extinct Megafaunal Rodent From the Anguilla Bank, West Indies: Estimates and Implications

Rodent species typically evolve larger mean body sizes when isolated on islands, but the extinct caviomorph Amblyrhiza inundata, known only from Quaternary cave deposits on the islands of Anguilla and St. Martin (northern Lesser Antilles), provides an unusually dramatic example of insular gigantism. Here we report on a series of body mass estimates for Amblyrhiza using predictive equations based on anteroposterior diameters and cortical cross-sectional areas of humeral and femoral diaphyses. Analyses of 14 isolated specimens (5 femoral, 9 humeral), all representing adult or near adult animals, yield body mass estimates ranging from slightly less than 50 kg to more than 200 kg. Body size estimates derived from humeral measurements are lower than those derived from femoral measurements, but the significance of this will remain unclear until matched limb bones (i.e., specimens from the same animal) are recovered. Incisor measurements are also highly variable, but in this case the distribution is demonstrably bimodal. Presence of multiple coeval species, temporal variation, limb heterogeneity, and sexual dimorphism all qualify as possible explanations of the variation encountered in Amblyrhiza data sets, but available samples are not adequate for making a robust choice among them. Body size affects many life history variables, including demography. Population estimates derived from empirical data and predictive equations suggest that only a few thousand individuals of Amblyrhiza could have occupied the islands of the Anguilla Bank at any one time during the Late Quaternary. At certain times-for example, during the last interglacial (Sangamonian) highstand-population numbers might have sunk to only a few hundred. Absolutely small population sizes of Amblyrhiza and severe fluctuations in island area during the late Quaternary surely affected its susceptibility to extinction, whether or not humans were ultimately responsible for the event (for which there is as yet no direct evidence)

The Status of Phonics Instruction: Learning From the Teachers

Increasingly alarmed by instructional mandates more founded on journalistic rhetoric and popular opinion than on research findings or practitioner expertise, researchers gathered survey data from teachers to better understand the status of K–2 phonics instruction. Data demonstrate that the overwhelming majority of these K–2 teachers teach phonics, rely on a published curriculum, and teach phonics in systematic and explicit ways. These findings contradict media assertions that reading classrooms are largely devoid of phonics instruction and that teachers fail to include phonics as an important element of their reading instruction. Implications include calls for researchers to explore what teachers can share that helps us better understand what happens in the name of classroom phonics instruction and for decision makers to assume an informed stance before mandating instructional practices based on a narrow understanding of the needs of young readers and the teachers who support them

Integrin-linked kinase can facilitate syncytialization and hormonal differentiation of the human trophoblast-derived BeWo cell line

<p>Abstract</p> <p>Background</p> <p>In the fusion pathway of trophoblast differentiation, stem villous cytotrophoblast cells proliferate and daughter cells differentiate and fuse with existing syncytiotrophoblast to maintain the multi-nucleated layer. Integrin-linked kinase (ILK) is highly expressed in 1st and 2nd trimester villous cytotrophoblast cells, yet barely detectable in syncytiotrophoblast, thus we examined the potential role of ILK in aiding trophoblast fusion.</p> <p>Methods</p> <p>The temporal/spatial expression and activity of ILK were determined in BeWo cells undergoing syncytialization by immunoblot and immunofluorescence analyses. BeWo cells were also transfected with pEGFP expression vectors containing wildtype or two mutant ILK cDNA constructs. The incidence of cell fusion in transfected cells grown under syncytialization conditions was then scored by the presence or absence of E-cadherin immunostaining. Beta-hCG expression in transfected cells, a marker of syncytiotrophoblast hormonal differentiation, was also similarly assessed.</p> <p>Results</p> <p>ILK catalytic activity increased and ILK began to increasingly localize to BeWo cell nuclei during syncytialization in correlation with increased pAkt and Snail protein expression. Syncytialization was also significantly elevated (p < 0.05) in BeWo cells expressing constitutively active (ca)-ILK vs cells containing empty vector or dn-ILK. Furthermore, cytoplasmic Beta-hCG expression markedly increased (p < 0.05) in cells expressing wt- and ca-ILK.</p> <p>Conclusion</p> <p>ILK-facilitated syncytialization is dependent, at least in part, on ILK catalytic activity while hormonal differentiation appears dependent on both ILK-associated protein interactions and catalytic activity. This study demonstrates that ILK plays a novel role in BeWo syncytialization and differentiation, perhaps through an ILK-Akt-Snail pathway, and implicates ILK in the same process in villous cytotrophoblasts in vivo.</p