How to get the most out of your workplace pension
Pension provider Aviva has warned that workers are “sleepwalking” into retirement with one in three employees unaware of how many pensions they have.
Workplace pensions are very different in 2023 compared to past decades. Gone are the old final salary or ‘defined benefit’ (DB) pensions and in are defined contribution (DC) pots for our long-term savings. Making the most of your DC pension really matters – you really do get out what you put into it. There are a few really important aspects to consider with these workplace pensions, and ways to maximise the potential for growth.
Contributions
The first thing to note about DC pensions is there is a minimum contribution level which is set automatically by the Government. While there is always conjecture over what level it should be at, the basic requirements are:
- 5% from your gross income (including tax relief)
- 3% from your employer
Under auto enrolment you will be automatically given a workplace pension pot assuming you earn more than £10,000 a year. Opting out is essentially throwing away money. If you don’t have the workplace pot, then you’re essentially turning down income from your employers. The annual contribution limit to pensions is £60,000, which makes it more generous than an ISA in cash terms. It is a good idea then to contribute as much as you can to unlock valuable tax relief.
Pensions are arguably better than ISAs because of this tax relief. While you will have to figure out tax liabilities when withdrawing from a pension later in life, the extra upfront money from tax relief when compared to an ISA means you have more money to start with that can grow over time.
There is another thing to watch out for too – if you earn above £50,000 then automatic pension contributions are actually capped. For instance, if you earn £45,000 a year your total monthly contribution to a pension will be £161.50. If you earn £50,000 this will rise to £182.33. However, if your income rises to £55,000 the cap on contributions means your employer won’t contribute more, and your salary won’t adjust contributions higher, meaning you’ll be contributing less than 5%.
It is essential to check with your employer and consider asking them to increase your contributions above this level if you want to maximise your pension pot.
Consolidation
A very common issue, as Aviva alludes to in its research, is just how many pension pots we now accrue. Every time you switch jobs, you’ll start a new pot with whichever provider your employer uses. This can lead to a mess of small pots with a mixture of policies, charges and performance, and isn’t ideal. Some people choose to consolidate all those pots into one coherent SIPP. You can’t do this with your current workplace’s pot because this would mean forgoing those valuable employer contributions, but with old pots you might not be adding to, this can be a good way to manage the entire amount in one place.
There is a caveat to this, however.
The ‘small pot lump sum’ allows you to take a whole pot in one go when it is worth below £10,000, with 25% of it tax free. If the pot is in a workplace pension it’s unlimited how many times you can do this, but if it’s in a personal pension then you can only take three.
It is important to consider your options carefully here and is highly recommend to speak to an adviser who can help you plan the best course of action.
Investment
The final strand of workplace pensions is perhaps the most forgotten of all – investing. It’s easy to think of a pension as just a savings pot you accrue, but in fact that money is all invested in order to grow over time and maximise the size of the nest egg when you retire. The issue here is that workplace pension investment options can be a bit lacklustre.
The problem here is that investment options vary enormously by provider. Some offer hundreds of funds while others will offer maybe three to five. There’s nothing you can do about this as it is at the behest of your employer to pick the provider. However, if you think you might be in an underperforming “default” fund, it is essential to seek advice on ways in which to improve the growth potential of your pot.
The same goes for any personal pension you have, as picking the right kind of funds can set you up for long-term failure or success.
Any opinions stated are honestly held but are not guaranteed and should not be relied upon.
The information contained in this document is not to be regarded as an offer to buy or sell, or the solicitation of any offer to buy or sell, any investments or products.
The content of this document is for information only. It is advisable that you discuss your personal financial circumstances with a financial adviser before undertaking any investments.
All the data contained in the communication is believed to be reliable but may be inaccurate or incomplete. Unless otherwise specified all information is produced as of 18th July 2023.
The World In A Week - Minutes change by the hour
Written by Millan Chauhan.
Last Wednesday, we saw the Federal Reserve’s meeting minutes released which provided further insight into policymakers’ decision making and outlook. In June, Federal Reserve officials paused the interest rate rising cycle to subsequently reassess the impact of their hikes on the economy. This followed ten straight interest rate hikes which have raised rates to 5.25% over the course of the last 15 months. The minutes stated that further monetary tightening is likely but at a slower pace going forward with all but two of the eighteen officials foreseeing rates to be higher by the end of the year. Global equity markets reacted negatively to the Federal Reserve’s indication that it will likely have to continue to raise rates with the MSCI All Country World Index returning -2.2% last week in GBP terms.
We also saw US employment data released last week which showed that an additional 209,000 jobs were added in June 2023, missing expectations for the first time in 15 months, indicating a modest slowdown in US employment and that hiring could be beginning to slow. Consensus forecasts were expecting 240,000 jobs to be added in June with the actual figure considerably lower than that and also significantly below May’s revised figure of 306,000 jobs. However, the unemployment rate remained at 3.6%, in line with expectations. US payroll data is an important factor for policymakers and is one of many economic indicators the Federal Reserve consider as part of their decision-making process.
The Bank of England’s Monetary Policy Committee is not set to meet again until early August, however markets are now forecasting UK interest rates to climb towards 6.5% by early 2024. We saw the average 5-year fixed rate mortgage eclipse 6% and there are expectations this could climb higher if inflation continues to remain elevated. The next UK inflation data release isn’t due until the 19th July and will provide the Bank of England’s Monetary Policy Committee with another data point to make their decision.
Any opinions stated are honestly held but are not guaranteed and should not be relied upon.
The information contained in this document is not to be regarded as an offer to buy or sell, or the solicitation of any offer to buy or sell, any investments or products.
The content of this document is for information only. It is advisable that you discuss your personal financial circumstances with a financial adviser before undertaking any investments.
All the data contained in the communication is believed to be reliable but may be inaccurate or incomplete. Unless otherwise specified all information is produced as of 10th July 2023.
© 2023 YOU Asset Management. All rights reserved.
The World In A Week - US data spreading optimism
Written by Ilaria Massei.
Last week saw a heavy economic calendar in the US, with the release of many economic indicators contributing to a boost in market sentiment. Inflation data showed a fall in the year-over-year increase in the Personal Consumption Expenditures Price Index (PCE), calming concerns about rising prices. Weekly jobless claims dropped significantly and continuing claims also surprised on the downside and fell back to a four-month low. Consumer sentiment also improved, attributed to the resolution of the debt ceiling standoff and positive feelings regarding softening inflation. Durable goods orders and new home sales both exceeded expectations, indicating strength in business investment and the housing market.
In the Eurozone, annual inflation continued to slow in June from 6.1% in May to 5.5%, marking the third consecutive month of deceleration. Reports from the European Central Bank’s annual Forum on Central banking suggested the likelihood of another interest rate increase in July, acknowledging that the battle against high inflation is proceeding.
On the same note, the Bank of England Governor Andrew Bailey said that the UK interest rates are likely to stay higher for longer than financial markets expect.
Elsewhere, China’s economic data are only showing a partial recovery, with domestic travel increased by 89.1% compared to the previous year but remaining 22.8% below pre-pandemic levels in 2019. Industrial profits are also not encouraging , with a decline of 18.8% year-over-year in the first five months of 2023.
Any opinions stated are honestly held but are not guaranteed and should not be relied upon.
The information contained in this document is not to be regarded as an offer to buy or sell, or the solicitation of any offer to buy or sell, any investments or products.
The content of this document is for information only. It is advisable that you discuss your personal financial circumstances with a financial adviser before undertaking any investments.
All the data contained in the communication is believed to be reliable but may be inaccurate or incomplete. Unless otherwise specified all information is produced as of 3rd July 2023.
© 2023 YOU Asset Management. All rights reserved.
The World In A Week - The BoE threads the needle
Written by Cormac Nevin.
The Monetary Policy Committee of the Bank of England (BoE) met last week at Threadneedle Street and decided to raise the Bank Rate by 0.5%, from 4.5% to 5.0%. This was most likely in response to an unchanged UK inflation rate of 8.7% which was published the day before, as well as strong employment and wage data released the prior week which the BoE likely interpreted as the signs of an economy which is running hot. While we have seen sustained falls in inflation in Europe and the US (which we suspect could continue and indeed accelerate) we think inflation could remain relatively higher in the UK due to the unique challenges faced by the economy. These include a labour shortage as well as a multi-decade inability to build sufficient housing or energy infrastructure. These forces will likely see inflation in the UK remain higher than it ought to be, while few of these problems will be solved by higher interest rates. The BoE is threading a precarious needle between its use of interest rates to attempt to cool inflation (compounded by sustained political pressure for them to do something) and inflicting significant damage on the disposable incomes of the portion of the population with variable rate mortgages. While more people own their homes outright than in the 1980s, the size of the outstanding mortgages are far larger for today’s generation of young homeowners.
Elsewhere in the world, we saw evidence that economies are really starting to weaken in Continental Europe and the US. The Purchasing Managers’ Index (PMI) came in significantly lower than expected which suggests to us that higher interest rates in those economies is raising the probability of a recession. Geopolitical risks also remained elevated, as the weekend saw an attempted coup against Vladimir Putin’s Russian regime by a band of Russia’s mercenaries employed on the Ukrainian frontline.
While markets were broadly down over the course of last week, many components of markets appear to be disregarding the growing list of potential challenges. This leaves us comfortable with our preference for substantial diversification in the face of a wide range of potential outcomes.
Any opinions stated are honestly held but are not guaranteed and should not be relied upon.
The information contained in this document is not to be regarded as an offer to buy or sell, or the solicitation of any offer to buy or sell, any investments or products.
The content of this document is for information only. It is advisable that you discuss your personal financial circumstances with a financial adviser before undertaking any investments.
All the data contained in the communication is believed to be reliable but may be inaccurate or incomplete. Unless otherwise specified all information is produced as of 26th June 2023.
© 2023 YOU Asset Management. All rights reserved.
The World In A Week - Enjoy the silence
Written by Shane Balkham.
Another week was dominated by central bank meetings, interest rate decisions, and inflation forecasts. The underlying commentary remains unerringly similar, and it would have been a simple exercise to simply rehash a previous ‘The World In A Week’ from earlier this year.
The European Central Bank raised rates and signalled that further rate rises are likely. The Federal Reserve paused its rate hiking cycle, allowing it time to gather more data and reflect on its next actions. This was caveated with the likelihood that more rate rises could be needed in 2023. Mixed signals indeed.
The Bank of Japan meeting concluded with another month of inactivity, whereas the People’s Bank of China moved in the opposite direction and cut short-term borrowing rates, reacting to a broad slowdown in domestic retail growth.
Not every week delivers headlines that grab our attention, and it is important not to try and create or manufacture a story, as equally as it is not to become complacent. Maintaining an appropriately diversified outlook is critical to navigate turbulent and quickly changing markets and that is something we are highly committed to at YOU Asset Management.
Any opinions stated are honestly held but are not guaranteed and should not be relied upon.
The information contained in this document is not to be regarded as an offer to buy or sell, or the solicitation of any offer to buy or sell, any investments or products.
The content of this document is for information only. It is advisable that you discuss your personal financial circumstances with a financial adviser before undertaking any investments.
All the data contained in the communication is believed to be reliable but may be inaccurate or incomplete. Unless otherwise specified all information is produced as of 19th June 2023.
© 2023 YOU Asset Management. All rights reserved.
The World In A Week – The trillion dollar question?
Written by Millan Chauhan.
Previously, there were four other US stocks with a market cap greater than $1 trillion which included Alphabet (Google), Microsoft, Amazon.com, and Apple. NVIDIA has now joined this exclusive club following its immense rally year-to-date. NVIDIA was founded by Jensen Huang in 1993 and it has taken thirty years for it to eclipse the $1 trillion market cap. Its capabilities stemmed from being a dominant player in the video game chips segment which benefitted greatly from the pandemic as demand for gaming increased substantially. However, the Company pivoted into the AI chips market with NVIDIA producing one of the core crucial components which is the graphics processing unit (GPU). With AI’s potential being understood, adopted in practice, and realised, the demand for this type of technology has skyrocketed as companies are devoting significant resource towards increasing their longer-term efficiencies within their business. The stock has returned +175% year-to-date and its valuation has become significantly more expensive but those now willing to pay more than 50x next year’s predicted earnings presumably expect their competitive position to remain unchallenged for years to come.
Last Friday, we saw further signs of a strong labour market in the US with 339,000 jobs added in May which vastly exceeded expectations of 190,000. However, we did see the US unemployment rate increase to 3.7% from 3.5% which was also above forecasts of 3.5%. The next Federal Open Market Committee meeting is in mid-June where the Committee will have received May’s inflation reading by then to make their interest rate decision.
Elsewhere, in Europe we saw eurozone inflation slow to 6.1% in May from 7.0% in April which was below forecasts of 6.3%. Christine Lagarde, President of the European Central Bank (ECB) stated that inflation is still far too high and that it is set to remain elevated for much longer. The ECB is also set to meet next week and will make its interest rate decision.
Any opinions stated are honestly held but are not guaranteed and should not be relied upon.
The information contained in this document is not to be regarded as an offer to buy or sell, or the solicitation of any offer to buy or sell, any investments or products.
The content of this document is for information only. It is advisable that you discuss your personal financial circumstances with a financial adviser before undertaking any investments.
All the data contained in the communication is believed to be reliable but may be inaccurate or incomplete. Unless otherwise specified all information is produced as of 5th June 2023.
© 2023 YOU Asset Management. All rights reserved.
Inheritance tax cut on the cards
The Prime Minister Rishi Sunak is said to be considering cutting Inheritance Tax (IHT) ahead of the next general election in 2024.
According to a report first published by financial news site Bloomberg, Sunak is considering a cut to IHT alongside other potential tax cuts in order to garner more public support ahead of a new election campaign. There is however little detail on the proposed cut and what it might contain.
What might an IHT cut contain?
The number of households liable to IHT has slowly crept up over a decade, mainly thanks to the threshold staying at £325,000 since 2009. This means that property values which have risen naturally over time have tipped homeowners over the threshold, resulting in more estates being subject to larger IHT bills. The basic 40% IHT rate has also remained the same for some time. As such, these two aspects of the tax could be the chief target of a change, either with a cut to the rate or lifting of the threshold.
IHT is one of the most disliked taxes in the country, aside from the fact it is payable when someone dies, chiefly because it is seen as taxing assets and income that have already been heavily taxed along the way in life. Cuts to the tax would be a popular move. Research from legal firm Kingsley Napier found that three in five Brits (63%) support increasing the allowance, while nearly half (48%) would be in favour of abolishing the tax, which brought in £6.1 billion to HMRC last year, altogether.
Complexity
IHT was the subject of a review by the Office of Tax Simplification (OTS) in 2018. However, the main findings of this were that the process of IHT was too onerous for families and the administration should be simplified. The Government however rejected the changes in 2021.
Other potential changes could include the rules around gifting, the residence nil rate band – currently £175,000, and other aspects of the tax. It is however unlikely that we’ll see IHT cuts imminently. There are two key opportunities for the Government to make such a move, this Autumn in its financial statement update, or in the 2024 Spring Budget. This is open to political speculation and is dependent on how the economy fares this year. Government borrowing has already come in less than expected in the past 12 months, which suggests Chancellor Hunt could have more room for manoeuvre come his next financial update.
Ultimately, much will depend on the polls and whether the Prime Minister thinks he could win next May (a typical time of year to hold the general election) or wait until the last opportunity of December 2024.
Either way, the key message for anyone thinking about planning their wealth for the long term is to have a strong plan in place for any outcome. As the goalposts move, having access to key advice for structuring your wealth is critical for positive lifelong outcomes.
Any opinions stated are honestly held but are not guaranteed and should not be relied upon.
The information contained in this document is not to be regarded as an offer to buy or sell, or the solicitation of any offer to buy or sell, any investments or products.
The content of this document is for information only. It is advisable that you discuss your personal financial circumstances with a financial adviser before undertaking any investments.
All the data contained in the communication is believed to be reliable but may be inaccurate or incomplete. Unless otherwise specified all information is produced as of 16th May 2023.
Food prices rising at record levels – but does that mean higher inflation and interest rates for longer?
Households have felt persistent pressure on their everyday costs, but food price inflation has been particularly pernicious in recent months.
The Office for National Statistics (ONS) reported year-on-year food price increases of 19.1% in March 2023 based on the consumer price index (CPI) measure. This was an increase from 18% the month before. Consumer data provider BRC-NielsonIQ saw its shop price index show 17.8% price increases year-on-year in April – the highest increase seen in 45 years.
With the headline rate of 10.1% CPI inflation, should we be concerned about inflation persisting for longer, and thus bigger interest rate hikes?
Why food prices are soaring
Food prices are just one aspect of a wider basket of goods and services the ONS measures in order to gauge the general rise in the cost of living for households. Food price rises are particularly high because they suffer from the secondary effects of the kind of inflation the UK, and most of Europe, is suffering. The current high level of inflation is primarily stoked by an energy crisis, which in turn is caused by returning demand post-pandemic and then the invasion of Ukraine by Russia.
Energy prices are a painful place to see rapid rises because they essentially affect everything else. From factory lines to food processing and just about anything else you can think of, households and businesses all need energy to function. If the price of energy rises, it holds that the prices of things we make should rise to cover that cost. Food is especially volatile because it has even more external factors that can affect it, plus major food production supplies, such as from Ukraine, are under extreme and unusual pressure.
Food prices are so volatile most countries produce ‘core inflation’ statistics that exclude food prices. CPI core inflation is currently at 6.2%.
Interest rates
With food inflation so persistently high, this begs the question whether the Bank of England will meet the challenge with more aggressive rate hikes in order to bring prices down. However, precisely because the bank knows how volatile food prices can be, it will be cautious about acting upon those figures alone.
Energy prices are starting to come down in earnest, with wholesale gas prices now below the level they were at before the invasion of Ukraine in February 2022 and at the lowest level since December 2021. Plus, other global macroeconomic effects such as an unusually strong dollar are busy unwinding. A strong dollar tends to increase inflation pressure because many commodities are traded globally priced in dollars.
If the pound falls versus the dollar, then those commodities become more expensive for the country to acquire and vice versa. Since reaching a low of £1:$1.07 at the end of September last year, the pound has steadily gained ground and is now trading around $1.26.
All that said, the Bank of England will be cautious about ending rate hikes, or even starting cuts, until it is sure inflation is coming back to earth in a meaningful way.
Where does this leave me and my money?
Inflation is a critical metric to watch when it comes to long-term wealth management. The level of inflation has a direct impact on where central banks go with interest rates and this in turn has profound implications in everything from government debt and taxation levels to market performance and cash value erosion. Over time the figures might seem irrelevant but the only way to keep ahead of inflation and prepare for major financial and tax-based changes that will affect your portfolio and lifetime wealth is careful management.
If you would like to discuss inflation, interest rates and the general outlook for the rest of 2023 and the implications for your wealth, don’t hesitate to get in touch.
Any opinions stated are honestly held but are not guaranteed and should not be relied upon.
The information contained in this document is not to be regarded as an offer to buy or sell, or the solicitation of any offer to buy or sell, any investments or products.
The content of this document is for information only. It is advisable that you discuss your personal financial circumstances with a financial adviser before undertaking any investments.
All the data contained in the communication is believed to be reliable but may be inaccurate or incomplete. Unless otherwise specified all information is produced as of 16th May 2023.
When is your Tax Freedom Day?
Tax Freedom Day is the day in the year where, theoretically, you’re no longer working solely to pay your annual taxes and instead begin keeping your own money. These numbers are of course calculated by averages. Individually speaking, everyone will have a slightly different Tax Freedom Day of their own.
In 2022 Tax Freedom Day fell on 8 June, whereas in 2021 Tax Freedom Day fell a full week earlier, such is the heightened burden of taxation. It reminds us that any money you earn effectively goes straight into the Government’s coffers. Last year it took an average worker 159 days to start earning money for themselves. The Tax Freedom Day of 2022 was the latest on record, according to the Adam Smith Institute, thanks to a persistently increasing tax burden on households, and it is only predicted to fall even later in 2023. However, it is possible to bring your Tax Freedom Day forward.
Planning for tax efficiency
This especially matters if you’re facing taxes on more than just income. Taxation comes in many forms and can be a serious barrier to successful wealth growth.
Through an individual’s lifetime, taxation will take a cut of:
- Property through stamp duty and council tax
- Income through income tax (and National Insurance)
- Expenditure through VAT
- Profits on investments through capital gains tax
- Profit on investment income through dividend tax
- Passing on your estate to loved ones through inheritance tax (IHT)
There’s good news and bad news in this. Some of these taxes are essentially unavoidable. Income tax, council tax, VAT and stamp duty are effectively unavoidable unless you become a tax exile. Obviously with income tax there are ways to reduce the burden, but typically this comes from reliefs such as Marriage Allowance, which won’t apply to everyone and will only reduce the liability by a relatively small amount.
However, there are significant and effective ways to mitigate the effects of taxes on investments, long-term savings and other liquid investments. This comes primarily through the use of pensions and ISA allowances.
Pensions allow for the deferral of tax liability until you access your pension. Of course, there are implications when you do draw down, but the relief at source available makes this worth it to a large extent. Plus, the 25% tax free allowance and other ways to structure drawdown make pensions still very valuable. Add to that the recent abolition of the lifetime allowance and pensions are a viable method for mitigation still. Plus, pensions are currently largely exempt from inheritance tax, adding another feather to the cap of the vehicle’s tax efficiency. They can also be a good way of getting around the gifting allowance, as individuals are able to pay in to pensions for children or grandchildren from any age.
ISAs provide a reverse benefit to pensions for long-term tax liability mitigation. While you won’t get upfront relief for contributions, there are essentially no implications when it comes to using the money at the other end.
Finally, one of the most disliked and complicated taxes, inheritance tax (IHT), has a myriad of rules and allowances that allow for mitigation. However, what is essential to remember with IHT is these mitigations are best applied over time. This makes careful wealth management and planning critical. Coupled with well-structured growth through ISAs, pensions and other methods you could see your own personal Tax Freedom Day start to fall much earlier in the year.
Any opinions stated are honestly held but are not guaranteed and should not be relied upon.
The information contained in this document is not to be regarded as an offer to buy or sell, or the solicitation of any offer to buy or sell, any investments or products.
The content of this document is for information only. It is advisable that you discuss your personal financial circumstances with a financial adviser before undertaking any investments.
All the data contained in the communication is believed to be reliable but may be inaccurate or incomplete. Unless otherwise specified all information is produced as of 16th May 2023.
The World In A Week - Game, Set & Match for Inflation in US?
Written by Chris Ayton.
As a classic but relatively wet Wimbledon fortnight ended, with nearly 200,000 servings of strawberries having been eaten, global equity markets were in no mood to be dampened with the MSCI All Country World Index up +1.1% in Sterling terms. Asian equity markets led the charge with MSCI AC Asia Pacific ex-Japan Index up +3.7% for the week, closely followed by Continental Europe with MSCI Europe ex-UK up +3.6% for the week. Japan was the laggard, as MSCI Japan fell by -0.3% over the week in Sterling terms.
The UK FTSE All Share Index was up a healthy +2.6% over the same period, despite news that UK GDP had contracted 0.1% in May. This data was marginally better than expected and came alongside other data showing that UK wages grew faster than expected in the three months to May. The inflationary impact of these wage hikes fuelled further fears of more interest rate rises in the UK and helped push Sterling up to more than $1.31 against the US Dollar. It’s hard to believe this exchange rate was just $1.07 in September of last year.
Conversely, in the US we saw further signs that inflation there is coming under control. The annual inflation rate in the US fell to 3% in June, which was below expectations and the slowest increase since March 2021. This has sparked some speculation that the Federal Reserve could soon be done with its interest rate tightening cycle, although policy makers are saying they are open to further action.
The technology dominated Nasdaq Index in the US crept up another +1.2% over the week, taking its rise to an astonishing +31.1% for this year so far in Sterling terms (and +42.9% in US Dollar terms!). As discussed here previously, this rise has been driven by the six largest index constituents, namely Apple, Microsoft, Amazon, Alphabet, Tesla and NVIDIA. So dominant has their collective size become that Nasdaq announced last week that it would be undertaking a “special rebalance” to redistribute some of their index weightings to smaller constituents, cutting their combined weighting from over 50% of the Nasdaq Index to just 40%. Clearly, this will have implications for the hundreds of billions of Dollars that are invested in ETFs and index funds that track the Nasdaq Index, but it remains to be seen if this will have any impact on the relative performance of the Big Six going forward.
Any opinions stated are honestly held but are not guaranteed and should not be relied upon.
The information contained in this document is not to be regarded as an offer to buy or sell, or the solicitation of any offer to buy or sell, any investments or products.
The content of this document is for information only. It is advisable that you discuss your personal financial circumstances with a financial adviser before undertaking any investments.
All the data contained in the communication is believed to be reliable but may be inaccurate or incomplete. Unless otherwise specified all information is produced as of 17th July 2023.
© 2023 YOU Asset Management. All rights reserved.