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Pensions Expert About Pensions Expert Informing scheme decisions Magazine Circulation 7,984 * Pensions Expert is the leading provider of essential content for pensions professionals, with a diverse portfolio of products to suit readers’ information needs. The monthly magazine provides in-depth analysis, case studies and special reports with pensions-expert.com providing all of the daily news from around the industry. We aim to: • Provide relevant and insightful case studies with comment and analysis • Offer practical guides to the latest regulatory changes and detail how they are being managed • Present and interpret the latest investment and administrative data * (2018 - 2019) ABC audited
Pensions ExpertAudience Pensions Expert Audience FTSE 100 Pensions Expert takes you to the key decision makers within the UK workplace pensions industry. By going out to plan sponsors of the country’s Top 50 leading schemes we take you to the heart of the schemes pensions debate. We reach: 80% of FTSE 100 schemes Top 100 schemes 93% of the UK’s top 100 schemes 88% of the top 300 schemes Top 200 88 of the country’s 89 LGPS schemes Top 300 schemes LGPS 0 20 40 60 80 100
Pensions Expert Audience Pensions Expert Audience What is the total value of pension funds Avg. defined pension contribution: Avg. defined pension benefit: that you have responsibility for? £137million £335million Which of the following subjects are you most interested in reading about in Pensions Expert? DB 60% 29% 7% 2 2 Law & regulation 51% 33% 12% 3 2 Governance 42% 34% 15% 7% 2 Investment 38% 48% 10% 3 1 Case law 36% 41% 14% 5% 4% DC/AE 36% 38% 20% 4% 2 Policy 31% 49% 13% 5% 2 ESG 20% 32% 28% 14% 6% Lifetime savings 13% 40% 25% 17% 4% Very interested Somewhat interested Neither interested or uninterested Somewhat uninterested Very uninterested Source: Pensions Expert Survey 2018
Pensions Expert Advertising Options –Online Pension Expert Editorial Synopsis News analysis Scheme news roundup Pensions Expert has always been differentiated Deeper analysis of the most important news A digest of shorter news pieces rounding by the depth of its analysis, but the shift to stories, and their broader implications for up the month’s can’t miss stories. a larger monthly book will allow even deeper pension schemes. analysis of the big issues affecting pension schemes to offer trustees even more useful Cover feature insight to make better scheme decisions. Comment PE’s new monthly format will allow the editorial A new premium design will match its • Editorial: An introduction from PE’s editor team to explore many of the bigger picture sophisticated agenda- leading content, with issues affecting the pensions industry • Lead comment: Regular thoughts from a a more visual style building on the existing and retirement. major figure within the pensions industry infographic approach. • Regulatory and policy comment: Views from regulatory experts, at the Roundtables Financial Conduct Authority and the Sponsored features bringing together scheme Pensions Regulator, for example, as well as trustees and other industry experts to discuss comments from government ministers on key themes, with a newly introduced premium latest policy updates design and more narrative-led editorial style • Industry comment: Leading pensions (see schedule). industry figures including consultants and professional trustees discuss key themes around policy and practice
Pensions Expert Advertising Options –Online Scheme Management Case Studies Data Spotlight Global spotlight Pensions Expert is best known for its case A look at interesting 3rd party and proprietary A look at what’s going on with pensions studies, which delve into the detail of managing FT data sets to deliver insights to support trus- schemes around the world, identifying further pension schemes to offer industry insight with tee decision-making through visualisation and examples of best practice to inform UK trustees the trustees reading PE. Case studies will be cutting edge data journalism: and policymakers. split into the following sections: • Data Crunch: as per the current feature, • Investment: How trustees are selecting insights from the best 3rd party data People/Noticeboard investment providers, determining asset allocations, and managing decisions around • Mandatewire data: a look statistical insight The latest people moves from the pensions active vs passive/factor investing. gleaned from trustees via PE’s sister title, industry, as well as key pensions dates and MandateWire the latest industry trustee events in • Administration: How trustees are dealing conjunction with the Pensions and Lifetime with the day-to-day management of schemes, Savings Association. including communications, online platforms, transfers etc. • Regulation/governance: How schemes are managing the ever-changing regulation affecting pensions, keeping up to date with the latest legal precedent, and ensuring best practice for the governance of schemes. • DC Spotlight: A specific look at the increasingly-important world of defined contribution pensions.
Pensions Expert Briefings Sole Sponsored Round Tables Suggested topics: Pensions Expert Sole Sponsored Round Tables are a powerful tool Month Topic to position your brand as a thought leader on any given topic. February Defined benefit - bulk annuties/consolidation Similar to our Executive Round Tables, Pensions Expert will recruit leading March Fixed income industry figures to take part in a debate about a theme of your choosing DC Debate Q1 (in consultation with Pensions Expert). April Equities May Fiduciary management However, this will be an on-the-record discussion and will be used June DC Debate Q2 to create an in-depth feature in Pensions Expert, carrying your branding, Emerging markets and accompanied by a full page advertisement. July ESG August Alternatives Price - £18,000 September DC Debate Q3 Administration October Defined benefit - actuarial/ funding/covenant November DC Debate Q4 Smart beta December LDI and DB investment
Pensions Expert Advertising Options - Online Sponsored Features Suggested topics: Pensions Expert ‘Sponsored Features’ are in depth, technical articles Month Topic focusing on core investment, governance and administrative themes related to UK pensions schemes and their members. They offer our advertising February Defined benefit partners a prime opportunity to position their brand and ‘own’ the editorial March Alternatives themes directly related to the brands core themes. April Emerging markets May Administration Sponsored features run over a double page spread in the magazine with June DC 1.5 pages of editorial and either a half page comment piece or advert from July LDI and DB investment an advertising partner. August Smart beta September DC October Fixed income 12 Pensions Expert 12.02.2018 12.02.2018 Pensions Expert 13 November Fiduciary management Feature Communications ESG In association with Breaking the habit: Can life December Defined benefit “It’s at that stage that the adjusted to the needs and habits Create ‘a big red button’ appropriate information will of different scheme populations. Karen Partridge, head of client As people get flash up on the screen. It needs to But he echoes Silcock’s views services UK and Australia at older they are be simple, accessible, timely,” says on using the power of social communications specialists events make people more Wagstaff. norms, citing peers as big AHC, says she thinks people can more inclined to But while he believes influencers, particularly for be influenced if spoken to at the take decisions behavioural interventions can young people. right time. work well in the accumulation “They’re not going to do it in However, not all schemes or engaged with pensions? based on gut feel phase, this approach is less isolation. They’re much more even employers have sufficient Chris Wagstaff promising for decumulation likely to do it if they discuss it at data to indicate that a life Columbia Threadneedle decisions. the company, talk about it at the change is happening for a Investments “As people get older they are workplace,” says McPherson. member. more inclined to take decisions Giles Payne, a client director And even where it is available There is growing support for using life events based on gut feel,” he says. “They tend not to take advice very well, at Capital Cranfield, says one of his schemes is looking at video “it’s not always easy to define appropriate intervention points, to teach people about pensions, but humans and tend to shy away from technologies.” benefit statements. Another has chosen to use regular bullet because it’s more about people’s point of realisation”, says could be even more stubborn than we thought So what should you do? With little evidence of the impact point information, the idea being that if members are given “a number of bite-sized snippets Partridge. The key to reaching people is making it easy to follow up with of using life events to impart on a regular basis it becomes less action. pensions nudges, what can those worrying”. “You can get their attention, By Sandra Wolf for example when a child arrives. without support, the outcome can working for schemes do to A third approach is the but for them to take action you Would you be interested in Other events, including marriage, be bad.” improve saving levels? creation of focus groups, whose have to make it easy,” she says. reading about your pension if you were simply not associated with The PPI’s policy input was It’s very trendy Neil McPherson, managing members influence the For example, she adds, had just started a new job? What if you had just got married – or thinking about future finances. “To make the next step towards taken on board by the Pensions and Lifetime Savings Association, right now to director of professional trustee company Capital Cranfield, says workforce and spread the news, and can give information when members could be given a simple way to trigger a process divorced? successfully using life events for which in its ‘Hitting the Target’ think we can for reaching scheme members it asked about pensions. This whereby they increase their Engagement is still a major stumbling block in pension pension communication, more research is required,” the paper consultation asked the industry to identify the most effective fix everything is not just timing that matters; the medium also has to be approach, used at factory sites, is the most successful, finds Payne. pension contributions with the next pay rise. saving, but in July last year, a concludes. ‘teachable moments’. with behavioural concept long known to Still, its EU, engagement and intervention Comment Pensions engagement psychologists entered the Behavioural intervention regulation policy lead James pensions sphere. The Pensions ‘useful but not a panacea’ Walsh finds it is early days to say Daniela Silcock, PPI Policy Institute published a While the jury is still out on the with confidence that the report that looked at the idea that merits of using life events for teachable moments theory works. Matthew Blakstad people could be more receptive upping engagement, most seem He suggests people should be to teaching during big life to agree that there is room for subject to a regular financial Is the key to moment’. To find out more, we cases more frequently than the schemes often do not know much changes. improvement. review, which could be linked to worked with Maastricht University engaged savers. more than a saver’s date of birth, These include starting PPI head of policy research changes in their circumstances. university or a first job, buying a Daniela Silcock says pensions engagement to carry out a series of in-depth interviews with industry experts So why did certain life events supposedly trigger engagement address and income. And some life events, like marriage, divorce house, or getting married. Young adults are most likely to communication is still quite basic. Marked down for comms The teachable moments idea can life events? and pension savers, as well as an online questionnaire completed by Nest members. from some savers but not others? It could be that there is another variable at play. The two research and childbirth, are harder to identify or can only be detected after the event has taken place. experience such moments, the “If you look at reality, a lot of work, says Chris Wagstaff, head Imagine you have just bought a So what did we find? Engaged groups differed by age and gender, In these circumstances,‘big data’ paper said. communication is based on letter of pensions and investment savers confirmed that certain so it could be that one of these could provide a solution. But house. It is an event that makes us More recently, mastertrust writing, and that’s difficult to do education at Columbia all think about our finances. How life events had made them think characteristics impacted the would savers be appreciative of Nest, Maastricht University and in a way that reaches a lot of Threadneedle Investments, but much will our monthly mortgage more about the future and their effect of the life event. a tailored communication during Dutch thinktank Netspar people,” she notes. stresses that timing needs to be repayments be? How much will finances, and in some cases had The effect of any life event can their life event or concerned that conducted a survey on the topic. While she highlights the power spot on. Humans are creatures of that leave us for other expenses? prompted them to increase their be complex. They can increase ‘big brother’ is watching them? However, the report authors of social norms, and how these habit, he notes. With finances at the front of our pension contributions or switch mental and emotional load and Do life events hold the key to minds, would a letter about our funds. In particular, starting a new encourage short-term focus on pension engagement? We need to found the responses on whether can be used to nudge people into “The evidence is that it’s very pension make us stop and act job, becoming a parent and buying urgent needs rather than on long- look more closely at their impact, life events make people think certain behaviours, she also difficult… to teach people later in now? Or would the many extra a house were said to have had the term planning and pensions. the reactions they trigger and their about their finances are mixed. stresses the limits of nudge life what are quite deeply tasks involved with moving house strongest effect. On a practical level, if life events relation to pension and long-term They stress that several hurdles theory. ingrained behaviours,” he says. leave us with very little spare time These were encouraging do make us more receptive, how planning behaviours. While this need to be overcome to use such “It’s very trendy right now to The only way to make them to think about a long-term goal findings, but as we dug deeper could pension providers use research suggests there may well events for pensions think we can fix everything with rethink their usual behaviour is if over a short-term priority? we found reasons to doubt them. these ‘teachable moments’ to be a link, this new evidence is one Researchers have identified a When we conducted the same engage savers? One of the main more piece of a larger puzzle. communications. behavioural intervention,” she they are given information at number of life events that could research with a group of passive challenges would be detecting the In fact, in some cases life events says, but: “It’s important to precisely the right moment. He savers, the findings revealed that life event with enough accuracy create a range of reasons to think could even have a negative effect understand that they are a useful says this is best done online, about our finances and the future, they had also experienced the to effectively time the delivery Matthew Blakstad is head of on ‘teachability’ as the change tool but not a panacea, and can be through decision trees or similar and in turn lead to a ‘teachable same life events and in some of tailored communications. UK Nest Insight research introduces stress to people’s lives, dangerous. If you nudge people tools.
Pensions Expert Debates Virtual DC Debates 16 Pensions Expert 29.05.2017 The DC debate – Part one 18 Pensions Expert 29.05.2017 Pensions Expert’s Virtual DC Debates offer your brand the chance to From left to right The DC debate Neil McPherson Managing director, Capital Cranfield give their considered opinion on a series of questions, posed by the Editor. generally outperform over 10 An ESG risk map for a typical default fund John Reeve Director, Cosan Consulting years plus. Equity investment in the accumulation phase is Simon Chinnery Head of DC client solutions, Legal & General Investment Management entirely appropriate. 12 Andy Dickson Investment director, Standard Life Investments Indeed, in the early stages of Human capital Laurie Edmans Trustee chair,Trinity Mirror Pension Plan the member’s DC journey, the Business ethics 10 Laura Myers Partner and head of DC investment, LCP risk is not taking risk. Investing Data privacy and security too heavily in capital protection Per cent of default fund exposed Alistair Byrne Head of European DC investment strategy, State Street Global Advisors Product safety strategies in the early stages 8 arguably poses more risk to Sponsors are given six topical questions to answer, such as ‘How should pension wealth than an equity- 05.06.2017 Pensions Expert 13 6 based approach. The DC debate Community Water use Effluents and waste Energy and emissions Myers 4 relations Bear markets are inevitable, Healthy and safety default funds be adjusted to take into account possible market effects Does auto-enrolment need to be extended? Physical Healthy living and we would all love to have a climate crystal ball to be able to know 2 impacts Sustainable products when the next crash is coming. Chinnery businesses that start up from AustraliaBut trustees – that should not make UK state Human rights 0 We need to keep to the plan as October 1 2017, the employer pensions short-term decisions; the are not means-tested from Brexit going forward?’. 0 5 10 15 20 25 there will always be reasons to duty will be instant, meaning investment when others are. strategy should be My fear is Number of industries exposed set with a long-term time chop and change. Eight per cent that finally, providing pensions is not going to lead to a for employees is part of In terms extending of coverage, horizon. auto-enrolment to that when sufficient replacement rate, but ‘business as usual’ and many people who Therefore, are ostensibly to ensure self- our people begin Source: ‘ESG risk in default funds: Analysis of the UK’s DC pension market’ – PLSA/Sustainalytics we need to at least get auto- enrolment to that number first. millions more will be saving for retirement. employed,members but areget retirement, employees, feels right, an adequate really a significant but to retire and Edmans conservative investment proportion compelling of the default the genuinely take benefits, self- needs If I knew when the next crash strategy. McPherson Byrne employed to be is doubtful. the inevitable invested in equities. If you was coming, I would be George I have seen some excellent There is little Should more default funds incorporate environmental, social No. That lemon has been Yes, we need to think about how look at long-term data, during Soros. Unless the relative disappointment work from trustees who have evidence that The answers provided by each sponsor are then published in Pensions squeezed dry. Anything further the self-employed and those Reeve the past century UK equities returns of the last 100-plus created ‘segmented defaults’, the inertia and governance criteria? would need a mandatory system with multiple jobs that in run through the state. aggregate exceed the earnings We need have live in aannual producedthat to recognise political return an average we that is about 4 environment real at what they get years change for a prolonged period, it will only have been a which meet the needs of different populations. These which applies to threshold can be included. Both perwill where this centonly higher happenthanifgilts it or will undermine mistake to be in equities if, can be targeted at those most Myers cashtoreturns. of these groups will benefit from can be sold the voters. In the auto-enrolment after a crash, many members likely to benefit from the getting members Simon Chinnery Neil McPherson the Yes, investment strategies are into pension Expert and on pensions-expert.com, presented in a conversational, ‘virtual the scope of auto- help to save. As equities are current environment volatile, the it seems discontinue contributions as a specific strategy segmented by Yes. The Pensions Regulator Many schemes have designed to beneeds long-term to be and forever; I hope I expects trustee boards to take incorporated ESG, and ESG enrolment there is building broadened evidence by phasing outthat the The reason why We should also consider whether the earnings threshold unlikelykey welcome that time, isvoters to usewouldthem at the right when a member an extension result – and in the process also am wrong of auto-is young, lose their employers’ age, pot size and even salary. schemes is account of any risks that could principles are (or should be) companies qualifying that are well-run earnings lower limit many trustees – which has risen with changes enrolmentso they evenhave withtimethe to benefit contributions, tax and national John Reeve, Cosan Consulting Dickson suspended when affect long-term sustainability hardwired into the investment andand have strongtrigger, earnings ESG practices so in tax policy – is at the right have not fromofa ‘more expectation potential rebound tomorrow’ . in the insurance relief. A key responsibility for trustees fund values debate’ style. These are promoted heavily via email and advertisements. of their investments. If 90 per process of most leading fund haveultimately a better all employees chance of are level. But the principle of not market With salary cycle. limited, increases This concern led to the is to regularly review default cent of defined contribution management firms. There is auto-enrolled sustaining and allsuccess long-term earnings considered ESG enrolling those on very low people will not welcome a original investment approach strategies to make sure they are fluctuate will qualify for pension earnings, whose contributions further Byrne deduction from their at Nest, which I supported as a appropriate. Given equity assets are in a default, then widespread confusion between and profitability. trustees have a fiduciary duty of ESG and ethical principles. contributions. Historically, it has been a is a false belief would be minimal and who may take-home We canpay. be fairly certain that trustee. There is little evidence valuations and the geopolitical Laurie Edmans, Trinity Mirror Pension Plan Also, to ensure members get a have better current uses for the there will be for another auto-crash at yet, from minor perturbations climate, this is making this task care to ensure their members They are not synonymous. commonly retirement heldthatbelief is adequate, that it is an that ESG money, remains a good one. We need enrolmentsome a period to point, so it isand settle down important in the market, that the inertia ever more important. are invested in companies that are best equipped to create The perception is that ethical funds underperform and the strategies did not contribution deliver a true ratesnecessarily financial increase significantly. need to benefit, Edmans issue for asset to protect for the planned when it members’ increases does work through. Once this has to savings eventually come. which applies to getting members into pension schemes I am not going to speculate on when the next crash is coming, resilient and long-term growth. Cowan v Scargill case from but the tide is Having definitely said managers rather that, we should be Extension of coverage or of happened,Equities are thecan and if people main see engine is suspended when fund values but I think DC plans that rely Employing ESG is about risk 1985 – interpreted as requiring proudWe turning. of what are auto-enrolment seeing than trustees contribution rates requires of growth the benefits, then andperhapsplay they an fluctuate. And to put money heavily on equities in the The Pensions Expert Virtual DC debates are published four times each mitigation, regulatory trustees to put performance has achieved significantly nowschemes more the gradual looking at peoples’ lives important will be better able to part in DC defaults, accept into government bonds now – accumulation stage should butMy it isfear important to balance given current interest rates – re-examine their approach. Any compliance, strong governance above other considerations – roll-out include ESGis coming credentials in with holistically, to an end, John Reeve, not just through Cosan a Consulting increases. is that when all those businesses with pay-as- pensions lens. that with people begin diversifying to retire and takeassets. would seem fairly unwise. ‘mistake’ in managing and sustainable returns. This is has dampened appetite. their manager selection process Some schemes will have you-earn schemes that existed Most analyses of contribution benefits, the inevitable investment risks will be borne not value destroying, as has But ESG, done well, offers andbefore ask managers April 2012to report exposure at towhat DGFsthey that can Reeve by the DC member, and year (February, May, September and November). now having adequacy look only at resources disappointment historically been the charge alpha opportunities for default regularly passedon how their theydate. staging are labelled ‘pensions’ and, even get willswitch undermine between auto- asset classes, If I knew the answer to this I research by Nest has shown that against ESG, but value funds. ESG is a broad church, tackling Thesustainability Pensions Regulator risks.made then, fail to acknowledge – for enrolmentandfothers orever;may I hope useIvolatility am would not be here, I would be participants suggested they enhancing. and definitions are key to Trustees should clear recently thatalso ensure for new example, in comparisons with wrong. management techniques on a beach. The problem is that would stop contributing after The funds they choose within determining which sect to join. they select managers with overlaid on the equity portfolio. the apathy of members means a experiencing – and noticing – a default should have defined These should be clear to Workplace strong stewardship DCpractices by scheme – members in 2016 and 2030 Most schemes will use some default has to meet the needs of losses. This is not a new form of glidepath to reduce the a diverse population; those phenomenon – as Mark Twain ESG criteria. More can and members through the statement suchByas voting at annual 2030 there could be around 7.2m members of mastertrust schemes equity exposure for members with the time to ride out the said: “I am more concerned should be done to provide of investment principles and meetings. closer to retirement, where a rise and fall of the market, and about the return of my money clarity for trustees on scheme communications. On the investment manager crash can do the most damage. those who want a more than the return on my money.” Each sponsorship includes one full page advertisement in Pensions Expert. definitions and terminologies, side, much is being done to Existing DC but active engagement with Laura Myers improve the way ESG issues are schemes 2.1 million members and providers should Responsible investing makes a taken into account, Existing DCboth in schemes always be encouraged. lot of sense for DC schemes, as mainstream3.8funds millionand in new Mastertrust schemes 4.8 million Mastertrust 2016 2030 schemes 7.2 million Other auto-enrolment Other auto-enrolment DC schemes DC schemes 5.4 million 4.8 million Source: PPI aggregate model Price - £6,000 per quarter
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