IRELAND - Ireland has taken a significant step towards establishing an international centre for pooled pensions by becoming the first European Union country to consolidate its UCITS structures.
From now on UCITS (Undertakings for Collective Investment in Transferable Securities) can now be set up under corporate, trust and contract structures. UCITS is the name given to the various types of pooled fund which exist across the EU.
The move was unveiled at the DFIA/NICSA Sixth Annual Global Fund Conference in Dublin, where Irish deputy prime minister, Tanaiste Mary Harney, signed legislation permitting a Common Contractual Fund structure (CCF) and transposing the amending UCITS Product Directive into Irish law.
Commenting on the development, Gary Palmer, chief executive of the Dublin Funds Industry Association, said: “These timely developments re-enforces Ireland’s commitment to remain at the forefront of the international investment funds arena and yet again demonstrates the mutual benefit of the government agencies, the regulator and the industry working together.”
The new CCF structure follows on from a provision in the Irish Finance Act 2003 which allows the structure to have a transparent tax position.
It is hoped that the availability of the CCF will attract multi-nationals which operate pension schemes in several jurisdictions.
With Brexit talks breaking down late on Sunday night in Brussels over the Irish border, investors may be wondering how to best navigate the next few weeks and months. Our assessment is that a number of UK assets have already priced in a significant chance...
Pension freedoms could generate as much as £1.9bn a year in tax revenue for the next 10 years, according to research by the Pensions Policy Institute (PPI).
The Pension Protection Fund (PPF) has conceded it does not have "all the data we need to calculate" the impact of last month's ruling that some benefits may be unlawful.
A looming court decision on gender equalisation of pension schemes could hit FTSE 100 profits by up to £15bn, Lane Clark and Peacock (LCP) says.