Including: ITALY/FINLAND - EC launches action over dividends; UK - Pensions Regulator publishes 2006-07 report; CANADA - Université du Québec appoints RBC Dexia; BRAZIL/CANADA - OTPP buys into mining company
ITALY/FINLAND – EC launches action over dividends
The European Commission has reportedly sent letters of formal notice to the Italian and Finnish governments over the higher tax rates charged on company dividends paid to foreign pension funds.
It is claimed the rules discourage foreign investors from investing in Italian and Finnish companies.
UK – Pensions Regulator publishes 2006-07 report
Some 52,745 enquiries were received by the Pensions Regulator’s (TPR) customer service support centre in its second full year of operation, show the 2006-07 report.
Also in 2006-07, TPR received 1,233 whistleblower breach of law reports, 640 notifiable events and 874 clearance enquiries.
CANADA – Université du Québec appoints RBC Dexia
The C$2.3bn Université du Québec Pension Fund has appointed RBC Dexia Investor Services as custodian and securities lending provider.
BRAZIL/CANADA – OTPP buys into mining company
The Ontario Teachers’ Pension Plan has agreed to buy a 15% stake in Rio de Janeiro-based mining company, MMX Mineracao e Metalicos SA.
The stake, worth US$185m, is for non-voting shares in MMX’s transportation unit.
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.
Dutch custodian KAS Bank has created a fintech solution to help schemes save on costs and improve transparency of currency hedging strategies.