DIPS takes compartment route
Dexia Insurance & Pension Services (DIPS) has launched a multi-compartment ASSEP, Dexia Pension Fund, to provide supplementary pensions for Dexia Group’s 3,000 Luxembourg-based employees.
Dexia established DIPS last year to launch the fund and to act as a conduit through which to channel the group’s various activities.
The ASSEP offers both defined contribution and defined benefit arrangements and, although it was launched to serve the Luxembourg employees, the independent compartments allow for the launch of funds for other local and foreign companies.
“It is appealing for companies to take a compartment as it is very expensive to set up an ASSEP. Medium-sized companies can automatically have a pension fund if they decide to take out a compartment,” says spokeswoman Anne-Helene Kieffer.
Dexia AM will provide investment management and Dexia Insurance & Pension Services and Dexia Fund Services will help run the scheme.
Kieffer says a second compartment for a Luxembourg company will be launched in March.DIPS is also negotiating with four additional companies, among them multinational subsidiaries, that are considering taking a compartment.