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Impact Investing

IPE special report May 2018

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Ireland legislates for pension pooling

IRELAND – The Irish government is preparing legislation to provide the framework for asset pooling by pension funds.

The move comes with the publication today of the Investment Funds, Companies and Miscellaneous Provisions Bill 2005 by trade minister Michael Ahern. It provides for a new investment vehicle called the non-UCITS CCF, or Common Contractual Fund.

“The legislation will provide the legislative framework for an Irish authorised and regulated investment fund structure which will allow for the pooling of assets by institutional investors,” the ministry said in a statement.

The government indicated in February that it was planning to launch a general version of the tax-transparent CCF that was not confined to UCITS regulations. The CCF is an investment vehicle that was introduced in 2003 to enable an internationally recognised pooled pension structure. The market had wanted it extended.

The government says multinational companies operating several different pension schemes would be able to make cost savings through economies of scale.

“These savings include a reduction of management fees, administration costs and custodian fees,” it said, adding pooling allows smaller funds to diversify their risk over more managers.

“The bill is further evidence of the continuing evolution of Ireland’s legal and regulatory environment responding to and anticipating the needs and trends of the global funds industry,” said Dan Morrissey, chairman of the Dublin Funds Industry Association.

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