GERMANY/IRELAND - Peter Hadasch (pictured), member of the board of the Nestlé's  €1.2bn German Pensionskasse is considering swapping Dublin for Germany as the domicile for his fund's assets. (updated with new quotes from Hadasch)

Speaking at a conference organised by Universal-Investment in Frankfurt on Wednesday, Hadasch compared Dublin, where the fund's assets are currently domiciled, with Frankfurt as a potential new home for the fund.

"I would love to decide for Frankfurt, and we are very close to being able to make the decision of moving to Frankfurt," he told delegates.

Hadasch, also chairman of the board of the German Association of Corporate Pension Funds (VFPK), however said that Germany still has to work on its tax laws, as tax neutrality of a pension domicile is vital.

Moreover, Irish or Luxembourg pooling instruments open the market and are an attractive tool. Germany should consider this more closely, he warned.

Hadasch outlined that a multinational like Nestlé needs a flexible legal framework for its various pension vehicles that leaves the company free to adopt its own investment management approach.

"We, or our fund provider, need more freedom to act," he said, adding that the tax identity and an international legal framework are very important factors for his fund.

"The place of the domicile itself does not matter as much, it could more or less be considered as a virtual instrument," concluded Hadasch.

In an e-mail comment, Hadasch added today however: "Neither I, or Nestle are currently thinking about a new ‘home' for our pooled assets in Dublin. What I said related to the question if Germany as a location for international pooling arrangement is becoming more attractive."

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