LUXEMBOURG- Luxembourg’s ministry of finance has granted the tyre maker Goodyear a licence to launch the country’s first insurance-based pension fund.

Goodyear has confirmed it has already established the company that will ultimately run the new insurance pension fund.

A spokesman would not disclose specific details of the eventual fund only to say that it will cover Luxembourg-based employees and will be operational within the next three months.

Claude Wirion at the Commissariat aux Assurance (CAA), Luxembourg’s insurance regulators and the organisation that prepares the applications, says it has been working with Goodyear on the project for some years.

Approval by the finance ministry is the latest in a spate of licences granted to banks and companies wanting to take advantage of the Luxembourg’s latest pension vehicles.

Although the Commissariat aux Assurance and the CSSF, the body regulating ASSEPS and SEPCAVs, are processing numerous applications, it has taken longer than anticipated to get them off the ground.

Wirion says the Commissariat has a number of further applications for insurance pension funds in the pipeline although he refused to specify how many.

Progress of Insurance-based pension funds has lagged that of the ASSEP and SEPCAV largely because the CAA secured a grand Ducal decree about a year after the others were made available in 1999.

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