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Deutsche Bank has created two Luxembourg cross-border asset-pooling vehicles for its group pension assets and intends to make the funds available to client companies. The two funds are a SICAV for fixed-interest investments and an FCP for equities. Deutsche Group is in the process of transferring its German pension assets to the Luxembourg pooling structure and may then add the assets from its plans in the UK, Switzerland, Belgium and the Netherlands. Companies intending to take advantage of the pooling structures will still need to set up a funding vehicle for the underlying pension liabilities (such as a local pension fund or trust, local balance sheet provision or other arrangement). The move by Deutsche Bank gives an indication of where the Luxembourg pension fund industry may develop...
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