Master custody - pension pooling: The service provider helps establish, and administers, pension pooling arrangements. These typically involve a multinational group having its varous country pension plans hold units in a series of investment pools (each having distinct investment objectives) as a means of achieving economies of scale over the traditional arrangement of each country's pension plan investing independently. The service provider will provide reporting at the level of the investment pools and the pension plans. It will be desirable for the structure to be transparent for tax purposes, in order to avoid losing the tax advantages of each pension plan. This could be achieved by virtual pooling (if wider legal and regulatory issues permit) or by using a legal vehicle (for example, a Luxembourg Fond Commun de Placement which provides a low-cost environment and, subject to gaining requisite tax opinions/rulings, is generally considered a "look-through" vehicle for tax purposes).

relating to Global Custody:

Master custody - proactive reconciliation across multiple managers
Master custody - consolidated reporting
Master custody - master trust
Master custody
Master custody - prime custodianReporting

Master custody - pension pooling at Service Matrix:

http://www.globalcustody.net/perl/servicematrix.pl?servicejump=126,112,123,122,127&Country=default

Master custody - pension pooling in our glossary: terms and definitions

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