Canadian Pension Fund Benefited From Luxembourg Tax Arrangement, ICIJ Says

Pension Board Used Shell Companies in Luxembourg on German Deal, According to Document

The pension fund’s beneficiaries include the Royal Canadian Mounted Police.

Among the hundreds of businesses whose tax-avoidance schemes in Luxembourg came to light Thursday is one unlikely suspect: a Canadian government-controlled entity.

The Public Sector Pension Investment Board, a Canadian crown corporation that manages $94 billion in pension assets for the country’s civil servants, used a complex series of shell companies in Luxembourg to avoid paying taxes on a major German property deal in 2008, according to documents published online by the International Consortium of Investigative Journalists.

Tom Fairless at wsj.com

Federal pension board used offshore 'scheme' to skirt foreign taxes

Here again is further evidence that shareholders, the public sector workers who invest in these pensions need to control the board of directors and the ethical investment principles and  ecology of their pension funds. ewp