Skandia wins final ruling by Supreme Administrative Court in Pan-European Pensions case

Skandia wins final ruling by Supreme Administrative Court in Pan-European Pensions case The Swedish Supreme Administrative Court has now announced its ruling on the so-called Pan-European Pensions case, which concerns the right of employers to deduct premiums for occupational pension plans taken out with insurance companies in other EU countries according to the same rules that apply for deduction of premiums paid to domestic insurance companies. In its ruling, the Supreme Administrative Court supported Skandia's position entirely and thereby also the pre-ruling made by the European Court of Justice in June 2003. The Supreme Administrative Court ruled that it is incompatible with EU law to deny immediate deduction for occupational pension premiums paid to insurance companies in other EU countries. The same tax rules shall thus be applied regardless of whether an occupational pension plan is with a domestic insurance company or an insurance company in another EU country. Commenting on the ruling, Skandia's General Counsel, Jan-Mikael Bexhed, who has pleaded this case in all instances since 1999, said: "This ruling is important for Skandia. The principles that it lays down will apply throughout the European Union. It entails that new, interesting business opportunities will be opened for Skandia over the long term." For further information, please contact: Jan-Mikael Bexhed, General Counsel, tel. + 46-8-788 25 00 Gunilla Svensson, press manager, tel +46-8-788 42 97 ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2004/05/05/20040505BIT00400/wkr0001.doc http://www.waymaker.net/bitonline/2004/05/05/20040505BIT00400/wkr0002.pdf