- ECJ considered whether Dutch pension funds qualified as ‘special investment funds’ (SIFs)
- Pension funds must be comparable to UCITS to qualify as SIFs
- Investment risk borne by members must be comparable to UCITS investors
- Benefits must depend primarily on investment performance
- National court to assess if members bear sufficient investment risk
- Principle of fiscal neutrality requires comparison to other SIFs by EU member states
Source: taxscape.deloitte.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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