- A beroepspensioenfonds with a career-average scheme does not qualify for VAT exemption as an investment fund because participants do not fully share in investment risks. The court ruled that the pension rights and benefits are not primarily dependent on investment results, as they are largely predetermined based on pensionable income and years of service. The pension fund is not comparable to a Defined Contribution (DC) fund, where participants directly experience the full impact of investment fluctuations.
Source: taxence.nl
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