- The case concerns whether the management of a pension fund qualifies for the Dutch VAT exemption for collective investment funds.
- The fund is not an UCITS, but it is undisputed that it is financed by pension beneficiaries and invests with risk spreading.
- The only dispute is whether the participants bear the investment risk; the burden of proof on this point lies with the claimant.
- The court waited for a CJEU ruling, which held that participants in a pension fund only bear investment risk if their pension amount depends primarily on investment returns.
- The CJEU also said that years of accrual, temporary interruption of accrual, and whether the risk is borne individually or collectively are not relevant to that assessment.
Source: uitspraken.rechtspraak.nl
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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