- Rechtbank Gelderland held that Stichting X does not qualify as a common investment fund because participants do not bear investment risk.
- The pension benefit is a fixed norm pension, only conditionally adjustable, and is not directly linked to actual investment returns; the indexation follows CBS wage indices.
- The investment returns play only an indirect and limited role in determining pension rights and benefits, despite an expert report showing returns finance a large share of payouts.
- As a result, the VAT exemption for management of common investment funds does not apply to the outsourced asset management services.
- Stichting X’s objection to the reverse-charged VAT payment on those services was rejected.
Source: taxlive.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.
