- The case involves a dispute over whether a pension fund qualifies as a common investment fund, specifically if participants bear investment risk.
- The court ruled that the pension fund cannot be considered a common investment fund.
- It was not proven that pension rights and payments depend primarily on investment results.
- Participants do not bear investment risk, and the fund is not comparable to other funds classified as common investment funds.
- The appeal was dismissed.
- The European Court of Justice clarified that participants bear investment risk only if pension amounts depend primarily on investment results.
- Factors like the duration of pension rights accumulation or interruptions are irrelevant.
- Relevant factors include whether the risk is borne individually or collectively and employer guarantees, but these are not decisive.
- A pension fund not classified as a collective investment in securities must be compared to similar funds for exemption eligibility.
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.
