Luxembourg newsflash — 26 March 2014: no VAT on management services for DC pension schemes

On 13 March 2014, the Court of Justice of the EU (ECJ) delivered a judgment in the ATP Pension Service A/S case (C-464/12) ruling that the management and administration charges of defined-contribution (DC) pension schemes may be exempted from VAT.

In accordance with this judgment, DC pension schemes may be regarded as ‘special investment funds’ because the risk of return on the collective investment is borne by the employee. In this respect, the ECJ identified three criteria to qualify DC pension schemes as ‘special investment funds’: the DC pension schemes must be funded by the persons to whom the retirement benefit is to be paid; the savings are invested using a risk-spreading principle; and the investors (i.e. the employees) bear the investment risk…

Click on the link below to read the rest of the Arendt & Medernach briefing.

Sign in or Register to continue reading this article

Sign in


It's quick, easy and free!

It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.

Register now

Why register to The Lawyer


Industry insight

In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.


Market intelligence

Identify the major players and business opportunities within a particular region through our series of free, special reports.


Email newsletters

Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.

More relevant to you

To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.


41A, avenue J.F. Kennedy

Turnover (€m): 99.00
Jurisdiction: Luxembourg