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26 Oct 2020

Pension fund management services provided to defined benefit schemes not exempt from VAT

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The Court of Justice of the European Union (CJEU) has put an end to any suggestion that pension fund management services provided to occupational pension schemes are VAT exempt on the basis of an insurance exemption.

Whilst this decision reflects current HMRC practice and will therefore have limited impact going forwards, it will shut the door to trustees hoping to rely on this exemption to reclaim past VAT that they may have paid for these services. It also means the VAT treatment of pension fund management services provided to defined benefit schemes is likely to be different to that provided to defined contribution schemes.

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