The referring Court had asked for a preliminary ruling from the European Court of Justice (ECJ) in the case ATP Pension Service A/S v Skatteministeriet. This case concerned the application of VAT exemption in the case of the management of an occupational pension fund.

The questions included whether Art. 13 B (d) (6) of the Sixth VAT Directive was to be interpreted to mean that “special investment funds” as defined by the EU member states included pension funds similar to the fund that was the subject of the legal proceedings.

On 12 December 2013 the Advocate General opined that Art 13 B (d)(6) is to be interpreted to mean that the term “special investment funds” includes occupational pension funds when these funds collect investments for the beneficiaries and allow the risk to be spread among a number of securities. This would only be the case if the beneficiaries of the fund are carrying the risks related to the investment.

The Advocate General’s opinion is not binding on the ECJ and the Court does not have to follow this opinion when reaching its final decision.