The court requests the Court of Justice of the European Union to answer the following question about the interpretation of EU law:
Is Article 135(1)(g) of the VAT Directive to be interpreted as meaning that members of a pension fund such as that at issue in the main proceedings may be regarded as running an investment risk, and does that mean that the pension fund has a ‘common investment fund’ within the meaning of this provision? Is it important:
- whether participants run an individual investment risk, or is it sufficient that the participants as a collective, and no one else, bear the consequences of the results of the investments?
- what is the size of the collective or individual risk?
- to what extent the amount of the pension benefit partly depends on other factors, such as the number of years of pension accrual, the amount of the salary and the actuarial interest rate?
- that the employer has guaranteed the realization of the desired pension accrual up to an amount of € 250,000,000 for the period 2014 to 2020?
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