UK Money News
13th May 2008
Pension funds' legal challenge could benefit investors
UK pension holders could be set to benefit from a legal challenge being mounted by some of largest pension funds in the country.
The Wheels Common Investment Fund (WCIF), a multi-employer scheme which covers the car industry, and the National Association of Pension Funds (NAPF) are seeking to overturn the imposition of taxes on investment management fees.
The groups are pursuing legal action against HM Revenue & Customs in the wake of a ruling from the European court of justice which decided that the government cannot charge VAT on management fees paid by "special investment funds".
Should the challenge prove successful it is thought that £300 million could be returned to the funds, to the benefit of their investors.
Joanne Segars, the chief executive of the NAPF, said: "There is a strong case that defined benefit occupational pension funds should be exempt from paying VAT on investment management services - a successful outcome would benefit members in both open and closed defined benefit schemes."
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