UK - The National Association of Pension Funds (NAPF) is urging its members to launch a joint legal challenge against the HMRC stance that VAT should be charged on investment managers' services to occupational pension schemes.
Joanne Segars, chief executive of the NAPF, said the clarification from the ECJ, had provided a strong case that pension funds should not have to pay VAT on investment management services.
She said the savings could be used to benefit pension scheme members.
"Litigation is never without risk and it would be expensive for any one pension fund to finance a legal challenge on its own," she said. "But if a number of funds agree to share the costs, they could get their money back several times over.
"Ultimately, it is for pension funds to decide whether they want to challenge HMRC. If we get enough interest from our members, we will co-ordinate a case."
In June, KPMG estimated that were pension funds to be successful in a similar challenge, the VAT rebates could run into several billions of pounds.
The Brunel Pension Partnership has become the fourth local authority pool to receive the green light from the regulator.
Defined benefit (DB) schemes are to be offered a new consolidator as the former chief of the Pension Protection Fund (PPF) launches 'The Pension SuperFund'.
Martin Freeman has been hired as head of technology product and development at Smart Pension, to support the 'growing' technology product side of the business.
Tim Sharp says the government has missed some big opportunities to help workers in the DB white paper.