Pension – Pension scheme. The claimant trustees' claim against the Revenue and Customs Commissioners for refunds of allegedly overpaid VAT was dismissed. The Companies Court held that, first, as a matter of EU law, the pension fund management services provided by non-insurers had not been exempt from VAT during the relevant period. The court also held that, had those pension management services been exempt from VAT during the relevant period, it would not have been 'impossible or excessively difficult' as a matter of EU law for the trustees to obtain reimbursement of the wrongly charged VAT from the non-insurer suppliers of pension fund management services.