On 16 June, PensionsEurope sent a letter to the US Senate to raise European Pension Investors’ Concerns regarding section 899 of the One Big Beautiful Bill Act.
Indeed, on 22 May 2025, the US House of Representatives voted in favor of the One Big Beautiful Bill Act, which adds to the U.S. Internal Revenue Code a new section: Section 899.
Proposed Section 899 would raise the net income and withholding tax rates on U.S.-source income earned by non-U.S. individuals classified as ‘applicable persons’ (including pension funds). Therefore, it would have very adverse consequences on European pension funds’ investment in the US.
The Bill is currently being discussed by the US Senate. PensionsEurope will continue to work on the issue, in cooperation with representative workplace pension organisations through the World Pension Alliance (WPA).
Please see our letter below.
