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(b) a person mentioned in section 784 or 785 of the Act of 1997, lawfully carrying on the business of granting annuities on human life, including the person mentioned in section 784(4A)(ii) of that Act, and

(b) a person mentioned in section 784 or 785 of the Act of 1997, lawfully carrying on the business of granting annuities on human life, including the person mentioned in section 784(4A)(ii) of that Act, and

(b) an annuity contract or a trust scheme or part of a trust scheme approved by the Commissioners under section 784 or 785 of the Act of 1997 or, as the case may be, under both of those sections of that Act, other than an annuity contract or trust scheme or part of a trust scheme so approved in respect of which a lump sum, to which paragraph (b) of section 784(2) of the Act of 1997 applies, has been paid to the individual entitled to an annuity under the contract, trust scheme or part of a trust scheme, as the case may be, or

(b) an annuity contract or a trust scheme or part of a trust scheme approved by the Commissioners under section 784 or 785 of the Act of 1997 or, as the case may be, under both of those sections of that Act, other than an annuity contract or trust scheme or part of a trust scheme so approved in respect of which a lump sum, to which paragraph (b) of section 784(2) of the Act of 1997 applies, has been paid to the individual entitled to an annuity under the contract, trust scheme or part of a trust scheme, as the case may be, or

(b) an annuity contract or a trust scheme or part of a trust scheme approved by the Commissioners under section 784 of the Act of 1997,

(b) the individual exercises an option in accordance with section 772(3A), 784(2A) or 787H(1) for the transfer, on the date the annuity or, as the case may be, the pension would otherwise become payable, of an amount to any one or more of the following—

(b) in the case of a retirement annuity contract to which section 784 or 785 applies, the person lawfully carrying on in the State the business of granting annuities on human life with whom the contract is made, and

(c) in the case of a trust scheme to which section 784 or 785 applies, the trustees of the trust scheme;

(b) in the case of a retirement annuity contract to which section 784 or 785 applies, the person lawfully carrying on in the State the business of granting annuities on human life with whom the contract is made, and

(c) in the case of a trust scheme to which section 784 or 785 applies, the trustees of the trust scheme;

section 784 or section 785

“pension scheme” means an exempt approved scheme within the meaning of section 774 or a retirement annuity contract or a trust scheme to which section 784 or 785 applies;

“pension scheme” means an exempt approved scheme within the meaning of section 774 or a retirement annuity contract or a trust scheme to which section 784 or 785 applies;

(2) A gain shall not be a chargeable gain if accruing to a person from the person’s disposal of assets held by that person as part of a fund approved under section 774, 784(4) or 785(5) or held by that person as PRSA assets (within the meaning of section 787A).

(a) any contract with an individual who is an individual who, at the time the contract is made, is, or but for an insufficiency of profits or gains would be, chargeable to income tax in respect of relevant earnings (within the meaning of section 783) from a trade, profession, office or employment carried on or held by him or her, being a contract approved by the Revenue Commissioners under section 784 or 785 or any contract under which there is payable an annuity in relation to which section 786(3) applies;

(c) any contract with the trustees or other persons having the management of a scheme approved under section 784 or 785 or under both of those sections, being a contract which—

(viii) a pension scheme being an exempt approved scheme within the meaning of section 774 or a trust scheme to which section 784 or 785 applies, or

(viii) a pension scheme being an exempt approved scheme within the meaning of section 774 or a trust scheme to which section 784 or 785 applies, or

“pension scheme” means an exempt approved scheme within the meaning of section 774 or a retirement annuity contract or a trust scheme to which section 784 or 785 applies;

(b) an individual referred to in section 784(1)(a), 784A(1)(b), 784C(2) or 785(1), or

(i) that the retirement benefits scheme or, as the case may be, the relevant part of the scheme was an annuity contract approved in accordance with section 784,

(iii) that the individual had opted in accordance with subsection (2A) of section 784.

(a) the provisions of subsection (2B) of section 784 and of sections 784A, 784B, 784C, 784D and 784E shall, with any necessary modifications, apply as if—

(III) the reference in subsection (6A) of section 784C to the individual were a reference to the first-mentioned individual and the reference in that subsection to the transfer, before the date of passing of the Finance Act 2011, of the amount referred to as B in the formula in section 784(2A) to an approved minimum retirement fund in respect of the individual, were a reference to the transfer, within the period of time referred to in subsection (3A)(ab)(ii), of the amount referred to as B in the formula in subsection (3A)(a) to an approved minimum retirement fund in respect of the first-mentioned individual.

(i) assets transferred to the fund by virtue of an option exercised by the individual in accordance with section 784(2A),

(a) that the assets in relation to which the certificate refers are assets to which the individual named on the certificate is beneficially entitled and which are being transferred to the approved retirement fund, or have previously been transferred to an approved retirement fund, in accordance with subsection (2A) of section 784,

(2) Subject to subsections (3) and (4), where an individual, who has not attained the age of 75 years, exercises an option in accordance with subsection (2A) of section 784, the amount referred to as B in the formula in the said subsection which the person with whom the annuity contract is made shall—

(3) Where the individual has already exercised an option in accordance with subsection (2A) of section 784, the amount referred to as B in the formula in subsection (2A) shall be such amount as will result in the aggregate of the amount required in respect of all such options, in accordance with subsection (2A), to be transferred to an approved minimum retirement fund or applied in the purchase of an annuity payable to the individual being the lesser of—

(a) Where, at the date of exercise of an option under section 784(2A), the individual by whom the option is exercised is in receipt of specified income amounting to €12,700 per annum, the amount referred to as B in the formula in that section shall be nil.

(b) is in receipt of specified income referred to in subsection (4) at any date (in this paragraph referred to as the “first-mentioned date”) after the date of the exercise of an option under section 784(2A) of an amount which would, if the option had been exercised on the first-mentioned date, have resulted in B in the formula in section 784(2A) being nil, or

(b) is in receipt of specified income referred to in subsection (4) at any date (in this paragraph referred to as the “first-mentioned date”) after the date of the exercise of an option under section 784(2A) of an amount which would, if the option had been exercised on the first-mentioned date, have resulted in B in the formula in section 784(2A) being nil, or

(6A) Where before the date of passing of the Finance Act 2011, the individual referred to in subsection (2) has exercised an option in accordance with section 784(2A) and the person with whom the annuity contract is made has, before that date, transferred the amount referred to as B in the formula in that section to an approved minimum retirement fund in respect of that individual, subsection (6) shall apply for the period of 3 years from the date of passing of the Finance Act 2011 as if the following paragraph were substituted for paragraph (b) of that subsection:

(i) assets transferred to the fund by virtue of an option exercised by the individual in accordance with section 784(2A),

(iv) declares that assets included in the fund consist only of assets referred to in paragraph (b) to which the individual was beneficially entitled in accordance with section 784(2A), and

(a) that the assets in relation to which the certificate is given are the assets of an approved minimum retirement fund to which the individual named on the certificate is beneficially entitled and which are being transferred to the approved minimum retirement fund or have previously been transferred to such a fund in accordance with subsection (2A) of section 784,

(4) Subsections (2) and (3) of section 784 shall not apply to the approval of a contract under this section.

(5) The Revenue Commissioners may approve a trust scheme or part of a trust scheme otherwise satisfying the conditions specified in paragraphs (a) to (c) of section 784(4), notwithstanding that its main purpose is to provide annuities for the wives, husbands and dependants wives, husbands, civil partners and dependants of the individuals, or lump sums payable to the individuals’ personal representatives on death, and—

(c) the exemption from income tax provided in section 784(4) shall apply to the scheme or part of the scheme when so approved.

(6) Except where otherwise provided in this Chapter, any reference in the Income Tax Acts to a contract, scheme or part of a scheme approved under section 784 shall include a reference to a contract, scheme or part of a scheme approved under this section.

(1) The Revenue Commissioners shall not approve an annuity contract under section 784 unless the contract provides that the individual by whom it is made may require a sum representing the value of his or her accrued rights under the contract—

(3) Where, in accordance with a provision of the kind referred to in subsection (1) of an annuity contract approved under section 784 or a corresponding provision of a contract approved under section 785(1)(a), a sum representing the value of accrued rights under one contract (in this subsection referred to as “the original contract”) is paid by means of premium or other consideration under another contract (in this subsection referred to as “the substituted contract”), any annuity payable under the substituted contract shall be treated as earned income of the annuitant to the same extent that an annuity under the original contract would have been so treated.

(3) Where an individual opts in accordance with subsection (1), sections 784A to 784D shall apply as if that option were an option in accordance with section 784(2A).

(II) an individual referred to in section 784(1) of Chapter 2, or

(b) a person mentioned in section 784, lawfully carrying on the business of granting annuities on human life, including the person mentioned in section 784(4A)(ii),

(b) a person mentioned in section 784, lawfully carrying on the business of granting annuities on human life, including the person mentioned in section 784(4A)(ii),

(b) the annuity or, as the case may be, the pension would otherwise become payable under a relevant pension arrangement where the individual exercises an option in accordance with section 772(3A), 784(2A) or, as the case may be, section 787H(1),

“member”, in relation to a relevant pension arrangement, means any individual who, having been admitted to membership under the rules of the arrangement, remains entitled to any benefit under the arrangement and includes an employee within the meaning of section 770(1), the individual referred to in section 784, a PRSA contributor within the meaning of Chapter 2A and a relevant migrant member within the meaning of section 787M(1);

“relevant option”, in relation to a non-member and a transfer arrangement, means the option referred to in section 772(3A), 784(2A) or 787H(1), as the case may be, to the extent that those options refer to a transfer to an approved retirement fund, or where the transfer arrangement is a PRSA, the option to retain the assets of the transfer arrangement in that arrangement (or any other similar arrangement);

(b) an annuity contract or a trust scheme or part of a trust scheme for the time being approved by the Revenue Commissioners under section 784,

(iii) the transfer to the individual under the rules of the scheme of an amount on the exercise of an option by the individual under section 772(3A)(a) or 784(2A) and taxed in accordance with section 784(2B) (or, as the case may be, taxed in accordance with that section by virtue of section 772(3B)), or an amount transferred to the individual at the time assets of the PRSA are first made available from the PRSA and taxed in accordance with section 787G(1),

(iii) the transfer to the individual under the rules of the scheme of an amount on the exercise of an option by the individual under section 772(3A)(a) or 784(2A) and taxed in accordance with section 784(2B) (or, as the case may be, taxed in accordance with that section by virtue of section 772(3B)), or an amount transferred to the individual at the time assets of the PRSA are first made available from the PRSA and taxed in accordance with section 787G(1),

(b) any annuity purchased under or for the purposes of any sponsored superannuation scheme within the meaning of section 783(1), or any scheme approved under section 784, or in pursuance of any obligation imposed or offer or invitation made under or in connection with any such scheme, or any other annuity purchased by any person in recognition of another’s services (or past services) in any office or employment,

(f) any annuity where the whole or part of the consideration for the grant of the annuity consisted of assets which, at the time of application of the said assets for the purchase of the annuity, were assets in an approved retirement fund, within the meaning of section 784A, or in an approved minimum retirement fund, within the meaning of section 784.

(ii) a person mentioned in section 784, lawfully carrying on the business of granting annuities on human life, including the appointed person mentioned in section 784(4A)(ii), and

(ii) a person mentioned in section 784, lawfully carrying on the business of granting annuities on human life, including the appointed person mentioned in section 784(4A)(ii), and

(ii) an annuity contract or a trust scheme or part of a trust scheme approved by the Revenue Commissioners under section 784,

(ii) Without prejudice to the generality of subparagraph (i), the reference in that subparagraph to the commutation of part of a pension or of part of an annuity shall, in a case where an individual opts in accordance with section 772(3A) or, as the case may be, section 784(2A), be construed as a reference to the commutation of part of the pension or, as the case may be, part of the annuity which would, but for the exercise of that option, be payable to the individual.

(c) in the case of an annuity contract, a person mentioned in section 784 who is lawfully carrying on the business of granting annuities on human life, including the person mentioned in section 784(4A)(ii);

(c) in the case of an annuity contract, a person mentioned in section 784 who is lawfully carrying on the business of granting annuities on human life, including the person mentioned in section 784(4A)(ii);

“annuity contract” means an annuity contract or a trust scheme or part of a trust scheme for the time being approved by the Revenue Commissioners under section 784;

“RAC premium”, in relation to a year of assessment, means any qualifying premium (within the meaning of section 784) paid by an individual in a year of assessment which is a contribution referred to in paragraph (1)(d) of Regulation 31 of the Income Tax Regulations.