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(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:

(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:

‘(b) is in receipt of specified income of €12,700 at any time in the period of 3 years from the date of passing of the Finance Act 2011, or’.

(b) For the purposes of this subsection, “specified income” means a pension or annuity which is payable for the life of the individual, including a pension payable under the Social Welfare (Consolidation) Act, 1993, Social Welfare Consolidation Act 2005, and any pension to which the provisions of section 200 apply.

(b) For the purposes of this subsection, “specified income” means a pension or annuity which is payable for the life of the individual, including a pension payable under the Social Welfare (Consolidation) Act, 1993, Social Welfare Consolidation Act 2005, and any pension to which the provisions of section 200 apply.

(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:

(1) In this section, “an approved minimum retirement fund” means a fund managed by a qualifying fund manager (within the meaning of section 784A) and which complies with the conditions of section 784D.

the approved minimum retirement fund shall, thereupon, become an approved retirement fund and section 784A, subsections (1) and (5) of section 784B and section 784E shall apply accordingly.

(7) The provisions of section 784A shall, with any necessary modifications, apply to income and chargeable gains arising from, and to distributions in respect of assets, held in an approved minimum retirement fund as they apply to assets held in an approved retirement fund.

the approved minimum retirement fund shall, thereupon, become an approved retirement fund and section 784A, subsections (1) and (5) of section 784B and section 784E shall apply accordingly.

(1) In this section, “an approved minimum retirement fund” means a fund managed by a qualifying fund manager (within the meaning of section 784A) and which complies with the conditions of section 784D.

the approved minimum retirement fund shall, thereupon, become an approved retirement fund and section 784A, subsections (1) and (5) of section 784B and section 784E shall apply accordingly.