Link Report

(1) Subject to subsection (2) and to sections 787H and 787L, the Revenue Commissioners shall not approve, for the purposes of section 94(3) of the Pensions Act, 1990, a PRSA product (within the meaning of Part X of that Act) unless it appears to them to satisfy the following conditions—

(2) The Revenue Commissioners may, if they think fit and subject to any conditions they think proper to attach to the approval under section 94 of the Pensions Act, 1990, approve, for the purposes of section 94(3) of that Act, a product otherwise satisfying the conditions referred to in subsection (1), notwithstanding that the product provides for one or more of the following matters—

(2A) A PRSA product (within the meaning of Part X of the Pensions Act 1990) shall neither cease to be an approved product under section 94 of that Act nor shall the Revenue Commissioners be prevented from approving a product under that section notwithstanding that the product permits the PRSA administrator to make available from the PRSA assets, to such extent as may be necessary, an amount for the purpose of discharging a tax liability in relation to a PRSA contributor, under the provisions of Chapter 2C of this Part, in connection with a relevant payment to the PRSA contributor.

(2B) A PRSA product (within the meaning of Part X of the Pensions Act 1990) shall neither cease to be an approved product under section 94 of that Act nor shall the Revenue Commissioners be prevented from approving a product under that section notwithstanding that the product permits the PRSA administrator, where the PRSA contributor comes within the provisions of section 787TA, to make available from the PRSA assets to such extent as may be necessary an amount for the purposes of an option exercised by the PRSA contributor in accordance with that section requiring an amount representing the value of, or part of the value of, the PRSA contributor’s accrued rights under the product at the date of the exercise of the option to be transferred to the PRSA contributor by the PRSA administrator.

(2C) A PRSA product (within the meaning of Part X of the Pensions Act 1990) approved under section 94 of that Act, shall not cease to be an approved product where, notwithstanding anything contained in the terms of the product as approved, the PRSA administrator makes an amount available from the PRSA assets to the PRSA contributor or, as the case may be, where the PRSA is subject to a pension adjustment order, to the spouse or former spouse or civil partner or former civil partner of the PRSA contributor (in this subsection referred to as the ‘relevant individual’) on foot of the relevant individual availing of an option in accordance with section 782A.

(2D) A PRSA product (within the meaning of Part X of the Pensions Act 1990) approved under section 94 of that Act, shall not cease to be an approved product where, notwithstanding anything contained in the terms of the product as approved—

(3) Where, having regard to the provisions of this Chapter, the Revenue Commissioners are, at any time, of the opinion that approval of a product under section 94 of the Pensions Act, 1990, ought to be withdrawn they shall give notice in writing to the Pensions Board of that opinion and such a notice shall specify the grounds on which they formed that opinion.

(4) Where approval of a product is withdrawn pursuant to section 97 of the Pensions Act, 1990, there shall be made such assessments or amendment of assessments as may be appropriate for the purpose of withdrawing any relief given under this Chapter consequent on the grant of the approval.

(2C) A PRSA product (within the meaning of Part X of the Pensions Act 1990) approved under section 94 of that Act, shall not cease to be an approved product where, notwithstanding anything contained in the terms of the product as approved, the PRSA administrator makes an amount available from the PRSA assets to the PRSA contributor or, as the case may be, where the PRSA is subject to a pension adjustment order, to the spouse or former spouse or civil partner or former civil partner of the PRSA contributor (in this subsection referred to as the ‘relevant individual’) on foot of the relevant individual availing of an option in accordance with section 782A.

(II) a sum payable without deduction of tax by way of lump sum, in accordance with section 787G(3)(a),

(1) Subject to subsection (2) and to sections 787H and 787L, the Revenue Commissioners shall not approve, for the purposes of section 94(3) of the Pensions Act, 1990, a PRSA product (within the meaning of Part X of that Act) unless it appears to them to satisfy the following conditions—

(III) assets transferred to an approved retirement fund or to an approved minimum retirement fund, in accordance with section 787H(1), or

(1) Subject to subsection (2) and to sections 787H and 787L, the Revenue Commissioners shall not approve, for the purposes of section 94(3) of the Pensions Act, 1990, a PRSA product (within the meaning of Part X of that Act) unless it appears to them to satisfy the following conditions—

(IV) assets made available to the PRSA contributor by the PRSA administrator, where the PRSA administrator retains such assets as would be required to be transferred to an approved minimum retirement fund if the PRSA contributor opted in accordance with section 787H(1),

(2B) A PRSA product (within the meaning of Part X of the Pensions Act 1990) shall neither cease to be an approved product under section 94 of that Act nor shall the Revenue Commissioners be prevented from approving a product under that section notwithstanding that the product permits the PRSA administrator, where the PRSA contributor comes within the provisions of section 787TA, to make available from the PRSA assets to such extent as may be necessary an amount for the purposes of an option exercised by the PRSA contributor in accordance with that section requiring an amount representing the value of, or part of the value of, the PRSA contributor’s accrued rights under the product at the date of the exercise of the option to be transferred to the PRSA contributor by the PRSA administrator.