772A Approval of retirement benefits products.

(1) In this section—

“promoter” means a person lawfully carrying on the business of granting annuities on human life and, where that person—

(a) is not resident in the State, or

(b) is not trading in the State through a fixed place of business,

that person is an insurance undertaking authorised to transact insurance business in the State under Directive 2002/83/EC of the European Parliament and of the Council of 5 November 2002 ¹;

“retirement benefits product” means a product for the provision of relevant benefits in respect of which an application for approval has been made by a promoter to the Revenue Commissioners under this section and under which, if and when approved, a single member retirement benefits scheme may be established by way of a contract entered into with the promoter to secure the scheme;

“single member retirement benefits scheme”, in relation to a retirement benefits product, means a retirement benefits scheme that relates to a single employee;

“terms and rules”, in relation to a retirement benefits product, means the provisions governing a retirement benefits scheme to be established under the product, by whatever name such provisions are called.

(2) Subject to this section, the Revenue Commissioners may, if they think fit, and subject to such conditions, if any, as they think proper to attach to the approval, approve a retirement benefits product for the purposes of this Chapter.

(3) Subject to subsection (6), a retirement benefits scheme, established under a retirement benefits product for the time being approved by the Revenue Commissioners under subsection (2), shall be taken to be a retirement benefits scheme for the time being approved by the Revenue Commissioners for the purposes of this Chapter, and the provisions of this Chapter shall apply accordingly, except as otherwise provided for by this section.

(4) For the purposes of approval under subsection (2), the promoter of a retirement benefits product shall make an application to the Revenue Commissioners in writing and the application shall be in such form and contain such information and particulars as the Revenue Commissioners may from time to time determine.

(5) The Revenue Commissioners shall not approve a retirement benefits product unless the terms and rules provide that—

(a) contributions to be paid in any year, whether by an employee or by, or on behalf of, an employer in respect of that employee, may not, when aggregated, exceed the aggregate amount of annual contributions allowed to be deducted in any year by an individual in accordance with section 774(7)(c), and

(b) the provisions of section 772(3A) apply.

(6) Where an alteration has been made to the terms and rules governing a retirement benefits scheme established under a retirement benefits product for the time being approved by the Revenue Commissioners under subsection (2), then no approval taken to be given to the scheme for the time being under subsection (3) before the date of the alteration shall apply after the date of the alteration unless the alteration has been approved by the Revenue Commissioners.

(7) Where in the opinion of the Revenue Commissioners the facts concerning any retirement benefits product cease to warrant the continuance of their approval of the product, then they may at any time, by notice in writing to the promoter, withdraw their approval on such grounds, and from such date, as may be specified in the notice.

(8) Where approval of a product is withdrawn pursuant to subsection (7), 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.

(9) Where an alteration has been made to a retirement benefits product, then no approval given as regards the product before the alteration shall apply after the date of the alteration unless the alteration has been approved by the Revenue Commissioners.