784B Conditions relating to an approved retirement fund.

(1) The conditions of this section are—

(a) an approved retirement fund shall be held by a qualifying fund manager in the name of the individual who is beneficially entitled to the assets in the fund,

(b) assets held in an approved retirement fund shall consist of and only of one or more of—

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

(ii) assets which were previously held in another approved retirement fund held in the name of the individual or the individual’s deceased ^[2]>spouse^<[2][2]>spouse or civil partner^<[2], and

(iii) assets derived from such assets as are referred to in subparagraphs (i) and (ii),

(c) the individual referred to in paragraph (a) shall, on the opening of an approved retirement fund, make a declaration of the kind mentioned in paragraph (d) to the qualifying fund manager, and

(d) the declaration referred to in paragraph (c) shall be a declaration, in writing, to the qualifying fund manager which—

(i) is made by the individual who is beneficially entitled to the assets in the approved retirement fund,

(ii) is made in such form as may be prescribed or authorised by the Revenue Commissioners,

(iii) contains the full name, address and tax reference number of the individual referred to in subparagraph (i),

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

(v) contains such other information as the Revenue Commissioners may reasonably require for the purposes of this Act.

(2) A qualifying fund manager shall not accept any assets into an approved retirement fund unless the fund manager receives a certificate to which subsection (3) applies in relation to those assets from a person lawfully carrying on in the State the business of granting annuities on human life or from another qualifying fund manager.

(3) A certificate to which this subsection applies is a certificate stating—

(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,

(b) that the assets in relation to which the certificate is given do not form part of an approved minimum retirement fund within the meaning of section 784C, and

(c) the amount of the balance on the income and gains account, and the residue in relation to the approved retirement fund, the assets of which are being transferred or assigned to the qualifying fund manager.

(4) Subsection (2) of section 263 shall apply to a declaration made in accordance with subsection (1)(c) or a certificate to which subsection (3) applies as it applies in relation to declarations of a kind mentioned in that section.

(5) The Minister for Finance may by order specify requirements regarding the operation of approved retirement funds.