784D Conditions relating to an approved minimum retirement fund.

(1) The conditions of this section are—

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

(b) assets held in an approved minimum retirement fund shall consist of one or more of the following—

(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 minimum retirement fund held in the name of the individual, 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 make a declaration of the kind mentioned in paragraph (d) to the qualifying fund manager,

(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 minimum 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 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

(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 minimum 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 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,

(b) in the case of assets transferred by another qualifying fund manager, the amount or value of assets transferred to the approved minimum retirement fund for the purposes of subsection (3) of section 784C.

(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 specify requirements regarding the operation of approved minimum retirement funds.