787A Interpretation and supplemental.

(1) In this Chapter, unless the context otherwise requires—

“additional voluntary PRSA contributions” means contributions made to a PRSA by an employee, who is a member of an approved scheme or of a statutory scheme, which are—

(i) contributions made under a rule or part of a rule, as the case may be, of a retirement benefits scheme (in this definition referred to as the “main scheme”) which provides specifically for the payment of voluntary contributions to a PRSA by members of the main scheme, or

(ii) contributions made under a separately arranged scheme approved by the Revenue Commissioners which is associated with the main scheme and which provides for voluntary contributions to a PRSA by members of the main scheme;

“approved scheme” has the same meaning as in Chapter 1 of this Part;

“approved retirement fund” has the meaning assigned to it by section 784A;

“approved minimum retirement fund” has the meaning assigned to it by section 784C;

“contract of employment” means—

(a) a contract of service or apprenticeship, or

(b) any other contract whereby an individual agrees with another person, who is carrying on the business of an employment agency (within the meaning of the Employment Agency Act, 1971) and is acting in the course of that business, to do or perform personally any work or service for a third person (whether or not the third person is party to the contract),

whether the contract is express or implied or if express, whether it is oral or in writing;

“contributor” means an individual who enters into a PRSA contract with a PRSA provider and an individual shall be regarded as a contributor to a PRSA notwithstanding that all contributions are made by that individual’s employer;

“director”, in relation to a company includes—

(a) in the case of a company the affairs of which are managed by a board of directors or similar body, a member of that board or body,

(b) in the case of a company the affairs of which are managed by a single director or similar person, that director or person,

(c) in the case of a company the affairs of which are managed by the members themselves, a member of that company,

and includes a person who is to be or has been a director;

“distribution” has the same meaning as in the Corporation Tax Acts;

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“earnings limit” shall be construed in accordance with section 790A;

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“employee”—

(a) means a person of any age, who has entered into or works under (or where the employment has ceased, entered into or worked under) a contract of employment and references, in relation to an employer, to an employee shall be construed as references to an employee employed by that employer; and for the purposes of this Chapter, a person holding office under, or in the service of, the State (including a civil servant within the meaning of the Civil Service Regulation Act, 1956) shall be deemed to be an employee employed by the State or Government, as the case may be, and an officer or servant of a local authority for the purposes of the Local Government Act, 2001, or of a harbour authority, ^[3]>health board^<[3][3]>the Health Service Executive^<[3] or ^[8]>vocational education committee^<[8][8]>a member of staff of an education and training board^<[8] shall be deemed to be an employee employed by the authority, ^[4]>board or committee^<[4][5]>the Executive or the committee^<[5], as the case may be), and

(b) in relation to a company, includes a director or other officer of the company and any other person taking part in the management of the affairs of the company;

“employer” means, in relation to an employee, the person with whom the employee has entered into, or for whom the employee works under (or, where the employment has ceased, entered into or worked under), a contract of employment, subject to the qualification that the person, who under a contract of employment referred to in paragraph (b) of the definition of “contract of employment” is liable to pay the wages of the individual concerned, in respect of the work or service concerned shall be deemed to be the individual’s employer;

“market value” shall be construed in accordance with section 548;

“PPS Number”, in relation to an individual, means that individual’s Personal Public Service Number within the meaning of ^[7]>section 223 of the Social Welfare (Consolidation) Act, 1993;^<[7][7]>section 262 of the Social Welfare Consolidation Act 2005;^<[7]

“Personal Retirement Savings Account” means a personal retirement savings account established by a contributor with a PRSA provider under the terms of a PRSA contract and the expression “PRSA” shall be construed accordingly;

“PRSA administrator” means the PRSA provider or a person to whom a PRSA provider delegates in pursuance of Part X of the Pensions Act, 1990, its administrative functions in relation to a PRSA, including a person appointed by the PRSA provider ^[2]>in accordance with section 787G(5)^<[2][2]>in accordance with section 787G(5)(ii)^<[2];

“PRSA assets” means the assets held on behalf of a contributor in a PRSA and includes the value of any contributions made to that PRSA by any employer of the contributor;

“PRSA contract” means a contract entered into between a PRSA provider and a contributor in respect of a PRSA product;

“PRSA contribution” means a contribution within the meaning of Part X of the Pensions Act, 1990;

“PRSA product” means a PRSA product (within the meaning of Part X of the Pensions Act, 1990) that for the time being stands approved under section 94 of that Act;

“PRSA provider” has the same meaning as in Part X of the Pensions Act, 1990;

“relevant payment” in relation to a PRSA means any payment, including a distribution, made by reason of rights arising as a result of a PRSA contract and includes any annuity payable by reason of such rights;

“retirement annuity contract” means a contract approved by the Revenue Commissioners in accordance with Chapter 2 of this Part;

“retirement benefits scheme” has the same meaning as in Chapter 1 of this Part;

“specified individual”, in relation to a year of assessment, means an individual whose relevant earnings for the year of assessment were derived wholly or mainly from an occupation or profession specified in Schedule 23A;

“statutory scheme” has the same meaning as in Chapter 1 of this Part.

(2) Subject to subsection (1), a word or expression that is used in this Chapter and is also used in Part X of the Pensions Act, 1990 has, except where the context otherwise requires, the same meaning in this Chapter as it has in that Part.