787L Transfers to and from PRSA.

(1) In addition to the requirements imposed by section 787K for the granting of such approval, 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 the product provides that the individual who has entered into the arrangements in respect of it may require a sum representing the value of his or her accrued rights under the product—

(a) to be paid by the person with whom the individual has entered into such arrangements to such other person as the individual may specify, and

(b) to be applied by such other person in payment either of a contribution under a PRSA contract made between the individual and that other person or a contribution under an approved scheme of which the individual is a member.

(2) Without prejudice to subsection (1), 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 the product provides that the PRSA provider may receive contributions from—

(a) another PRSA in respect of which the contributor to the first-mentioned PRSA is the contributor,

(b) either an approved scheme or a statutory scheme in respect of which the contributor to the first-mentioned PRSA is a member, or

(c) a contract approved by the Revenue Commissioners in accordance with Chapter 2 of this Part to which the contributor to the first-mentioned PRSA is a party.

(3) References in subsection (1) to the individual by whom a contract is made include references to any ^[2]>widow, widower or dependant^<[2][2]>widow, widower, surviving civil partner or dependant^<[2] having accrued rights under the contract.