787P Maximum tax-relieved pension fund

(1) An individual’s maximum tax-relieved pension fund shall not exceed—

(a) the standard fund threshold, or

(b) the personal fund threshold, where—

(i) the conditions set out in subsection (2) are met and the Revenue Commissioners have issued a certificate in accordance with subsection (7) or a revised certificate in accordance with subsection (8), or

(ii) the Revenue Commissioners have issued an earlier certificate.

(2) The conditions referred to in subsection (1)(b)(i) are—

(a) that the individual requests and obtains from the administrator of each relevant pension arrangement of which he or she is a member a statement—

(i) certifying the amount of the crystallised or, as the case may be, uncrystallised pension rights in respect of the arrangement on the specified date, in relation to the individual (in this subsection referred to as the “individual’s pension rights”), calculated in accordance with the provisions of this Chapter and Schedule 23B,

(ii) where the arrangement is a defined benefit arrangement, certifying the annual amount of pension represented by AP in the formula in paragraph 1(2)(b) of Schedule 23B included in the calculation of the individual’s pension rights, and

(iii) where the arrangement is an arrangement of a kind described in paragraph (a) of the definition of “relevant pension arrangement” in section 787O(1), specifying the Revenue Approval Reference Number (in this subsection referred to as the “reference number”) of the arrangement,

and

(b) that the individual notifies the Revenue Commissioners, by such electronic means (within the meaning of section 917EA) as are required by the Commissioners, within the period of 12 months from the date the electronic means are made available by the Commissioners, or before the first benefit crystallisation event occurs after the specified date, whichever is the earlier, that he or she has a personal fund threshold and provides the following information (in this section referred to as the “PFT notification”)—

(i) his or her full name, address, telephone number and PPS Number,

(ii) the following particulars of each relevant pension arrangement in respect of which the personal fund threshold arises:

(I) the name, address and telephone number of the administrator;

(II) the name and reference number of the arrangement;

(III) whether the arrangement is a defined benefit or defined contribution arrangement;

(IV) (A) the amount of the individual’s pension rights in respect of the arrangement as certified by the administrator for the purposes of paragraph (a), and

(B) where the arrangement is a defined benefit arrangement, the annual amount of pension referred to in subsection (2)(a)(ii) as certified by the administrator for the purposes of paragraph (a);

and

(V) such other information and particulars as the Revenue Commissioners may reasonably require for the purposes of this Chapter and Schedule 23B.

(3) A statement referred to in subsection (2)(a) shall—

(a) be kept and retained by—

(i) the administrator, for the period of 6 years after the date of the benefit crystallisation event arising under the relevant pension arrangement or, where there is more than one such event, the date of the latest event, and

(ii) the individual, for the period of 6 years after the date of the last benefit crystallisation event arising in respect of the relevant pension arrangement or arrangements included in the PFT notification,

and

(b) on being so required by notice given to the administrator or, as the case may be, the individual in writing by an officer of the Revenue Commissioners, be made available to the officer within the time specified in the notice.

(4) Where a PFT notification is required to be made before the electronic means referred to in subsection (2)(b) are made available the notification shall be made in a manner approved by the Revenue Commissioners.

(5) A PFT notification made by electronic means shall be deemed to include a declaration to the effect that the notification is correct and complete.

(6) The administrator of each relevant pension arrangement of which an individual is a member shall comply with a request from the individual to provide a statement referred to in subsection (2)(a).

(7) Subject to subsection (8), the Revenue Commissioners, on receipt of a PFT notification, shall within 30 days of receipt, or such longer period as they may require for the purposes of this subsection, issue a certificate to the individual stating the amount of the personal fund threshold.

(8) The Revenue Commissioners may at any time withdraw a certificate issued in accordance with subsection (7) (in this subsection referred to as the “first-mentioned certificate”) and, where appropriate, issue a revised certificate if, following the issue of the first-mentioned certificate, the Commissioners are satisfied that—

(a) the information included in the PFT notification is incorrect, or

(b) the individual is not entitled to a certificate.