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Retirement benefits.
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16.— (1) The Principal Act is amended—
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(a) in section 784A(1BA) by deleting paragraph (a) and substituting the following for paragraph (c):
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“(c) The specified amount for a year of assessment shall be an amount equivalent to the amount determined by the formula—
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(A × 3) — B
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100
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where the amount so determined is greater than zero and where—
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A is the value of the assets in an approved retirement fund on 31 December in the year of assessment or, where there is more than one approved retirement fund the assets of which are owned by the same individual and managed by the same qualifying fund manager, the aggregate of the value of the assets in each approved retirement fund on that date (in this subsection referred to as the ‘relevant value’ whether there is one or more than one such approved retirement fund), and
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B is the amount or value of the distribution or the aggregate of the amounts or values of the distribution or distributions (in this subsection referred to as the ‘relevant distribution’), if any, made during the year of assessment by the qualifying fund manager in respect of assets held in—
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(i) the approved retirement fund or, as the case may be, approved retirement funds referred to in the meaning of ‘A’, and
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(ii) an approved minimum retirement fund, if any, the assets of which are beneficially owned by the individual and managed by that qualifying fund manager,
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(in this paragraph referred to as the ‘funds’) being funds the assets in which were first accepted into the funds by the qualifying fund manager on or after 6 April 2000.”,
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(b) in section 787O(1) by inserting the following after paragraph (b) of the definition of “date of the current event”:
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“(ba) the annuity would otherwise become payable under a PRSA of a kind referred to in paragraph (c) of the definition of ‘relevant pension arrangement’ where an individual does not elect to exercise an option in accordance with section 787H(1) and instead retains the assets available in the PRSA at that date, in that PRSA or any other PRSA,”,
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(c) in Schedule 23 by inserting the following after paragraph 2A:
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“Information to be provided in electronic format
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2B. In the case of an approved scheme in respect of which the administrator has to deliver annual scheme accounts to the Revenue Commissioners, the administrator shall deliver the accounts by such electronic means as are required or approved by the Commissioners.”,
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(d) in Schedule 23B by inserting the following after subparagraph (b) of paragraph 2:
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“(ba) the individual does not elect to exercise an option in accordance with section 787H(1) and instead retains the assets of the PRSA in that PRSA or any other PRSA,”,
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and
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(e) in Schedule 23B by inserting the following after subparagraph (d) of paragraph 3:
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“(da) where the benefit crystallisation event is an event of a kind referred to in paragraph 2(ba), the aggregate of the amount of so much of the cash sums and the market value of such of the assets as are retained in the PRSA or in any other PRSA,”.
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(2) (a) Paragraph (a) of subsection (1) has effect for the year of assessment 2010 and subsequent years of assessment.
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(b) Paragraphs (b), (d) and (e) of subsection (1) have effect as on and from 4 February 2010.
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(c) Paragraph (c) of subsection (1) has effect as respects approved schemes whose accounting year ends on or after 1 January 2011.
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