(1) Section 91 of the Pensions Act, 1990 (No. 25 of 1990) is prescribed for the purpose of section 29C(2).

(2) In this article -

'health contribution' means a health contribution payable under section 5 of the Health Contributions Act, 1979;

'pension payment’ means a payment specified in Section 29C in respect of any contribution year commencing on or after 1 January, 2003.

'allowable pension payment’ in relation to a contribution year and an insured person, means the amount of a pension payment made by the insured person on or after January 1, 2003, to the extent to which, as the case may be -

(a) it is, by virtue of section 774 or 776 of the Taxes Consolidation Act 1997 (No. 39 of 1997), allowed as a deduction from emoluments for the purposes of an assessment to income tax on the insured person under Schedule E of the Income Tax Acts for the year of assessment corresponding to the contribution year, or

(b) it is, by virtue of section 787 or 787C (inserted by the Pensions (Amendment) Act 2002) of the Taxes Consolidation Act 1997 deducted from or set off against the relevant earnings, within the meaning of section 787 or 787B (as so inserted) of that Act, as is appropriate in the circumstances, of the insured person for the year of assessment which corresponds to the contribution year,