Date-stamp loading
Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 January 2024 - onwards
  Version 9 of 9    

787K. Revenue approval of PRSA products.

(1) Subject to subsection (2) and to sections 787H and 787L, 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 it appears to them to satisfy the following conditions -

(a) that the arrangements in respect of that product will be entered into by an individual with a person lawfully carrying on in the State the business of a PRSA provider,

(b) that it includes provision securing that no annuity payable under it shall be capable in whole or in part of surrender, commutation or assignment, and

(c) that it does not -

(i) provide for the payment of any sum or the making available of PRSA assets, by that person during the life of the individual of any sum except -

(I) sums payable by means of annuity to the individual,

(II) a sum payable without deduction of tax by way of lump sum, in accordance with section 787G(3)(a), or

(III) assets transferred to an approved retirement

Comparing proposed amendment...