(1) In this section -
'requested amount' has the meaning assigned to it in subsection (2);
'retained amount', in relation to a requested amount and subject to subsection (4), means the amount determined by the formula -
where -
R is the requested amount,
C is the aggregate of the tax credit and the additional tax credit, in relation to the pension subscription made by the individual, and
S is the amount of the pension subscription;
'vesting day', in relation to an individual's pension product, means the day on which an administrator, in accordance with section 848AA, treats tax credits as an additional voluntary contribution, a PRSA contribution, or as the case may be, a premium under an annuity contract, made by the individual.
(2) Where the vesting day in relation to an individual's pension product is on or after 29 September 2006, and, within a period of 1 year commencing on the vesting day, the individual requires the administrator to pay an amount (in this section referred to as
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