(1) Part 30 of the Principal Act is amended -

(a) in section 784 -

(i) by inserting the following after subsection (2E):

"(2F) Notwithstanding any other provision of this Chapter, a retirement annuity contract shall not cease to be an annuity contract for the time being approved by the Revenue Commissioners where, notwithstanding anything contained in the contract as approved -

(a) the person with whom the contract is made -

(i) on or before 31 March 2017 -

(I) commences payment of an annuity to the individual,

(II) pays a lump sum of a kind referred to in subsection (2)(b) to the individual, or

(III) transfers the value of the individual's accrued rights under the contract in accordance with subsection (2A),

or

(ii) in priority to any payment or transfer referred to in subparagraph (i), makes available from the cash and other assets representing the value of the individual's accrued rights under the contract, to such extent as may be necessary, an amount for the purposes of discharging a tax liability in relation to the individual under the provisions of Chapter 2C of this Part in respect of the contract,