Taxes Consolidation Act 1997 section 771

Meaning of "retirement benefits scheme"

Section 771 defines the term "retirement benefits scheme" for the purposes of Chapter 1 of Part 30 and explains how Revenue may treat schemes covering multiple classes of employees.

• A retirement benefits scheme is any scheme providing relevant benefits (retirement pensions, lump sums, gratuities, etc.) but excludes schemes under the Social Welfare (Consolidation) Act 2005.
• The term "scheme" is broadly defined and includes any contract, deed, agreement, series of agreements or other arrangements — even where they cover only a single employee or provide for a pension starting immediately.
• Revenue may treat a single retirement benefits scheme covering two or more different classes or descriptions of employees as two or more separate schemes for the purposes of the Chapter.
• Employees of different employers may be regarded as belonging to different classes, and a particular class may consist of any number of employees, including a single employee.