Taxes Consolidation Act 1997 section 772A

Approval of retirement benefits products

Section 772A allows Revenue to approve standard "generic" pension products under which single member retirement benefits schemes may be established without requiring individual scheme-by-scheme approval.

• Revenue may approve a generic retirement benefits product marketed by a life company (a "promoter"), and schemes set up under that product are automatically treated as approved for tax-relief purposes.
• The promoter must apply in writing, and Revenue must not approve the product unless its terms limit combined employer and employee contributions to the age-related percentage cap and provide for approved retirement fund (ARF) conversion where appropriate.
• If either the product itself or the terms and rules of an individual scheme established under it are altered, any prior approval ceases to apply unless Revenue specifically approve the alteration.
• Revenue may withdraw approval of a product at any time if the facts no longer warrant it, and may raise assessments to claw back any tax relief previously granted under the product.