Section 770 Interpretation and supplemental (Chapter 1)

Source

Taxes Consolidation Act 1997 section 770.

(1) In this Chapter, except where the context otherwise requires―

“additional voluntary contributions” means voluntary contributions made to a scheme by an employee which are―

(i) contributions made under a rule or part of a rule, as the case may be, of a retirement benefits scheme (in this definition referred to as the “main scheme”) which provides specifically for the payment of members’ voluntary contributions, other than contributions made at the rate or rates specified for members’ contributions in the rules of the main scheme, or

(ii) contributions made under a separately arranged scheme for members’ voluntary contributions which is associated with the main scheme;

“administrator”, in relation to a retirement benefits scheme, means the person or persons, established in a Member State of the European Communities, having the management of the scheme, and references to the administrator of a scheme shall be deemed to include the person mentioned in section 772(2)(c)(ii);

“approved scheme” means a retirement benefits scheme for the time being approved by the Revenue Commissioners for the purposes of this Chapter;

“company” includes any body corporate or unincorporated body of persons other than a partnership;

“approved retirement fund” has the meaning assigned to it by section 784A;

“approved minimum retirement fund” has the meaning assigned to it by section 784C;

“director”, in relation to a company, includes―

(a) in the case of a company the affairs of which are managed by a board of directors or similar body, a member of that board or body,

(b) in the case of a company the affairs of which are managed by a single director or similar person, that director or person,

(c) in the case of a company the affairs of which are managed by the members themselves, a member of that company,

and includes a person who is to be or has been a director;

“employee”

(a) in relation to a company, includes an officer of the company, any director of the company and any other person taking part in the management of the affairs of the company, and

(b) in relation to any employer, includes a person who is to be or has been an employee,

and “employer” and other cognate expressions shall be construed accordingly;

“exempt approved scheme” has the meaning assigned to it by section 774;

“final remuneration” means the average annual remuneration of the last 3 years’ service;

“overseas pension scheme” means a retirement benefits scheme, other than a state social security scheme, which is―

(a) operated or managed by an institution for occupational retirement provision as defined by Article 6(1) of Directive (EU) 2016/2341 of the European Parliament and of the Council of 14 December 2016 and”

(b) established in a Member State of the European Communities, other than the State, which has given effect to that Directive in its national law;

“pension” includes annuity;

“pension adjustment order” means an order made in accordance with section 12 of the Family Law Act 1995, section 17 of the Family Law (Divorce) Act 1996, or section 121 of the Civil Partnership and Certain Rights and Obligations of Cohabitants Act 2010;

“proprietary director” means a director who, either alone or together with his or her spouse and minor children or, as the case may be, his or her civil partner, his or her minor children and the minor children of his or her civil partner is or was, at any time within 3 years of the date of―

(i) the specified normal retirement date,

(ii) an earlier retirement date, where applicable,

(iii) leaving service, or

(iv) in the case of a pension or part of a pension payable in accordance with a pension adjustment order, the relevant date in relation to that order,

the beneficial owner of shares which, when added to any shares held by the trustees of any settlement to which the director or his or her spouse or civil partner had transferred assets, carry more than 5 per cent of the voting rights in the company providing the benefits or in a company which controls that company;

“Personal Retirement Savings Account” or “PRSA” has the same meaning as in Chapter 2A of this Part;

“relevant benefits” means any pension, lump sum, gratuity or other like benefit―

(a) given or to be given on retirement or on death or in anticipation of retirement, or, in connection with past service, after retirement or death, or

(b) to be given on or in anticipation of or in connection with any change in the nature of the service of the employee in question,

but does not include any benefit which is to be afforded solely by reason of the death or disability of a person resulting from an accident arising out of or in the course of his or her office or employment and for no other reason;

“relevant date” means, in relation to a pension adjustment order, the date on which the decree of separation, the decree of divorce, or the decree of dissolution, as the case may be, was granted, by reference to which the pension adjustment order in question was made;

“retirement benefits scheme” has the meaning assigned to it by section 771;

“service” means service as an employee of the employer in question and other expressions, including “retirement”, shall be construed accordingly;

“state social security scheme” means a system of mandatory protection put in place by the Government of a country or territory, other than the State, to provide a minimum level of retirement income or other benefits, the level of which is determined by that Government;

“statutory scheme” means a retirement benefits scheme established by or under any enactment.

(2) Any reference in this Chapter to the provision of relevant benefits, or of a pension, for employees of an employer includes a reference to the provision of those benefits or that pension by means of a contract between the administrator or the employer and a third person.

(3) Schedule 23 and Schedule 23C shall apply for the purposes of supplementing this Chapter and shall be construed as one with this Chapter.

Amendments

Finance Act 2013 section 17(1)(a).