Finance Act 2022

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Pan-European Personal Pension Product (amendments consequential on insertion of Chapter 2D in Part 30)

21. (1) Section 110(5A)(d)(i)(II) of the Principal Act is amended by the substitution of “a PRSA within the meaning of section 787A, a PEPP within the meaning of Chapter 2D of Part 30,” for “a PRSA within the meaning of section 787A,”.

(2) Section 172A(1)(a) of the Principal Act is amended by the insertion of the following definitions:

“‘PEPP assets’ has the same meaning as in Chapter 2D of Part 30;

‘PEPP provider’ has the same meaning as in Chapter 2D of Part 30;”.

(3) Section 172C of the Principal Act is amended—

(a) in subsection (2), by the insertion of the following paragraph after paragraph (bb):

“(bc) a PEPP provider who is receiving the relevant distribution as income arising in respect of PEPP assets, and has made a declaration to the relevant person in relation to the relevant distribution in accordance with paragraph 12 of Schedule 2A,”,

and

(b) in subsection (3)—

(i) in paragraph (cb), by the substitution of “unit trust,” for “unit trust, and”,

(ii) in paragraph (d), by the substitution of “(within the meaning of that section), and” for “(within the meaning of that section)”, and

(iii) by the insertion of the following paragraph after paragraph (d):

“(e) a PEPP provider who receives a relevant distribution as income arising in respect of PEPP assets,”.

(4) Section 256 of the Principal Act is amended, in subsection (1)—

(a) by the insertion of the following definitions:

“‘PEPP’ has the same meaning as in Chapter 2D of Part 30;

‘PEPP provider’ has the same meaning as in Chapter 2D of Part 30;”,

and

(b) in the definition of “relevant deposit”—

(i) in paragraph (j), by the substitution of “in subsection (1B),” for “in subsection (1B), or”,

(ii) in paragraph (k), by the substitution of “Revenue Commissioners, or” for “Revenue Commissioners;”, and

(iii) by the insertion of the following paragraph after paragraph (k):

“(l) which is made by a PEPP provider, held for the purposes of a PEPP and in respect of which a declaration in accordance with section 263F has been made to the relevant deposit taker;”.

(5) The Principal Act is amended by the insertion of the following section after section 263E:

“Declarations relating to deposits made by a PEPP provider held for a PEPP

263F. (1) The declaration referred to in paragraph (l) of the definition of ‘relevant deposit’ in section 256(1) is a declaration in writing to a relevant deposit taker which—

(a) is made by a PEPP provider (in this section referred to as ‘the declarer’) in respect of a deposit that is an asset of a PEPP,

(b) is signed by the declarer,

(c) is made in such form as may be prescribed by the Revenue Commissioners,

(d) declares that, at the time when the declaration is made, the deposit in respect of which the declaration is made—

(i) is an asset of a PEPP, and

(ii) is managed by the declarer for the PEPP who is beneficially entitled to the deposit,

(e) contains the name, address and tax reference number of the PEPP referred to in paragraph (d),

(f) contains an undertaking by the declarer that if the deposit ceases to be an asset of the PEPP, including a case where the deposit is transferred to another PEPP, the declarer will notify the relevant deposit taker accordingly, and

(g) contains such other information as the Revenue Commissioners may reasonably require for the purpose of this Chapter.

(2) A relevant deposit taker shall—

(a) keep and retain for the longer of the following periods:

(i) a period of 6 years, and

(ii) a period which, in relation to the deposit in respect of which the declaration is made, ends not earlier than 3 years after the date on which the deposit is repaid or, as the case may be, becomes a relevant deposit,

and

(b) on being so required by notice given to it in writing by an inspector, make available to the inspector, within the time specified in the notice,

all declarations of the kind mentioned in subsection (1) which have been made in respect of deposits held by the relevant deposit taker.

(3) The inspector may examine or take extracts from or copies of any declarations made available to him or her under paragraph (a).

(4) In this section—

‘PEPP’ has the same meaning as it has in Chapter 2D of Part 30;

‘PEPP provider’ has the same meaning as it has in Chapter 2D of Part 30.”.

(6) Section 531AM of the Principal Act is amended, in paragraph (a) of the Table to that section—

(a) in subparagraph (V), by the substitution of “under section 782A(3),” for “under section 782A(3), and”,

(b) in subparagraph (VI) , by the substitution of “(within the meaning of Chapter 2A of Part 30), and” for “(within the meaning of Chapter 2A of Part 30).”, and

(c) by the insertion of the following subparagraph after subparagraph (VI):

“(VII) emoluments in the nature of a contribution by an employer to a PEPP (within the meaning of Chapter 2D of Part 30).”.

(7) Section 608(2) of the Principal Act is amended by the substitution of “PRSA assets (within the meaning of section 787A) or PEPP assets (within the meaning of Chapter 2D of Part 30).” for “PRSA assets (within the meaning of section 787A).”.

(8) Section 706(3) of the Principal Act is amended by the insertion of the following paragraph after paragraph (d):

“(e) (i) any PEPP contract (within the meaning of Chapter 2D of Part 30), and

(ii) any contract with a PEPP provider (within that meaning) being a contract which was entered into for the purposes only of the PEPP concerned;”.

(9) Section 730D(2)(b) of the Principal Act is amended—

(a) in subparagraph (viii), by the substitution of “to which section 784 or 785 applies,” for “to which section 784 or 785 applies, or”,

(b) in subparagraph (ix), by the substitution of “within the meaning of section 784C, or” for “within the meaning of section 784C,”, and

(c) by the insertion of the following subparagraph after subparagraph (ix):

“(x) a PEPP provider (within the meaning of Chapter 2D of Part 30),”.

(10) Section 730E(3)(e) of the Principal Act is amended—

(a) in subparagraph (viii), by the substitution of “to which section 784 or 785 applies,” for “to which section 784 or 785 applies, or”,

(b) in subparagraph (ix), by the substitution of “within the meaning of section 784C, or” for “within the meaning of section 784C,”, and

(c) by the insertion of the following subparagraph after subparagraph (ix):

“(x) a PEPP provider (within the meaning of Chapter 2D of Part 30),”.

(11) Section 739D(6) of the Principal Act is amended—

(a) in paragraph (kc), by the substitution of “to the investment undertaking,” for “to the investment undertaking, or”,

(b) in paragraph (m), by the substitution of “(within the meaning of section 885), or” for “(within the meaning of section 885),” and

(c) by the insertion of the following paragraph after paragraph (m):

“(n) is a person who is entitled to exemption from income tax and capital gains tax by virtue of section 787AC and the units held are assets of a PEPP (within the meaning of Chapter 2D of Part 30) and the PEPP provider (within the meaning of that Chapter 2D) has made a declaration to the investment undertaking in accordance with paragraph 15 of Schedule 2B,”.

(12) Section 739K(1) of the Principal Act is amended—

(a) by the insertion of the following definition:

“‘PEPP’ has the same meaning as in Chapter 2D of Part 30;”,

and

(b) in paragraph (a) of the definition of “specified person”, by the substitution of “(including a vested PRSA within the meaning of section 790D(1)), a PEPP (including a vested PEPP within the meaning of 790D(1))” for “(including a vested PRSA within the meaning of section 790D(1))”.

(13) Section 739KA(1) of the Principal Act is amended, in the definition of “member”—

(a) in paragraph (b), by the substitution of “784C(2) or 785(1),” for “784C(2) or 785(1), or”,

(b) in paragraph (c), by the substitution of “PRSA, or” for “PRSA;”, and

(c) by the insertion of the following paragraph after paragraph (c):

“(d) a contributor, within the meaning of Chapter 2D of Part 30, in respect of a PEPP;”.

(14) Section 783(2)(c) of the Principal Act is amended by the substitution of “of any PRSA contribution (within the meaning of Chapter 2A of this Part) or of any PEPP contribution (within the meaning of Chapter 2D of this Part) this Chapter, Chapter 2A and Chapter 2D” for “of any PRSA contribution (within the meaning of Chapter 2A of this Part) this Chapter and Chapter 2A”.

(15) Section 787E of the Principal Act is amended by the substitution of the following subsection for subsection (5)—

“(5) Where an individual is entitled to relief for a year of assessment under—

(a) Chapter 2 of this Part in respect of a qualifying premium, or

(b) Chapter 2D of this Part in respect of a PEPP contribution,

the maximum allowable contribution for that year of assessment, other than additional voluntary PRSA contributions, shall be reduced by the amount of such relief.”.

(16) Section 787M(1) of the Principal Act is amended—

(a) in the definition of “qualifying overseas pension plan”, by the substitution of the following paragraph for paragraph (a):

“(a) which is in good faith established for the sole purpose of providing benefits of a kind similar to those referred to in Chapters 1, 2, 2A or 2D of this Part,”,

and

(b) in the definition of “relevant migrant member”, by the substitution of the following paragraph for paragraph (c):

“(c) was, immediately before the beginning of that period, resident outside of the State for a continuous period of 3 years (but this paragraph shall not apply where the contributions are to a sub-account, within the meaning of Article 2(23) of Regulation (EU) No. 2019/1238 of the European Parliament and Council of 20 June 2019⁴ ), and”.

(17) Section 787N(1) of the Principal Act is amended—

(a) by the substitution of “or sections 787C, 787E, 787F or 787J of Chapter 2A (which relates to personal retirement savings accounts) or sections 787X, 787Z or 787AD of Chapter 2D (which relates to Pan-European Personal Pension Products) and” for “or sections 787C, 787E, 787F or 787J of Chapter 2A (which relates to personal retirement savings accounts),”,

(b) in paragraph (i), by the substitution of “of the Pensions Act 1990 , or a PEPP in accordance with Chapter 2D for the purposes of Regulation (EU) No. 2019/1238 of the European Parliament and of the Council of 20 June 2019⁵ , and” for “of the Pensions Act 1990 , and”, and

(c) in paragraph (ii)—

(i) in subparagraph (II) , by the substitution of “of Chapter 2,” for “of Chapter 2, or”,

(ii) in subparagraph (III) , by the substitution of “in Chapter 2A, or” for “in Chapter 2A.”, and

(iii) by the insertion of the following subparagraph after subparagraph (III):

“(IV) an individual referred to in Chapter 2D.”.

(18) Section 787O(1) of the Principal Act is amended—

(a) in the definition of “administrator”—

(i) in paragraph (c), by the substitution of “787A(1),” for “787A(1), and”,

(ii) in paragraph (d), by the substitution of “787U, and” for “787U;”, and

(iii) by the insertion of the following paragraph after paragraph (d):

“(e) a PEPP provider within the meaning of Chapter 2D;”,

(b) in the definition of “date of the current event”—

(i) in paragraph (b), by the substitution of “section 772(3A), 784(2A), 787H(1) or, as the case may be section 787AB,” for “section 772(3A), 784(2A) or, as the case may be section 787H(1) ”, and

(ii) by the insertion of the following paragraph after paragraph (ba):

“(bb) the annuity would otherwise become payable under a PEPP of a kind referred to in paragraph (g) of the definition of ‘relevant pension arrangement’ where an individual does not elect to exercise an option in accordance with section 787AB(1) and instead retains the assets available in the PEPP at that date, in that PEPP or any other PEPP,”,

(c) in the definition of “Fund Administrator”, by the substitution of “(within the meaning of section 790D(1)) or vested PEPP provider (within the meaning of Chapter 2D),” for “(within the meaning of section 790D(1)),”,

(d) in the definition of “member”, by the substitution of “a PRSA contributor within the meaning of Chapter 2A, a contributor within the meaning of Chapter 2D” for “a PRSA contributor within the meaning of Chapter 2A”,

(e) by the insertion of the following definitions:

“‘PEPP assets’ has the same meaning as in Chapter 2D;

‘PEPP provider’ has the same meaning as in Chapter 2D;”,

(f) in the definition of “relevant option”, by the substitution of “section 772(3A), 784(2A), 787H(1) or 787AB(1),” for “section 772(3A), 784(2A) or 787H(1),”, and

(g) in the definition of “relevant pension arrangement”—

(i) in paragraph (e), by the substitution of “Public Service Superannuation (Miscellaneous Provisions) Act 2004,” for “Public Service Superannuation (Miscellaneous Provisions) Act 2004, or”,

(ii) in paragraph (f), by the substitution of “referred to in paragraph (e), or” for “referred to in paragraph (e) ;”, and

(iii) by the insertion of the following paragraph after paragraph (f):

“(g) a PEPP contract, within the meaning of Chapter 2D, in respect of a PEPP, within the meaning of that Chapter;”.

(19) Section 787Q(5A)(b) of the Principal Act is amended, by the substitution of the following subparagraph for subparagraph (ii):

“(ii) the approved retirement fund, approved minimum retirement fund (or where the non-member has an approved retirement fund and an approved minimum retirement fund, of both funds), a vested PRSA (or vested PRSAs, where the non-member has more than one vested PRSA) or a vested PEPP (or vested PEPPs, where the non-member has more than one vested PEPP), as the case may be, (in this subsection referred to as the ‘fund’),”.

(20) Section 787R of the Principal Act is amended—

(a) in subsection (5)—

(i) in paragraph (a), by the substitution of “any increased annual amount of pension,” for “any increased annual amount of pension, and”,

(ii) in paragraph (b), by the substitution of “in the said subparagraph (c), and” for “in the said subparagraph (c),”,

(iii) by the insertion of the following paragraph after paragraph (b):

“(c) where the benefit crystallisation event is an event of a kind described at subparagraph (bd) or (be) of paragraph 2 of Schedule 23B, refuse to transfer an amount to the individual or refuse to make assets of the PEPP referred to in the said subparagraph (bd) available to the PEPP contributor,”,

and

(b) in subsection (5A), in paragraph (a)—

(i) in the definition of “relevant administrator”—

(I) in subparagraph (i), by the substitution of “the administrator of that vested PRSA,” for “the administrator of that vested PRSA, and”,

(II) in subparagraph (ii), by the substitution of “made the annuity contract, and” for “made the annuity contract;”, and

(III) by the insertion of the following subparagraph after subparagraph (ii):

“(iii) in the case of a vested PEPP of a kind referred to in paragraph (v) of the definition of ‘vested PEPP’ in section 790D(1), the PEPP provider of that vested PEPP;”,

and

(ii) in the definition of “relevant person”—

(I) in subparagraph (i), by the substitution of “referred to in that paragraph,” for “referred to in that paragraph, and”,

(II) in subparagraph (ii), by the substitution of “in that section, and” for “in that section;”, and

(III) by the insertion of the following subparagraph after subparagraph (ii):

“(iii) in the case of a vested PEPP of a kind referred to in paragraph (x) of the definition of ‘vested PEPP’ in section 790D(1), a PEPP contributor of a kind referred to in that paragraph;”.

(21) Section 788(2) of the Principal Act is amended—

(a) in paragraph (f), by the substitution of “section 784C,” for “section 784C, or”,

(b) in paragraph (g), by the substitution of “of this Part, or” for “of this Part.”, and

(c) by the insertion of the following paragraph after paragraph (g):

“(h) any annuity where the whole or part of the consideration for the grant of the annuity consisted of assets which, at the time of the application of the said assets for the purchase of the annuity, were PEPP assets, within the meaning of Chapter 2D.”.

(22) Section 790A of the Principal Act is amended—

(a) in subsection (1)—

(i) in paragraph (c), by the substitution of “contribution,” for “contribution, and”,

(ii) in paragraph (d), by the substitution of “pension plan, and” for “pension plan,”, and

(iii) by the insertion of the following paragraph after paragraph (d):

“(e) Chapter 2D in respect of a PEPP contribution,”,

and

(b) in subsection (5), by the substitution of “787(7), 787C(3) or 787X(3),” for “787(7) or 787C(3),”.

(23) Section 790AA of the Principal Act is amended—

(a) in subsection (1), in paragraph (a)—

(i) in the definition of “administrator”—

(I) in subparagraph (ii), by the substitution of “mentioned in section 784(4A)(ii),” for “mentioned in section 784(4A)(ii), and”,

(II) in subparagraph (iii), by the substitution of “the meaning of section 787A(1), and” for “the meaning of section 787A(1) ;”, and

(III) by the insertion of the following subparagraph after subparagraph (iii):

“(iv) a PEPP provider within the meaning of Chapter 2D;”,

and

(ii) in the definition of “relevant pension arrangement”—

(I) in subparagraph (vi), by the substitution of “the meaning of section 787A(1),” for “the meaning of section 787A(1) ;”, and

(II) by the insertion of the following subparagraph after subparagraph (vi):

“(vii) a PEPP contract, within the meaning of Chapter 2D, in respect of a PEPP, within the meaning of that Chapter;”,

and

(b) by the insertion of the following subsection after subsection (19):

“(20) Subsection (2) of section 787AA shall apply in respect of any income tax deducted from an excess lump sum by virtue of subsection (3) of this section, by an administrator of a relevant pension arrangement of a kind described in paragraph (vii) of the definition of ‘relevant pension arrangement’ in subsection (1)(a) of this section, as it applies to income tax referred to in subsection (2) of section 787AA.”.

(24) Section 790D of the Principal Act is amended—

(a) in subsection (1)—

(i) in the definition of “excluded distributions”, by the insertion of the following paragraphs after paragraph (g):

“(h) a specified amount regarded as a distribution or the making available of PEPP assets under subsection (4);

(i) assets being made available from a PEPP, being assets of a kind referred to in section 787AA(3);

(j) the circumstances set out in section 787AA(4)(a) in which a PEPP provider is treated as making assets of a PEPP available to an individual;”,

(ii) in the definition of “other manager”—

(I) in paragraph (b), by the deletion of “or” after “administrator,”,

(II) in paragraph (c), by the substitution of “administrator, or” for “administrator,”,

(III) by the insertion of the following paragraph after paragraph (c):

“(d) a PEPP provider,”,

(IV) in paragraph (ii), by the deletion of “or” after “PRSA,”,

(V) in paragraph (iii), by the substitution of “PRSA, or” for “PRSA,”, and

(VI) by the insertion of the following paragraph after paragraph (iii):

“(iv) one or more than one vested PEPP,”,

(iii) in the definition of “relevant distributions” by the insertion of the following paragraph after paragraph (b):

“and

(c) the assets, if any, that a PEPP provider makes available to, or pays to, the individual or to any other person during the tax year from one or more than one vested PEPP that is beneficially owned by that individual and administered by that PEPP provider,”,

(iv) in the definition of “relevant fund”—

(I) in paragraph (a), by the deletion of “and” after “ARFs,”,

(II) in paragraph (b), by the substitution of “PRSAs, and” for “PRSAs,”, and

(III) by the insertion of the following paragraph after paragraph (b):

“(c) vested PEPPs,”,

and

(v) by the insertion of the following definitions:

“ ‘PEPP’ has the same meaning as in Chapter 2D;

‘PEPP assets’ has the same meaning as in Chapter 2D;

‘PEPP contract’ has the same meaning as in Chapter 2D;

‘PEPP provider’ has the same meaning as in Chapter 2D;

‘vested PEPP’ means—

(a) a PEPP in respect of which assets of the PEPP have been made available to, or paid to, the PEPP contributor or to any other person, by the PEPP provider, other than assets of a kind referred to in paragraphs (b), (c) and (d) of section 787AA(3), and for the purposes of this definition the provisions of subsections (4) and (5) of section 787AA shall apply, or

(b) a PEPP in respect of which the PEPP contributor has attained the age of 75 years where, up to and including the date on which the PEPP contributor attained that age, no assets of the PEPP have been made available to, or paid to, the PEPP contributor or to any other person, other than a transfer of part of the assets to another PEPP to which the contributor to the first mentioned PEPP is the contributor;”,

(b) in subsection (4)—

(i) by the substitution of “subsections (1) and (2) of 787G, or in subsections (1) and (2) of section 787AA” for “subsections (1) and (2) of 787G”,

(ii) by the insertion of the following paragraph after paragraph (b):

“(ba) where the relevant fund comprises of one or more than one vested PEPP, the making available to, or paying to, the PEPP contributor of assets of that amount or value from a PEPP,”,

and

(iii) in paragraph (c)—

(I) by the substitution of “, one or more than one vested PEPP, and one or more than one vested PRSA” for “and one or more than one vested PRSA”,

(II) by the substitution of the following subparagraph for subparagraph (i):

“(i) the qualifying fund manager, the PEPP provider and PRSA administrator of each ARF, of each PEPP and of each PRSA concerned are the same person, a distribution of that amount from an ARF,”,

(III) in subparagraph (iii), by the substitution of “or value from a PRSA,” for “or value from a PRSA, or”, and

(IV) by the insertion of the following subparagraph after subparagraph (iv):

“(v) the nominee appointed in accordance with subsection (5) is a qualifying fund manager, a PEPP provider and PRSA administrator, a distribution of that amount from an ARF,”,

(c) in subsection (5)(a)—

(i) in subparagraph (ii)—

(I) by the substitution of the following clause for clause (III):

“(III) more than one vested PEPP, or”,

and

(II) by the insertion of the following clause after clause (III):

“(IV) one or more than one ARF, one or more than one vested PEPP, and one or more than one vested PRSA, and”,

and

(ii) by the substitution of the following subparagraph for subparagraph (iii):

“(iii) in relation to each such relevant fund the qualifying fund manager of each ARF concerned, the PEPP provider of each vested PEPP concerned and the PRSA administrator of each vested PRSA concerned are not the same person,”,

(d) in subsection (7)(a)—

(i) by the substitution of the following subparagraph for subparagraph (iii):

“(iii) the vested PEPP or vested PEPPs, or”,

and

(ii) by the insertion of the following subparagraph after subparagraph (iii):

“(iv) the ARF or ARFs, and the vested PEPP or vested PEPPs and the vested PRSA or vested PRSAs”,

(e) in subsection (8), by the substitution of “relevant distributions from an ARF, a vested PEPP or a vested PRSA” for “relevant distributions from an ARF or a vested PRSA”,

(f) in subsection (9)—

(i) in subparagraph (B), by the substitution of “vested PRSAs,” for “vested PRSAs, or”,

(ii) by the substitution of the following for subparagraph (C):

“(C) the vested PEPP or vested PEPPs, or”,

and

(iii) by the insertion of the following subparagraph after subparagraph (C):

“(D) the ARF or ARFs, the vested PEPP or PEPPs and the vested PRSA or vested PRSAs,”,

and

(g) by the substitution of the following subsection for subsection (11):

“(11) Where an individual has a relevant fund of a kind referred to in subsection (5)(a) and the individual opts not to appoint a nominee as provided for in that subsection, then each person who on the specified date is—

(a) a qualifying fund manager,

(b) a PRSA administrator,

(c) a PEPP provider, or

(d) a qualifying fund manager, and a PRSA administrator and a PEPP provider,

of, as the case may be—

(i) one or more than one ARF,

(ii) one or more than one vested PRSA,

(iii) one or more than one vested PEPP, or

(iv) one or more than one ARF and one or more than one vested PRSA and one or more than one vested PEPP,

comprised in that relevant fund shall determine the specified amount in accordance with this section as if the relevant fund was comprised solely, as the case may be, of—

(I) the ARF or ARFs,

(II) the vested PRSA or vested PRSAs,

(III) the vested PEPP or vested PEPPs, or

(IV) the ARF or ARFs and the vested PRSA or vested PRSAs and the vested PEPP or vested PEPPs,

managed or administered by each such person.”.

(25) Section 897A of the Principal Act is amended—

(a) in subsection (1)—

(i) in the definition of “employee”—

(I) in paragraph (a), by the substitution of “Chapter 1 of Part 30,” for “Chapter 1 of Part 30, and”,

(II) in paragraph (b), by the substitution of “subsection (1) of section 787A, and” for “subsection (1) of section 787A;”, and

(III) by the insertion of the following paragraph after paragraph (b):

“(c) in relation to a PEPP contribution, has the same meaning as it has in Chapter 2D of Part 30;”,

(ii) in the definition of “employer”—

(I) in paragraph (a), by the substitution of “Chapter 1 of Part 30,” for “Chapter 1 of Part 30, and”,

(II) in paragraph (b), by the substitution of “as in section 787A(1), and” for “as in section 787A(1) ;”, and

(III) by the insertion of the following paragraph after paragraph (b):

“(c) in relation to an employee PEPP contribution and an employer PEPP contribution, shall be construed for the purposes of this section in the same way as it is construed for the purposes of Chapter 2D of Part 30;”,

and

(iii) by insertion of the following definitions:

“‘PEPP’ has the same meaning as it has in Chapter 2D of Part 30;

‘PEPP contribution’ has the same meaning as it has in Chapter 2D of Part 30;

‘PEPP employer contribution’, in relation to a year of assessment, means any PEPP contribution referred to in section 787AD(2) made by an employer to a PEPP in the year of assessment;”,

and

(b) in subsection (2)—

(i) in paragraph (e), by the substitution of “an employer pension contribution,” for “an employer pension contribution, and”,

(ii) in paragraph (f), by the substitution of “PRSA employer contribution,” for “PRSA employer contribution.”, and

(iii) by the insertion of the following paragraphs after paragraph (f):

“(g) where a PEPP contribution deduction is made from the emoluments paid to an employee, the amount of the PEPP contribution, and

(h) the amount of a PEPP employer contribution.”.

(26) Section 986(1)(g)(ii) of the Principal Act is amended by the substitution of “Chapter 2, Chapter 2A or Chapter 2D of Part 30” for “Chapter 2 or Chapter 2A of Part 30”.

(27) Schedule 2A to the Principal Act is amended by the insertion of the following paragraph after paragraph 11:

“Declaration to be made by a PEPP provider

12. The declaration referred to in section 172C(2)(bc) shall be a declaration in writing to the relevant person in relation to the relevant distributions which—

(a) is made by the person (in this paragraph referred to as the ‘declarer’) beneficially entitled to the relevant distributions in respect of which the declaration is made,

(b) is signed by the declarer,

(c) is made in such form as may be prescribed or authorised by the Revenue Commissioners,

(d) declares that, at the time when the declaration is made, the person beneficially entitled to the relevant distributions is a person referred to in section 172C(2)(bc),

(e) contains the name and tax reference number of the person,

(f) contains a statement that, at the time when the declaration is made, the relevant distributions in respect of which the declaration is made will be applied as income of a PEPP,

(g) contains an undertaking by the declarer that, if the person mentioned in subparagraph (d) ceases to be an excluded person, the declarer will, by notice in writing, advise the relevant person in relation to the relevant distributions accordingly, and

(h) contains such other information as the Revenue Commissioners may reasonably require for the purposes of Chapter 8A of Part 6.”.

(28) Schedule 2B to the Principal Act is amended by the insertion of the following paragraph after paragraph 14:

“Declaration of PEPP provider

15. The declaration referred to in section 739D(6)(n) is a declaration in writing to the investment undertaking which—

(a) is made by a PEPP provider (in this paragraph referred to as the ‘declarer’) in respect of units which are assets in a PEPP,

(b) is signed by the declarer,

(c) is made in such form as may be prescribed by the Revenue Commissioners,

(d) declares that, at the time when the declaration is made, the units in respect of which the declaration is made—

(i) are assets of a PEPP, and

(ii) are managed by the declarer for the individual who is beneficially entitled to the units,

(e) contains the name, address and tax reference number of the individual referred to in subparagraph (d),

(f) contains an undertaking by the declarer that if the units cease to be assets of the PEPP, including a case where the units are transferred to another PEPP, the declarer will notify the investment undertaking accordingly, and

(g) contains such other information as the Revenue Commissioners may reasonably require for the purposes of Chapter 1A of Part 27.”.

(29) Schedule 2C to the Principal Act is amended by the insertion of the following paragraph after paragraph 11:

“Declaration of PEPP providers regarding PEPPs and vested PEPPs

12. The declaration referred to in section 739K, in respect of a PEPP or a vested PEPP referred to in paragraph (a) or (f) of the definition of ‘specified person’ in that section, is a declaration in writing to the IREF which—

(a) is made by a PEPP provider (in this paragraph referred to as the ‘declarer’),

(b) is signed by the declarer,

(c) is made in such form as may be prescribed by the Revenue Commissioners,

(d) declares that, at the time of making the declaration, the units in respect of which the declaration is made—

(i) are assets of a PEPP or a vested PEPP, and

(ii) are managed by the declarer for the person who is beneficially entitled to the units,

(e) contains the name, address and TIN of the person referred to in subparagraph (d)(ii),

(f) contains an undertaking by the declarer that if the units cease to be assets of the PEPP or the vested PEPP, including a case where the units are transferred to another PEPP or vested PEPP, the declarer will notify the IREF in writing accordingly,

(g) contains a certificate by the declarer stating whether or not the unit holder is a specified person after the application of section 739M,

(h) provides, where the PEPP or vested PEPP is one to which paragraph (f) of the definition of ‘specified person’ applies, supporting documentation evidencing equivalence,

(i) contains an undertaking by the declarer that if the PEPP or vested PEPP becomes a specified person, the declarer will notify the IREF in writing accordingly, and

(j) contains such other information as the Revenue Commissioners may reasonably require for the purposes of Chapter 1B of Part 27.”.

(30) Schedule 23B to the Principal Act is amended—

(a) in paragraph 2—

(i) in subparagraph (b), by the substitution of “with section 772(3A), 784(2A), 787H(1) or 787AB(1)” for “with section 772(3A), 784(2A) or 787H(1) ”, and

(ii) by the insertion of the following subparagraphs after subparagraph (bc):

“(bd) the individual does not elect to exercise an option in accordance with section 787AB(1) and instead retains the assets of the PEPP in that PEPP,

(be) the individual is a PEPP contributor and the PEPP becomes a vested PEPP of a kind referred to in paragraph (c) of the definition of ‘vested PEPP’ in section 790D(1),”,

(b) in paragraph 3, by the insertion of the following subparagraphs after subparagraph (dc):

“(dd) where the benefit crystallisation event is an event of a kind referred to in paragraph (2)(bd), the aggregate of the amount of so much of the cash sums and the market value of such of the assets as are retained in the PEPP or in any other PEPP,

(de) where the benefit crystallisation event is an event of a kind referred to in paragraph (2)(be), the aggregate of the amount of any cash sums and the market value of the assets in the PEPP at the date the individual attains the age of 75 years,”.

(31) Schedule 34 to the Principal Act is amended by the insertion of the following paragraph after paragraph 12:

“13. A PEPP contract (within the meaning of Chapter 2D of Part 30) in respect of a PEPP (within the meaning of that Chapter).”.

(32) Section 85(1) of the Capital Acquisitions Tax Consolidation Act 2003 is amended—

(a) in paragraph (b), by the substitution of “to an individual,” for “to an individual, or”,

(b) in paragraph (c), by the substitution of “ Taxes Consolidation Act 1997 , or” for “ Taxes Consolidation Act 1997 ,”,

(c) by the insertion of the following paragraph after paragraph (c):

“(d) a PEPP, within the meaning of Chapter 2D of Part 30 of the Taxes Consolidation Act 1997 , where assets of the PEPP are treated under subsection (4) or (4B), as the case may be, of section 787AA of that Act as having been made available to an individual,”,

(d) in paragraph (ii), by the substitution of “such property,” for “such property, or”,

(e) in paragraph (iii), by the substitution of “accumulations, or” for “accumulations.”, and

(f) by the insertion of the following paragraph after paragraph (iii):

“(iv) a PEPP, within the meaning of Chapter 2D of Part 30 of the Taxes Consolidation Act 1997 , registered for the purposes of that Chapter under Article 7 of Regulation (EU) No. 2019/1238 of the European Parliament and Council of 20 June 2019⁶ .”.

(33) The Stamp Duties Consolidation Act 1999 is amended—

(a) in section 82C(1), in the definition of “pension scheme”—

(i) in paragraph (e), by the substitution of “the Act of 1997,” for “the Act of 1997, or”,

(ii) in paragraph (f), by the substitution of “Act of 1997,” for “Act of 1997;”, and

(iii) by the insertion of the following paragraph after paragraph (f):

“(g) a PEPP contract, within the meaning of Chapter 2D of Part 30 of the Act of 1997, in respect of a PEPP, within the meaning of that Chapter;”,

and

(b) in section 125B(1)—

(i) in the definition of “administrator”—

(I) in paragraph (b), by the substitution of “in section 784(4A)(ii) of that Act,” for “in section 784(4A)(ii) of that Act, and”,

(II) in paragraph (c), by the substitution of “section 787A(1) of the Act of 1997, and” for “section 787A(1) of the Act of 1997;”,

(III) by the insertion of the following paragraph after paragraph (c):

“(d) a PEPP provider, within the meaning of Chapter 2D of Part 30 of the Act of 1997;”,

and

(ii) in the definition of “scheme”—

(I) in paragraph (b), by the substitution of “or part of a trust scheme, as the case may be,” for “or part of a trust scheme, as the case may be, or”,

(II) in paragraph (c), by the substitution of “made available to the PRSA contributor, or” for “made available to the PRSA contributor;”,

(III) by the insertion of the following paragraph after paragraph (c):

“(d) a PEPP contract, within the meaning of Chapter 2D of Part 30 of the Act of 1997, in respect of a PEPP, within the meaning of that Chapter, other than a PEPP contract in respect of which a lump sum, to which paragraph (a) of section 787AA(3) of the Act of 1997 applies, has been paid or made available to the PEPP contributor;”.

⁴ OJ No. L. 198, 25.7.2019. p.1.

⁵ OJ No. L. 198, 25.7.2019. p.1.

⁶ OJ No. L. 198, 25.7.2019, p.1.