Finance Act, 1972

Chapter II

Occupational Pension Schemes

Interpretation and supplemental.

13.—(1) In this Chapter, except where the context otherwise requires—

“administrator” in relation to a retirement benefits scheme means the person or persons having the management of the scheme, and references to the administrator of a scheme shall be deemed to include the person mentioned in section 15 (2) (c);

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

“the Commissioners” means the Revenue Commissioners;

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

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

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

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

(c) in the case of a company the affairs whereof 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 any 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 16;

“final remuneration” means the average annual remuneration of the last three years' service;

“ordinary share capital”, in relation to a company, means all the issued share capital (by whatever name called) of the company, other than capital the holders whereof have a right to a dividend at a fixed rate or a rate fluctuating in accordance with the rate of income tax, but have no other right to share in the profits of the company;

“pension” includes annuity;

“proprietary director” means a director of a company who is the beneficial owner of, or able, either directly or through the medium of other companies or by any other indirect means, to control, more than 15 per cent. of the ordinary share capital of the company;

“proprietary employee” means, in relation to a company, an employee who is the beneficial owner of, or able, either directly or through the medium of other companies or by any other indirect means, to control more than 15 per cent. of the ordinary share capital of the company;

“relevant benefits” means any pension, lump sum, gratuity or other like benefit 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 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, except that it 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 office or employment and for no other reason;

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

“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 thereof by means of a contract between the administrator or the employer and a third person.

(3) For the purposes of the definitions in subsection (1) of “proprietary director” and “proprietary employee”, ordinary share capital which is owned or controlled as referred to in the definitions by a person being a spouse or an infant child of a director or of an employee, or by the trustee of a trust for the benefit of a person or persons being or including any such person or such director or employee, shall be deemed to be owned or controlled by such director or employee and not by any other person.

(4) The First Schedule shall have effect for supplementing this Chapter and that Schedule shall be construed as one with this Chapter.