Social Welfare (Miscellaneous Provisions) Act, 2002

PRSI arrangements for certain personal pensions.

11.—The Principal Act is amended by inserting the following after section 29B (inserted by section 23 of the Act of 2000):

“Return of contributions — payments to personal pensions.

29C.—(1) Regulations may provide for the return, subject to any conditions, restrictions or deductions that may be prescribed, of so much, if any, as may be prescribed of any employment contribution under section 10(1)(b) paid by, or in respect of, an employed contributor, or of any self-employment contribution paid by a self-employed contributor under section 18(1)(c), in respect of such amount as may be prescribed of—

(a) any payment made by the person to a Personal Retirement Savings Account,

(b) any payment made by the person which is a qualifying premium under an annuity contract for the time being approved by the Revenue Commissioners under Chapter 2 of Part 30 of the Taxes Consolidation Act, 1997 , or

(c) any payment made by the person which is a contribution allowable under section 774 or 776 of the Taxes Consolidation Act, 1997 , as a deduction from emoluments in assessing those emoluments to income tax under Schedule E of that Act.

(2) In this section ‘Personal Retirement Savings Account’ has the meaning assigned to it by such enactment as may be prescribed.”.