The Personal Retirement Scheme Rules, defines a qualifying scheme as either a personal retirement scheme or a long-term contract of insurance and that satisfies the following conditions:
- in the case of a retirement pension scheme, it is a scheme that is registered under the Retirement Pensions Act or any other law substituting that Act and, in the case of a long term contract of insurance issued by a licence holder, it provides for programmed withdrawal of arrangements as provided for in pension rules issued under the said Act or other law; and
- it provides for the commencement of payment benefits to a qualifying individual on a date that is not earlier than the date on which the individual attains the age of 61 and not later than the date when the individual attains the age of 70, except in those cases where the scheme provides that the payment is made by reason of the permanent disability or death of the beneficiary; and
- it satisfies such further conditions as the Commissioner may deem appropriate to impose.
Obligation to File Annual Reports
In terms of article 7(2) of the Personal Retirement Scheme Rules (S.L.123.163) all qualifying individuals whose savings accounts qualify as personal retirement schemes (PRS) are required to submit an annual report to the Office of the Commissioner for Revenue.
Required Format and Submission of Annual Report
The Office of the Commissioner for Revenue has produced a document provides guidance that specifies the details and format that should be used to submit the Personal Retirement Scheme report to the Office of the Commissioner for Revenue.
All data is to be completed and submitted to the CFR by not later than 31st January following the year for which the payment has been made.
Click on the following link to access the full report.