Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

I move amendment No. 54:

In page 22, to delete lines 8 to 15 and substitute the following:"(a) the PRSA administrator—

(i) on or before 31 March 2017—

(I) commences payment of an annuity to the PRSA contributor,

(II) pays a lump sum to the PRSA contributor, in accordance with section 787G(3)(a),

(III) makes assets of the PRSA available to the PRSA contributor, or

(IV) transfers assets of the PRSA to an approved retirement fund in accordance with section 787H(1),

or

(ii) in priority to any payment, making of assets available or transfer referred to in subparagraph (i), makes available from the PRSA assets, to such extent as may be necessary, an amount for the purposes of discharging a tax liability in relation to the PRSA contributor under the provisions of Chapter 2C of this Part in respect of the PRSA,

(b) insofar as subparagraph (i) of paragraph (a) is concerned, the PRSA is deemed to be a vested PRSA in accordance with section 790D(1A), and

(c) insofar as subparagraph (ii) of paragraph (a) is concerned, the PRSA is a vested PRSA within the meaning of paragraph (c) of the definition of 'vested PRSA' in section 790D(1).",".