CHAPTER 75:01 - Inland Revenue Division

Income Tax Act Mac 1
Vol. 1
(a) for the purpose of the qualification of the fund or scheme for
registration; or
(b) in order to comply with the requirements of any regulations made
under the National Insurance Act for the purpose of the
harmonization of the fund or scheme with the system of national
insurance established by that Act.
(4) An approved fund or scheme within the meaning of section 27 may at
any time be converted into an approved pension fund plan if it complies
with the provisions of this section and the regulations and the Board approves
the plan save that where such approved fund or scheme is so converted
the regulations shall not apply to pension accrued at the date of approval
of the plan.
(5) The Board shall not approve for the purposes of this Act any pension
fund plan or deferred annuity plan unless, in its opinion, it complies with
the following conditions:-
(a) the pension fund plan or deferred annuity plan does not, subject to
subsections (6) and (7) -
(i) provide for the payment of any benefit before retirement or
maturity except by way of a -
Finance Act (No. 2) 1993
(A) refund of contributions;
(B) refund of premiums;
(C) withdrawal of contributions; or
(D) withdrawal of premiums;
(ii) provide for the payment of any benefit after retirement or
maturity except by way of gratuity and pension, or
(A) an annuity to the annuitant for his life, or
(B) an annuity to the annuitant for the lives, jointly, of the
annuitant and spouse and to the survivor of them for his or
her life,
commencing at maturity and with or without a guaranteed
term, not exceeding 15 years, as the case may be;
(b) the pension fund plan or deferred annuity plan does not -
BIR Mac Edition 91/01 Page 49