S.L. 123.175 Art. 8Payments received from a qualifying scheme.

(1) Except for payments referred to in sub-rule

(3), all payments received from a qualifying scheme, including for the avoidance of doubt long term contracts of insurance mentioned in rule 7, shall constitute pension income for the purposes of article

4(1)(d) of the Act.

(2) The transfer of accumulated pension benefits of a qualifying employee from an occupational or personal retirement scheme to a qualifying scheme, shall not constitute a payment that is chargeable to tax under the provisions of the Act.

(3) The provisions of this rule shall not apply to:

(i) any capital sum which may be exempt from taxation in accordance with the provisions of article 12(1)(h) of the Act; and

(ii) any sum paid to a qualifying employee before attaining the age specified in terms of the Retirement Pensions Act, including where in such case the said individual is no longer employed by the qualifying employer.