Document ID: chunk:federal_register_of_legislation:C2004A03231:body:0:p43
Version: federal_register_of_legislation:C2004A03231
Segment Type: other
Provision Reference: 
Character Range: 107200–109931

the giving of an exempt benefit; or
         (b) the giving of a prescribed benefit in prescribed circumstances.

    "(2a) Paragraph (1) (a) or (b) does not apply in relation to the giving of a prescribed benefit in connection with the retirement of a person from a prescribed office (in this sub-section referred to as the 'relevant office') in relation to a company, if—
         (a) the prescribed benefit is a bona fide payment by way of pension or lump sum payment in respect of past services rendered by the person to the company or to a corporation that is a related corporation, or that was, at the time when the past services were rendered, a related corporation, of the company, including any superannuation, retiring allowance, superannuation gratuity or similar payment; and
         (b) the value of the pension or lump sum payment, when added to the value of all other pensions (if any) and lump sum payments (if any) already paid or payable in connection with the retirement of the person from a prescribed office in relation to the company, does not exceed—
             (i) in a case where, at the time when the person retired from the relevant office, the person was, and had been throughout a period (in this sub-section referred to as the 'relevant period'), or throughout periods totalling a period (in this sub-section also referred to as the 'relevant period'), of not less than 3 years, an eligible employee in relation to the company—the amount ascertained in accordance with the formula—
             ,
             where—
               A is the amount of the total emoluments of the person during the last 3 years of the relevant period;
               B is the number of years in the relevant period or, if that number is greater than 7, 7; or
             (ii) in any other case—the total emoluments of the person during the period of 3 years ending when the person retired from the relevant office.
    "(2b) In determining for the purposes of paragraph (2a) (b) the value of a pension or lump sum payment, any part of the pension or lump sum payment that is attributable to a contribution made by the person or by a person other than—
         (a) the company;
         (b) a corporation (in this sub-section referred to as a 'relevant corporation') that is a related corporation of the company, or that was, at the time when the contribution was made, such a related corporation; or

         (c) an associate of the company, or of a relevant corporation, in respect of—
             (i) the payment of the pension, or the making of the lump sum payment, as the case may be; or
             (ii) the making of the contribution,
    shall be disregarded.
    "(2c) For the purposes of sub-paragraph