S.L. 123.175 Art. 2Interpretation.

For the purposes of these rules:

"an association representing employers" shall also include an association representing self-occupied persons;

"the Act" means the Income Tax Act;

"the Commissioner" means the Commissioner for Revenue;

"competent authority" means the Malta Financial Services Authority established by means of the Malta Financial Services Authority Act;

"European right" means the entitlement of an insurance undertaking to establish a branch, or provide services, in a Member State or an EEA State other than that in which it has its head office -

(a) in accordance with the Treaty as applied in a Member State or an EEA State; and

(b) subject to the requirements of the Single Market Directive and subject to any regulations made under the Insurance Business Act, or insurance rules issued by the competent authority pursuant to the Insurance Business Act, implementing such requirements;

"licence holder" means:

(a) in the case of an occupational voluntary retirement scheme or a personal retirement scheme, a company registered, licensed or authorised to administer retirement schemes under the

Retirement Pensions Act, or any other law substituting the said Act, or,

(b) in the case of a long term contract of insurance, a company registered, licensed or authorized to carry on long term business under the Insurance Business Act and includes a European

123.175 PENSION SCHEME RULES

Insurance Undertaking carrying on long term business of insurance in Malta in exercise of a European right;

"long term business" means business of insurance of any of the classes specified in the Second Schedule to the Insurance Business Act;

"notice" means notice in writing and "notify" shall be construed accordingly;

"occupational retirement scheme" means a retirement scheme established on a voluntary basis for, or by, an employer or a number of employers, or an association representing employers, jointly or separately, for the benefit of qualifying employees;

"payer" shall have the same meaning as assigned to it under the Final Settlement System (FSS) Rules;

"personal retirement scheme" means a retirement scheme which is not a voluntary occupational retirement scheme and to which contributions are made for the benefit of an individual;

"qualifying contribution" means a contribution or payment made to a qualifying scheme in respect of which the provisions of these rules shall apply;

"qualifying employer" means any person, whether corporate or unincorporate, and whether vested with legal personality or not, which employs individuals to carry out the economic activity for which it is established and which is registered as a payer for the purposes of the Final Settlement System (FSS) Rules:

Provided that for the avoidance of doubt, a qualifying employer shall also include a self-occupied person;

"qualifying employee" means an individual on whose behalf or by whom contributions or payments to a qualifying scheme are made and who fulfils the requirements of rule 4;

"qualifying scheme" means a retirement scheme or a long term contract of insurance that fulfils the requirements of these rules and which is approved by the Commissioner;

"self-occupied person" shall have the same meaning as is assigned to it under the Social Security Act;

"social security contributions" means a contribution payable under the Social Security Act or which was payable under the provisions of the National Insurance Act before the date of its repeal;

"year" means the year immediately preceding a year of assessment unless the context otherwise requires; and unless otherwise defined, terms and expressions used in these rules shall have the meaning assigned to them in the Act, the Insurance Business Act, or the Retirement Pensions Act or any other law or laws substituting it or them, as the case may be.