Taxation (Multinational - Global and Domestic Minimum Tax) Act 2024

PART 3 - CORE GROUP AND ENTITY CONCEPTS  

Division 2 - Excluded Entities  

SECTION 23   MEANINGS OF PENSION FUND AND PENSION SERVICES ENTITY  

23(1)    
A Pension Fund is any of the following:

(a)    an Entity that is established and operated in a jurisdiction exclusively or almost exclusively for the purpose of administering or providing retirement benefits and ancillary or incidental benefits to individuals, if:

(i) the Entity ' s establishment and operations for that purpose are regulated by that jurisdiction or one of its political subdivisions or local authorities; or

(ii) those benefits are secured or otherwise protected by national regulations and funded by a pool of assets held through a fiduciary arrangement or trust to secure the fulfilment of the corresponding pension obligations against a case of insolvency of the Entity, or of other Entities together with which the Entity comprise a Group;

(b)    a Pension Services Entity.

23(2)    
A Pension Services Entity is an Entity that is established and operated exclusively or almost exclusively:

(a)    to invest funds for the benefit of Entities referred to in paragraph (1)(a) ; or

(b)    if the Entity and an Entity referred to in paragraph (1)(a) (the Pension Fund Entity ), together with one or more other Entities, comprise a Group - to carry out activities that are ancillary to such of the Pension Fund Entity ' s activities that are for the purpose mentioned in that paragraph.