Contribution to approved superannuation fund - Whether pension benefits can be provided to employees under rule 89 of Income-tax Rules in the form of 'annuity certain' also
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Annuity certain: not permissible under rule 89; approved superannuation funds must amend rules or face withdrawal. A pension scheme that provides benefits in the form of an annuity certain does not fall within rule 89 and therefore cannot obtain or retain approval as an approved superannuation fund; trustees of already approved funds that permit such arrangements should amend their rules within a reasonable period or face possible withdrawal of approval.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Annuity certain: not permissible under rule 89; approved superannuation funds must amend rules or face withdrawal.
A pension scheme that provides benefits in the form of an annuity certain does not fall within rule 89 and therefore cannot obtain or retain approval as an approved superannuation fund; trustees of already approved funds that permit such arrangements should amend their rules within a reasonable period or face possible withdrawal of approval.
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