64. Deductions dependent on place where fund established
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(1) Where any pension fund has been approved by the Comptroller under the provisions of the preceding section, or deemed to be approved for purposes of section 14 of the previous Act as provided by subsection (18) of the preceding section the deduction allowable is as follows—
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(a) where the pension fund is constituted or established in Saint Lucia, the whole of the contribution in respect of year of income 1988 and thereafter;
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(b) where the pension fund is not constituted or established in Saint Lucia and participation in such fund commenced before year 1988, 50% of the contribution in respect of year of income 1988 and thereafter;
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(c) where the fund is not established or constituted in Saint Lucia and participation commences in the year of income 1988 or after, no deduction is allowed.
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(2) In this section and the preceding section—
“contribution” means the payment made to the pension fund by either the member or the employer;
“employer” in the case of incorporated companies, includes a group of companies;
“member” means any person employed in the service of another at a weekly, monthly or other periodic remuneration, but does not include a director of an incorporated company who is not actively engaged in the day to day management of the company;
“retirement date” means the date upon which an employee reaches an age at which in accordance with the customary practice of his or her employer, he or she may optionally, or must compulsorily, retire but not being an age less than 50 years.
(Amended by Act 9 of 2001)