Clause 3

by deleting the full-stop at the end of subsection (2)(c)(iii) and substituting a semi-colon;

by inserting, immediately after paragraph (c) of subsection (2), the following paragraph:“(d)any sum standing to the account of any individual in any pension or provident fund or society which the individual is entitled to withdraw upon retirement or which is withdrawn therefrom.”;

by inserting, immediately after the word “subsection” at the end of subsection (6), the words “or if the annuity is purchased by the employer of the person deriving on or after 1st January 1993 such income in lieu of any pension or other benefit payable during his employment or upon his retirement”; and

by inserting, immediately after subsection (11), the following subsection:“(12) For the purposes of subsection (2)(d), the sum standing to the account of any individual in any pension or provident fund or society, other than a pension or provident fund to which section 10C applies, shall be deemed to accrue to the individual on the date he is entitled to the sum upon retirement or on the date he withdraws any sum before his retirement, as the case may be, except that where upon his retirement an individual is entitled to elect under the rules or constitution of the pension or provident fund or society as to the manner and amount of the sum to be withdrawn, only the amount so withdrawn shall be deemed to be income of the individual accruing on the date of withdrawal.”.