Retirement provision asset funds

(1) A retirement provision asset fund is an open-ended investment limited partnership 1. whose corporate purpose is directed directly and exclusively at covering the occupational retirement provision obligations of its investors, and 2. that satisfies the conditions of a special investment fund.
(2) The investors must confirm to the open-ended investment limited partnership, in writing, on the officially prescribed form, that they hold their unit directly and exclusively to cover occupational retirement provision obligations. Where this confirmation exists for investors resident abroad, the condition of subsection (1) no. 1 is deemed satisfied. Otherwise this condition is deemed not satisfied where the value of the units acquired by an investor exceeds the value of its occupational retirement provision obligation.
(3) The provisions for special investment funds and their investors apply accordingly to retirement provision asset funds and their investors. Where the conditions of subsection (1) cease to exist, section 52 applies mutatis mutandis. Section 6(1) no. 2 of the Income Tax Act applies accordingly to the valuation of a unit in a retirement provision asset fund.
(4) Participation in a retirement provision asset fund does not lead to the establishment, or the proportionate attribution, of a permanent establishment of the unit-holder. The income of the retirement provision asset fund is deemed non-commercial. Section 9 no. 2 of the Trade Tax Act does not apply to shares in the profit of a retirement provision asset fund.