ARF and AMRF
Approved Retirement Fund (ARF)
Provided you have a guaranteed income if €12,700 per year for the rest of your life, you can choose to invest in an ARF. This allows you to invest your retirement fund in a range of investments managed by approved providers. These investments can grow tax-free until they are withdrawn. Also, you retain ownership of your retirement fund with an ARF, so you can make withdrawals from it when you need to, use it to buy a pension at any time, or keep it fully invested to use it as a very tax efficient way pass a lump sum on to your dependents in the event of your death.
Approved Minimum Retirement Fund (AMRF)
If you do not have a guaranteed income of €12,700 per year for the rest of your life, you must either use €63,500 to purchase a pension or invest in an AMRF, the capital of which cannot be drawn on until age 75 or retain at least €63,500 in your PRSA until are 75.
Please feel free to contact us at any stage.