Post Retirement Options

Approved Retirement Funds (ARF)

An Approved Retirement Fund (ARF) is a tax efficient post retirement investment fund. It puts you in control of your pension assets and retirement income.


What are the Benefits of an Approved Retirement Fund ?

You have flexibility and control over your pension fund.

You can invest in a wide range of assets, with the potential for your pension fund to continue growing.

You can choose the level of income you want to take each year from an ARF, subject to a minimum annual withdrawal.

When you die, your residual fund passes to your Estate.

The decision to buy an ARF is reversible i.e. at a later date an ARF can be used to purchase an annuity i.e. an income paid by an insurance company . The decision to purchase an annuity is not reversible.


Who can set up an Approved Retirement Fund ?

If you are a member of an employer sponsored defined contribution pension scheme or

You hold your pension benefits in a Personal Retirement Bond (PRB) (including benefits that have been transferred from a Defined Benefit (DB) scheme) or

You are a member of an employer-sponsored pension scheme and have made Additional Voluntary Contributions (AVCs) or

You have a Personal Retirement Savings Account or

You have a Personal Pension Plan.

Approved Minimum Retirement Funds (often referred to as AMRFs) are more restrictive than ARFs as you can only withdraw a maximum of 4% each year until you reach age 75. At age 75, or earlier if you meet the below criteria, you can convert your AMRF to an ARF.


Revenue rules require you to set up an AMRF unless one of the following statements applies to you:

  • You have a guaranteed income payable for life (for example, State Pension or other annuity income) of more than €12,700 per year
  • You already have an AMRF with an investment amount of at least €63,500
  • You are older than 75

An annuity provides a regular income for the rest of your life, no matter how long you live. You can buy an annuity with the money from your pension fund. The annuity payments are taxable as income.

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