Post Retirement Services
Approved Retirement Funds [ARF/AMRF]
Once you reach retirement you may be able to choose what you do with your retirement fund depending on your individual circumstances. One of these options may be an Approved Minimum Retirement Fund (AMRF) or an Approved Retirement Fund (ARF).
How do they work?
With an AMRF and an ARF you re-invest your pension fund and take the money out when you need it.
In order to take out an Approved Retirement Fund you must have a guaranteed annual income of €12,700 per year (from other sources than your ARF investment). If you don't you must invest €63,500 of your pension fund into an Approved Minimum Retirement Fund. Once you have put this money in an AMRF you can put any remainder into an ARF.
Four great reasons to choose an AMRF/ARF
- Great options
ARF and AMRF plans offer a wide range of investment options to give you the best results for your needs. - Flexibility
With an ARF you can take a regular income from your fund or lump sums as you need them. These are subject to normal income tax on withdrawal. - Low charges
ARF and AMRF plans have a very competitive charging structure with no big up-front charges. - Keeping in touch
You will receive updates each year so you know how your plan is doing
Annuities
>An annuity is the plan you buy with your pension retirement fund upon retirement which will provide you with an income for the rest of your life. There are two types of plan available:
Fixed Pension
This product changes your pension fund into a regular income that you can fix at the beginning. The income is fixed at the start and you will know exactly what income you will receive every year during your retirement.
Inflation Protected Pension
This product changes your pension fund into a regular income that will increase every year during your retirement. This product will help protect your retirement income against future inflation.
Your pension income is liable for income tax on a PAYE basis.