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Benefits payable on retirement

Approved (Minimum) Retirement Funds

At retirement you may have the option to transfer some or all of your retirement fund to an AMRF/ARF. Approved Retirement Funds are post-retirement investment plans that allow you to continue to invest your pension fund in retirement and draw down money as you need it, rather than buying an annuity. It is an important area on which you should take advice as you may be giving up a guaranteed income for life.

These options are available if:

  • you are a member of a defined contribution scheme, AVC, personal pension or PRSA arrangement or you have transferred your retirement benefits to a buy-out bond (also known as a personal retirement bond); or
  • you are a company director who controls more than 5% of the voting rights in your company.

If you are under 75, you cannot transfer to an ARF unless you can demonstrate a guaranteed income of €12,700 per annum, which can include State pensions. If you are unable to meet this minimum, you must either transfer €63,500 to an Approved Minimum Retirement Fund (AMRF), or purchase an annuity which will bring up your level of guaranteed income to the minimum amount.