Approved Minimum Retirement Fund AMRF Decision Reference 2019-0289

• Jurisdiction: Ireland
• Case Outcome: Substantially upheld
• Reference: 2019-0289
• Year: 2019
• Date: 03 September 2019
• Subject Matter: Approved Minimum Retirement Fund AMRF
• Conducts Complained Of: Failure to advise on revenue restrictions ,
• Finantial Sector: Investment

Decision Ref:

2019-0289

Sector:

Investment

Product / Service:

Approved Minimum Retirement Fund AMRF

Conduct(s) complained of:

Failure to advise on revenue restrictions

Outcome:

Substantially upheld

LEGALLY BINDING DECISION

OF THE FINANCIAL SERVICES AND PENSIONS OMBUDSMAN

Background

The complaint concerns the Complainant’s Approved Retirement Fund (ARF) with the

Provider.

The Complainant’s Case

The Complainant submits that in 2016 he initiated drawdown from his ARF and sought

advice from the Provider, the manager of the ARF, in respect of same. The Complainant

contends that the advice provided to him was “inadequate and incomplete” and that, as a

result of same, he will “be at a financial loss in any future contributory pension” that he

qualifies for. The Complainant calculates his annual loss in the amount of €416 per year for

the rest of his life.

Specifically, the Complainant states that, in August 2016 (at which point he was aged 60),

he raised a query regarding making withdrawals from his ARF “for the principal purpose of

increasing my social welfare contributions in order to qualify for a contributory pension in

the year 2023”. The Complainant indicated in August 2016 his view that he needed to make

up a shortfall in contributions in order to qualify for the pension and he specifically queried

whether he could “make up this shortfall in my social insurance record with the PRSI class S

(4%) liable on my withdrawals from my ARF until the age of 67?”. The Complainant contends

that the advice he received in response was deficient.