Revision Of ARF And AMRF Requirements

Author:Mr Bryan Dunne, Brian Buggy, John Dunne and Paul Glenfield

Approved Retirement Funds (ARFs) allow people to keep part or all of their retirement fund invested post retirement age. Income can be drawn from an ARF as and when the holder wishes, subject to an imputed minimum withdrawal of 5% of the value of the fund per annum. Currently, an individual can invest in an ARF where they can show a guaranteed yearly income of18,000 (or by making a119,800 investment in an Approved Minimum Retirement Fund (AMRF)). The Finance Bill 2013 proposes broadening the access to ARFs by reducing the minimum access requirements to pre-2011 levels. Prior to February 2011, the specified income threshold requirement stood at12,700 and the Approved Minimum Retirement Fund (AMRF) / annuity purchase threshold was63,500. These revised pre-2011 limits will apply for three...

To continue reading