An approved retirement fund is a special investment fund which can give you flexibility in terms of how you use your retirement fund. With an ARF you manage and control your retirement fund and can invest it in a wide range of different investment funds. You can also make withdrawals as you need them. And because you own you fund, you can leave it to your dependents when you die.
What is an approved minimum retirement fund?
You must take out an AMRF if you have chosen the ARF route but do not have a guaranteed pension income for life of at least €12,700 a year already in place or have not used €63,500 to buy a pension for life.
The main difference between an AMRF and an ARF is that, until you are 75 years old or you become in receipt of the required guaranteed pension income from other sources, you may only withdraw any gain you make within the AMRF over and above the original amount you invested but cannot make withdrawals from the original amount invested.