The AMRF holder can access up to 4% of the value of the assets each year, irrespective of age as a once-off withdrawal, subject to PAYE.Any distribution taken form the AMRF can be used to reduce the minimum distribution amount from the ARF assets in that year. An ARF is a post retirement product which is designed to provide an income for you in retirement.It can only accept transfers from existing pension arrangements.
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The amount which must be invested in the AMRF is €63,500 (as at January 2016) of your remaining fund (or the entire fund if it is less).
You should note that when you reach the age of 75, or upon death, the AMRF automatically converts into an ARF.
There are no charges for transferring your benefits to another ARF provider.
The test does not apply to individuals aged 75 or over, who may invest in an ARF without satisfying the guaranteed income or AMRF requirements.
An AMRF is similar to an ARF except that the capital invested in the AMRF is not subject to an imputed distribution (please see ‘Imputed Distributions’ below) until the individual is aged 75 years.
This includes a pension or annuity that is guaranteed to be payable for the rest of your life, including any State guaranteed pension.If you do not satisfy the income test you can still purchase an ARF on condition that you also purchase an Approved Minimum Retirement Fund (AMRF).An ARF is a personal tax-efficient investment fund into which you can transfer all or part of the balance of your pension fund after you receive your retirement lump sum.ARF is available to members of an Occupational Scheme (assuming scheme rules allow) and individuals that hold a Personal Pension, Personal Retirement Savings Account (PRSA) or Retirement Bond and have reached Normal Retirement Age or have taken Early Retirement.Before you can invest in an ARF, you must satisfy the income test.The test is that you must have a guaranteed pension annual income equal to €12,700 as at January 2016.