An Approved Retirement Fund (ARF) is a post retirement plan which is designed to accept your pension fund after you retire. An ARF gives you the freedom to choose your own fund choice that suits your attitude to risk. It also allows you control over the income that you can take from the plan.

An ARF is an open -ended pension investment and you can take an income for as long as the fund is able to provide an income. You must take a minimum income from the ARF which is dictated by your age and the size of the fund.

If you do not take this income, you will be taxed as if you have taken it and this is called a deemed withdrawal.

In order for you to be eligible to commence an ARF on retirement, you must be in receipt of a guaranteed pension income of €12,700 per annum. If you do not have the required pension income of €12,700 then you must either invest €63,500 into an AMRF or purchase an Annuity before you can invest the balance of your post- retirement fund into an ARF.