Can I ARF (Approved Retirement Fund)?

The ARF facility has now been extended to all members of DC arrangements. This means that DC members (who are not proprietary directors) will no longer be obliged to buy annuities on retirement. However, members will only be able to invest in an ARF if they have a guaranteed pension income for life of a least €18,000 per annum (including the State Pension).

If a member does not satisfy this income requirement then an amount of 10 times the State Retirement Pension (currently €119,800) must first be invested in an Approved Minimum Retirement Fund (where withdrawal of the capital originally invested is not permitted until age 75) and only the balance may be transferred to an ARF.

Please note the following temporary changes to Approved Retirement Funds (ARFs) & Approved Minimum Retirement Funds (AMRFs) arising from the Finance Act 2013.

  1.  The limits for the ARF option have been temporarily reversed to the pre-2011 levels for the next three years from April 2013.
  2. The minimum guaranteed pension for life required by a member is €12,700 per annum prior to the purchase of an ARF.  Where a member does not satisfy this minimum income requirement, they will be required to purchase an AMRF in the amount of €63,500. 
  3. This temporary reversal also means that for those invested in an AMRF since 2011; there will be an automatic reduction from €119,800 down to €63,500, with the balance being transferred to an ARF. 
  4. Imputed distributions (tax on draw down of ARF assets deemed at 5% annually or 6% where the total assets of in excess of €2 million) are not payable on the AMRF.  This temporary reduction to the AMRF requirement, backdated to those established from 2011 and applicable for the next three years will widen the net on which the tax is collected on ARFs. 

The Trustee recommends that members should take independent financial advice when considering their options at retirement.  The CERS Trustee preferred Independent Financial Adviser is Milestone Advisory DAC.  You can contact them or your own independent financial adviser to assist you to review your options at retirement.  You can contact Milestone Advisory DAC at Canal House, Canal Road, Dublin 6, at   or call them on 01 4068020. Their website is .

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