Approved Retirement Funds (ARF) in Ireland
An Approved Retirement Fund (ARF) is a personal investment account where individuals can transfer part of their maturing retirement fund instead of using it to buy an annuity or take a taxable lump sum. It offers an alternative way to manage retirement savings.
ARFs offer several benefits, such as tax-free growth on investments, the ability to pass on remaining funds to loved ones, and flexibility in withdrawals.
With so many options available, choosing the right one for your retirement plan can be challenging. At Quigley Financial Brokers, our qualified financial advisors can help you navigate these choices and ensure you make the best decision for your future.
Investment Returns
ARFs allow for tax-free growth on investments. This means that returns from investments held within the ARF are exempt from Irish taxes on capital gains and investment income. As a result, the funds in the ARF can grow more efficiently over time, boosting the individual’s retirement savings.
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Preservation of Capital on Death
One of the major advantages of an ARF is the ability to preserve its value upon death. Unlike annuities, the remaining balance in an ARF can be passed on to beneficiaries, ensuring that the fund continues to benefit next of kin without being lost upon death. This can be particularly important for individuals wishing to leave a legacy.
Flexibility in Withdrawals
An ARF gives you control over how and when you withdraw from your retirement savings. You can take regular withdrawals, lump sums, or leave some funds invested to grow further. However, you must withdraw a minimum amount each year.
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* The Value of Financial Advice, 2016 PIBA / Standard Life
**Econometrics Models on the value of advice of a financial advisor, July 2016 Canada Cirano
