Since the passing of the Finance Act 2013, an individual who wishes to invest their retirement benefits in an Approved Retirement Fund (ARF) must satisfy one of the following requirements:
- Have guaranteed annual income of at least €12,700 (previously €18,000)
- Place €63,500 in an Approved Minimum Retirement Fund (AMRF) or purchase an annuity (previously €119,800)
These thresholds replace the higher thresholds which had been in force since the Finance Act 2011 and are expected to remain in place until the Finance Act 2016.
The Act also includes provisions to ensure that those individuals affected by the higher ARF/AMRF limits since the passing of the Finance Act 2011 will not be disadvantaged.
Contributed by Lorna Osborne & Mary Greaney.]
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