The Minister for Finance has announced a policy change so that the holders of a Buy-out Bond whose funds originate from a defined benefit (DB) scheme will now have access to the Approved Retirement Fund (ARF) option. He said this change will take effect from 22 June 2016. The ARF option is an alternative to annuity purchase and can offer more flexibility and choice of investments to members past their normal retirement age.
The Minister has requested the Revenue to make any necessary administrative changes to reflect this policy change. He has clarified that it remains the case that the ARF option is not available to the main benefits paid from a DB scheme.
Contributed by Jane Barrett & Ciara McLoughlin