Taxes Consolidation Act 1997 section 784B

Conditions relating to an approved retirement fund

Section 784B sets out the qualifying conditions for approved retirement funds (ARFs), including the requirements for declarations by the individual, certification of assets by fund managers and annuity providers, and the retention of records.

• An ARF must be held by a qualifying fund manager in the name of the individual beneficially entitled to the assets, and may only contain assets transferred from a retirement annuity contract under section 784(2A), assets from another ARF, or assets derived from those sources.
• On opening an ARF, the individual must make a written declaration in the prescribed form to the qualifying fund manager, stating their name, address, tax reference number, and confirming that the fund assets are ones to which they are beneficially entitled.
• A qualifying fund manager may not accept assets into an ARF unless a certificate is received from an annuity provider or another qualifying fund manager confirming beneficial entitlement, transfer in accordance with section 784(2A), exclusion from any approved minimum retirement fund, and the balance on the income and gains account and the residue.
• Declarations and certificates must be retained by the qualifying fund manager for the longer of six years or three years after the fund ceases, and may be inspected by the inspector of taxes.