Taxes Consolidation Act 1997 section 784C

Approved minimum retirement fund

Section 784C defined an approved minimum retirement fund (AMRF) and provided that all existing AMRFs automatically became approved retirement funds (ARFs) on 1 January 2022.

• An AMRF was a fund held by a qualifying fund manager that complied with the conditions in section 784D.
• Previously, where an individual exercised the ARF option but did not have guaranteed annual pension income of at least €12,700, up to €63,500 of the net fund had to be placed in an AMRF or used to purchase an annuity.
• Finance Act 2021 removed the AMRF requirement, repealed subsections (2) to (7) with effect from 1 January 2022, and provided that all existing AMRFs automatically became ARFs on that date.
• The ARF taxation rules in section 784A and the ARF conditions in section 784B(1) and (5) apply to any fund that converted from an AMRF to an ARF.