Taxes Consolidation Act 1997 section 787AB

Approved Retirement Fund option

Section 787AB allows the beneficiary of a pan-European pension product (PEPP) to transfer PEPP assets to an approved retirement fund (ARF) when those assets become available, with the standard ARF rules then applying to the transferred assets.

• When PEPP assets become available, the beneficiary may opt to have them transferred to an ARF, and the PEPP provider must carry out that transfer.
• The amount transferred is the total PEPP assets at the time of the election, less any tax-free lump sum the PEPP provider is permitted to pay.
• The election is treated as if it were an ARF option under section 784(2A), so the standard ARF and AMRF rules in sections 784A and 784B apply.
• The PEPP provider is responsible for making the transfer; the beneficiary's role is limited to making the election.