Potential to 'unlock' money in your AMRF
Can I now access my AMRF ?
Up until this week, unless you were aged 75 or in receipt of guaranteed pension income of €12,700 per annum, then the answer was no. This has now changed.
Thousands of pensioners will get an early opportunity to unlock money in retirement funds they have been unable to access up to now.
Revenue have announced that pensioners will be able to unlock money in what are known as Approved Minimum Retirement Funds (AMRFs).Previously pensioners who had an AMRF could not access their funds before they were 75.Instead, limited to only a maximum of 4.00% of the fund annually, unless they had a pension or annuity of €12,700 a year.
This created problems for those who were on the full State pension - €12,651 per annum - with no other income because they were €49 a year short of a pension income.
Back ground - before you invest in an Approved Retirement Fund (ARF), you must meet one of the following conditions (unless you have inherited an ARF or AMRF from your spouse or registered civil partner).
You must set aside €63,500 in an AMRF until you reach 75.
Or, you must buy a pension for life (annuity) with this money (€63,500).
Or, you must have a guaranteed pension income for life of €12,700 a year.
Want to know more? We are available to discuss your options, and we look forward to hearing from you.
Our job is to help you choose a product and structure that will help you meet your goals.
telephone | 091441188 and/or email | office@nelsonlife.ie
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