A versatile option for managing your retirement income.
Before 1999, when your pension matured, you were required to buy an annuity using the remaining balance after you received your tax-free lump sum. Although annuities were (and still are) appropriate for certain individuals, many others expressed concerns about having to surrender their entire retirement savings. With a fixed payment structure, there may be limited flexibility for you and potential implications for your estate in the event of your passing. ARFs revolutionised the way things were done. When you retire, you can receive a tax-free lump sum and invest the remaining balance in an ARF. This allows your money to continue growing tax-free while also giving you the flexibility to make withdrawals. Withdrawals are subject to taxation as income. You have complete control over the amount you withdraw, and in the event of your passing, the fund will be passed on to your next of kin. Planning is essential when it comes to managing your investment strategy and withdrawals from the approved retirement fund to ensure its longevity meets your needs. It is advisable to seek professional guidance before deciding to buy an ARF.
Who is eligible for an ARF?
If you belong to any of the mentioned categories:
- An individual enrolled in a retirement plan provided by their employer
- Recipient of pension benefits within a Personal Retirement Bond (PRB), which may include benefits transferred from a Defined Benefit (DB) scheme
- Individual with a Personal Retirement Savings Account (PRSA)
- Individual with a Personal Pension Plan
WHY A PENSION CONSULTATION IS ESSENTIAL
Obtaining a pension consultation is essential for guaranteeing a suitable retirement. Our pension consultation can provide valuable insights tailored to your unique circumstances, helping you make informed decisions. Our team of experienced pension specialists is here to help you make well-informed decisions that will help you maximise the potential of your pension.
By seeking a pension consultation, you can receive guidance on adjusting your contributions or reevaluating your investment strategy. This will provide you with the necessary support to navigate the intricacies of retirement planning, alleviating any unnecessary stress.
We aim to provide a hassle-free and smooth process, so whatever your needs may be, we are available to assist you.
Planning for your future is of utmost importance, and protecting it is essential.
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