Dáil Éireann Debate, Wednesday - 17 February 2021
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Pension Provisions
140. Deputy Bernard J. Durkan asked the Minister for Finance if a person (details supplied) can be facilitated for the full payment of their AMRF pension; if the case can be fully and favourably investigated given their current circumstances; if the policy entails a death benefit; and if he will make a statement on the matter. [7979/21]
Amharc ar fhreagraI am advised by Revenue that an individual who is under the age of 75 at the time of exercising the Approved Retirement Fund (ARF) option and does not meet the requirement in section 784C(4) Taxes Consolidation Act 1997 (TCA) of having a minimum guaranteed pension or annuity income for life of €12,700 per annum, is required under that section to set aside an amount of €63,500 from the pension fund (or the remainder of the fund, if less than €63,500 after taking a retirement lump sum) by investing the amount in an Approved Minimum Requirement Fund (AMRF) or by the purchase of an annuity.
A maximum of 4% of the AMRF value may be withdrawn annually and withdrawals are subject to tax. However, there are currently no other provisions within the legislation that provide for early withdrawal from this fund.
The Deputy provided details of a specific taxpayer in his correspondence and I can confirm that Revenue are now in contact with the taxpayer directly in relation to the matter.
