Approved Retirement Funds

When Minister for Finance, Charlie McCreevy introduced Approved Retirement Funds in 1999, he effectively revolutionized the pensions market. Approved Retirement Funds have taken the control of pension funds firmly out of the hands of life assurance companies, and put this control firmly back in the hands of the pension plan holder.

Approved Retirement Funds allow the pension plan holder, once he/she has chosen to retire, to keep their pension fund invested as a lump sum, and to draw an income for their lifetime, in the most tax efficient manner possible. In the event of the Approved Retirement Fund holder’s death, the Approved Retirement Fund can be passed onto a spouse, who in turn can continue to draw an income for their lifetime, and finally on the subsequent death of the spouse, the Approved Retirement Fund is passed to children.

This is where the unique ownership aspect of Approved Retirement Funds, has a huge advantage over annuities, which can in some cases, simply stop on the death of the annuity holder, with no benefit remaining for the spouse or children.

Smart Finance has the knowledge and expertise in this area to help you analyze all your options, and to decide on the option that best suits your needs and circumstances.

If you wish to discuss your own specific retirement options, email us at info@smartfinance.ie

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Patrick Matthews trading as Smart Finance is regulated by the Central Bank.