Revenue Note for Guidance

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Revenue Note for Guidance

784D Conditions relating to an approved minimum retirement fund

Summary

This section sets out the conditions relating to an approved minimum retirement fund (AMRF).

Details

Conditions

The qualifying conditions for an approved minimum retirement fund are as follows —

  • the AMRF is to be held by a qualifying fund manager in the name of the individual beneficially entitled to the assets in the AMRF.
  • the assets which may be held in an AMRF are —
    • assets which are transferred after exercise of an option under section 784(2A),
    • assets transferred from another AMRF, or
    • assets derived from such assets, i.e. income or gains on investments.
  • the individual on whose behalf an AMRF is held must make a declaration to the qualifying fund manager which —
    • contains the individual’s full name and address and tax reference number,
    • declares that the assets in the fund are those which may properly be held in an AMRF and are beneficially owned by the individual, and
    • any other information which the Revenue Commissioners may reasonably require for the purpose.

Certification of assets

(2) & (3) A qualifying fund manager may not accept assets into an AMRF unless he or she receives a certificate in relation to the assets from an annuity provider or from another qualifying fund manager stating —

  • that the assets are assets to which the individual is beneficially entitled following the exercise of an option under section 784(2A) and which are being transferred to the AMRF or have previously been transferred to another AMRF.
  • where the assets were previously in another AMRF, the amount or value of the assets which were originally transferred to an AMRF by the annuity provider following the exercise of an option under section 784(2A). This will enable qualifying fund managers to deal with the situation where the AMRF becomes an ARF when the individual reaches 75 years of age or dies.

Retention and inspection of declarations and certificates

(4) The provisions of section 263(2) apply to declarations and certificates under the section. This means that the qualifying fund manager must hold the declarations and certificates for the longer of a period of 6 years or 3 years after the fund ceases. The inspector is entitled to inspect the declarations and certificates and to take extracts and copies as he/she thinks fit.

(5) The Minister for Finance may, by order, specify requirements regarding the operation of AMRFs.

Relevant Date: Finance Act 2019