The Government have recently announced a proposal which will enable retired Pensioners have access to their funds in AMRF’s. Previously, pensioners had to wait until aged 75 yrs. to get access to the sum which could at a maximum be €63,500 e.g. pension for €200,000, lump sum €50K, the remaining €150,000 had to be split to €63,500 to an AMRF only accessible at 75yrs with the balance of €86,500 accessible but taxable.
It is now proposed to eliminate the requirement to wait until 75yrs to access the AMRF, so in essence, a persons’ full pension pot will be available from December of 2018. This is probably good news for people with modest pensions who found it difficult to accept that on attaining retirement age, they could not access their funds. Please contact our office at 052 6123959 for further information.