Accessing Funds Generally, access is restricted until the individual reaches the standard retirement age. Approved Retirement Funds (ARFs) – Used to draw down funds after retirement from a Contributory Pension.
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Rules and Regulations You Should Know Revenue and Prudential Regulation Authority guidelines govern these products to ensure they serve their intended purpose. Unlike standard savings accounts, these structures offer specific tax advantages intended to encourage long-term saving.
Personal Retirement Savings Account (PRSA) – A flexible, personal plan for self-employed individuals or those without access to occupational schemes. Rules regarding eligibility, contribution limits, and access to funds are strictly enforced.
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Early withdrawal usually incurs penalties, reinforcing the structure’s role as a long-term vehicle rather than a short-term savings pot. By familiarizing yourself with the rules and options available, you can ensure a more comfortable and secure future.
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