An ARF (Approved Retirement Fund) and AMRF (Approved Minimum Retirement Fund) are funds managed by qualifying fund managers in which you can invest the proceeds of your pension fund. Your pension fund is the proceeds of a Retirement Annuity Contract as it matures. For a proprietary director, the pension fund will be the value of the pension entitlement.

From 2022 there is no longer any requirement for an AMRF.


The choice of investments offered within a fund will vary from one qualifying fund manager to another. They can range from bank accounts to unit linked funds in a specified financial institution or investment body. You are free to withdraw the money invested in an ARF. 

The new options give you more control and flexibility about how your pension fund is used to meet your needs.

Proprietary directors, who are in an occupational pension scheme, are also entitled to the new options.
The new options apply to all Revenue approved contracts made on or after 6 April 1999. If your contract was approved before that date you can avail of these new options with the agreement of your pension provider.
More information is available in the Personal Pension section.


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