Finance Act 2021

The Finance Act 2021, which was signed into law on the 22nd of December 2021 included some important updates for our clients in particular our AMRF and Vested PRSA clients. As these changes have a far reaching impact, we wanted to share the key points of the Act.

What’s changed?
At retirement before investing in an Approved Retirement Fund (ARF) or taking a taxable lump sum you no longer need to meet the following requirements:
Invest €63,500 into an Approved Minimum Retirement Fund (AMRF)
Use €63,500 to purchase an annuity (pension income for life)
Keep €63,500 as a restricted fund in a vested PRSA (vested Personal Retirement Savings Account)
Have a guaranteed pension income of €12,700 a year
As a result, AMRF plans will no longer be available.
The death in service options available from company pension plans have been expanded to allow for the deceased’s spouse to invest in an ARF as an alternative to a spouse’s annuity.
The restriction which prevented those in company pensions with their employer for more than 15 years from transferring to a PRSA has been removed. Other requirements still apply when transferring to a PRSA.

What was an AMRF?
Previously, an AMRF and Vested PRSAs were available after retirement if you chose to invest your retirement savings in an ARF or leave it in your PRSA. The purpose was to help secure an income throughout retirement if you had a guaranteed pension income less than €12,700 a year.

I have an AMRF, how will this impact me?
Your AMRF plan automatically became an ARF on the 1st of January 2022. This change will give you greater flexibility regarding your withdrawal options.

I have a vested PRSA restricted fund, how will this impact me?
The restricted fund requirement is now removed from your vested PRSA. This change will give you greater flexibility regarding your withdrawal options.

We would like to take this opportunity to wish you a happy and prosperous 2022.

Should you wish to discuss any of the above or need any further information or advice, please do not hesitate to contact a member of our advisory team at,, & or alternatively you can call the office directly on 01 4972544.