AMRF investment by elderly

  • Thread starter cloughoulabe
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cloughoulabe

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Hello, I am 65 and not in receipt of state pension. I have AMRF and invested it in 2005 on advice of my financial adviser, we asked recently to collect it but we were told we must be 75, and told them by then it would be too late and asked why did they invest it in this way. They then told me I can collect when I get a state pension of 245E next year when I am 66, but I will not have 245E per week and need the money now. Is there any way that I can get my investment back, it is also loosing year by year. thank you
 
What's the value of your AMRF?

Did you get a written explanation of the product in 2005 and/or a letter detailing why the advisor considered it most suitable for your needs?
 
I presume you got 25% of your pension fund as a tax free lump sum back in 2005? Is this all gone now?

How much was invested in the AMRF and what's the current value?

Was the original investment €63,500? If so, were there any funds left over? If so, what did you do with these (did you take a taxable lump sum or invest in an ARF?)

The balance of your fund may have been way too small to purchase a reasonable annuity (pension in retirement), so the only option available would have been to invest in an AMRF (assuming you didn't have a guaranteed income of €12,700 per annum).

More info is required from OP to give any advice here I think
 
i`m looking to take out a arf fund has anyone got any suggestions ? if anyone can help
 
Last edited by a moderator:
mikejames,

Have you look at the options available from the company that currently holds the pension funds?

Is there some reason that you are reluctant to go with them or are you just looking for better value?
 
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