I would appreciate any advice/opinions on the following situation as it is not a subject I am knowledgeable on. My dad recently retired at 64 and will have a DB pension income of approx. €45k per annum into the future. He is maxing out the tax-free lump sum he can receive as part of the DB pension arrangement (i.e. has hit the 200k limit). He also has a separate DC pension pot of approx. €100k from a different employment - he now needs to make a decision on what to do with this 100k. He was considering buying a relatively cheap rental property with these funds but it now appears that he would only receive 50k if he drew down the full 100k as he would be subject to tax at the marginal rate. He has been to see a financial advisor. The advisor has suggested that he put the full 100k into ARF as he would then avoid income tax on the 100k. We aren't really knowledgeable on ARF's (or pensions in general) so does this seem like sound advice? My concern is that he is only deferring any tax hit and that the 4% he draws down every year will be subject to tax at the top rate anyway. One other point worth noting is that my mom (also 64) does not have sufficient income use her full 20% rate band - is there any way to transfer the ARF (or ARF income) to a spouse? Thanks in advance!