Fair deal scheme and approved retirement funds

Discussion in 'Pensions' started by Dan Murray, Jan 21, 2017.

  1. Dan Murray

    Dan Murray Frequent Poster

    Does anyone know how the fair deal scheme treats ARFs? That is, do the asset or income rules apply?
  2. Slim

    Slim Frequent Poster

    On application, the client or their rep will put down the income/assets. If the ARF is listed as, say, €500k, that will be assessed at 7.5% p.a.(less the exemption of €36k) plus 80% of any income derived from that. In practice, the applicant can provide proof of pension from, say, Zurich, and be deducted 80% of that, with the fund not mentioned. However, upon the death of the client, the reps fill in a declaration of assets to the HSE. At that point, the ARF should be declared and the HSE may assess that at 7.5% p.a. for each year and part year the client was in the FD scheme.
    SBarrett likes this.