Daddy Ireland
Registered User
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Yes.Is it allowable ?
LiamJust to clarify a few things about this...
If there is money in an AMRF and ARF, the rules regarding withdrawals are not affected by whether or not the retirement was due to ill-health. The same rules apply as for someone who retired without the ill-health aspect.
You can choose to take up to 4% per year from an AMRF and no more. You can choose to take nothing.
At age 57, you can choose to take any level of income you like from an ARF. No upper limit. You can choose to take nothing. (It's not until the year in which your acquaintance reaches 61 that minimum withdrawals from an ARF start to kick in.)
Any income drawn from either the AMRF or the ARF is taxable under normal Income Tax rules, so the usual tax bands and tax credits apply and if there is other taxable income, it will need to be included in any taxation calculations.
At age 75, the AMRF becomes an ARF. If earlier the person acquires guaranteed lifetime income (e.g. an annuity or the State Pension) of at least €12,700 per year, the AMRF becomes an ARF.
Regards,
Liam
www.ferga.com
Liam
With the above pension pot would person have to park funds in AMRF. They might have Disability or Invalidity pension of 11k per annum. Would this income coupled with ARF income enable person to avoid AMRF? Cheers.
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