This query is about what happens at retirement when an AVC fund is transferred into an ARF.
There are two AVCs:
1. First is a public sector occupational AVC with Cornmarket/Irish Life, worth about 30k. This policy is in force since 1992.
2. The second is a PRSA AVC with Eagle Star, just 2 years old. It is invested across many funds, and is showing a loss, maybe 10%, on the contributions of 24k.
My query: what actually happens at retirement?
Do we encash both AVCs and buy a new ARF?
Or is the PRSA AVC simply renamed an ARF, with the same funds, etc.?
Or
There are two AVCs:
1. First is a public sector occupational AVC with Cornmarket/Irish Life, worth about 30k. This policy is in force since 1992.
2. The second is a PRSA AVC with Eagle Star, just 2 years old. It is invested across many funds, and is showing a loss, maybe 10%, on the contributions of 24k.
My query: what actually happens at retirement?
Do we encash both AVCs and buy a new ARF?
Or is the PRSA AVC simply renamed an ARF, with the same funds, etc.?
Or