15
Feb
The AMRF limits (Fund and Guaranteed Lifetime Income) for AMRFs have been
reduced. This is a new addition and not previously flagged in the Budget 2013. This
will allow more people to access AMRF Funds and Vested-PRSA AMRF funds rather
than waiting to age 75 (when AMRFs become ARFs).
The current limits for post Finance Act 2011 AMRFs (i.e. since 6th February 2011)
are €119,800 and €18,000 p.a. and these have been reduced down to the previous
limits of €63,500 and €12,700 for a limited period – for 3 years from the passing of
the Finance Act 2013, which we expect to be early April 2013.
To ensure that individuals who were affected by the higher limits in the period since
the passing of Finance Act 2011 (i.e. since 6 February 2011) are not disadvantaged,
provision is also made that:
• Where on or after the date of the passing of Finance Act 2013 such
individuals have specified income of at least €12,700, any AMRF they have
immediately becomes an ARF, and
• Where on the date of the passing of Finance Act 2013 such individuals have
specified income of less than €12,700 then, to the extent that the original
capital amount that they placed in the AMRF exceeded €63,500, the excess
of that capital amount above €63,500 immediately becomes an ARF.