Minister for Finance improves options for pensioners
Minister for Finance Michael Noonan has announced that individuals with buy-out bonds originating from Defined Benefit pension schemes will now be allowed to avail of the ARF option. This change is effective from 22 June 2016.
Up until now, such individuals could only purchase an annuity with the proceeds of their buy-out bond after taking their retirement lump sum.
The industry has campaigned long and hard for this change so we see it as a very positive measure giving greater choice to all holders of buy-out bonds.
More details are available on the Department of Finance