784D Conditions relating to an approved minimum retirement fund

Summary

This section sets out the conditions relating to an approved minimum retirement fund (AMRF). Section 14 of the Finance Act 2021 removed the AMRF conditions from the ARF option. The section also repealed subsections 1 to 3 of section 784D, with effect from 1 January 2022. It also inserted a new subsection 6 which legislates that on or after 1 January 2022 a qualifying fund manager shall not accept any assets into an AMRF.

Details

Retention and inspection of declarations and certificates

(4) The provisions of section 263(2) apply to declarations and certificates under the section. This means that the qualifying fund manager must hold the declarations and certificates for the longer of a period of 6 years or 3 years after the fund ceases. The inspector is entitled to inspect the declarations and certificates and to take extracts and copies as he/she thinks fit.

(5) The Minister for Finance may, by order, specify requirements regarding the operation of AMRFs.

(6) On or after 1 January 2022, a qualifying fund manager shall not accept any assets into an AMRF.

Relevant Date: Finance Act 2021