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Retirement benefits: removal of Approved Minimum Retirement Fund (AMRF)
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14. (1) Chapter 1 of Part 30 of the Principal Act is amended in section 772—
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(a) by the substitution, in subsection (3A)(a), of the following for the construction of “B”:
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“B is the amount or value of assets which the trustees, administrators or other person charged with the management of the scheme (in this section referred to as ‘the trustees’) would, if the assumptions in paragraph (b) were made, apply in purchasing an annuity payable to the relevant individual with effect from the date of the exercise of the option.”,
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and
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(b) in subsection (3B)(a)—
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(i) by the deletion of “, 784C, 784D”,
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(ii) by the substitution, in subparagraph (i), of “scheme, and” for “scheme,”,
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(iii) by the substitution, in subparagraph (ii), of “scheme.” for “scheme,” and
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(iv) by the deletion of subparagraph (iia).
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(2) Chapter 2 of Part 30 of the Principal Act is amended—
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(a) by the substitution, in section 784(2A), of the following for the construction of “B”:
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“B is the amount or value of assets which the person with whom the contract is made is to apply in purchasing an annuity payable to the individual with effect from the date of the exercise of the said option.”,
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(b) in section 784C—
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(i) by the deletion of subsections (2) to (7), and
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(ii) by the insertion of the following subsection after subsection (7):
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“(7A) On 1 January 2022 an approved minimum retirement fund shall, thereupon, become an approved retirement fund and section 784A and subsections (1) and (5) of section 784B shall apply accordingly.”,
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and
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(c) in section 784D—
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(i) by the deletion of subsections (1) to (3), and
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(ii) by the insertion of the following subsection after subsection (5):
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“(6) On or after 1 January 2022, a qualifying fund manager shall not accept any assets into an approved minimum retirement fund.”.
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(3) Chapter 2A of Part 30 of the Principal Act is amended—
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(a) in section 787H—
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(i) by the substitution of the following subsection for subsection (2):
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“(2) The assets that a PRSA administrator shall transfer to an approved retirement fund in accordance with subsection (1) shall be the assets available in the PRSA at the time the election under that subsection is made less any lump sum the PRSA administrator is permitted to pay without deduction of tax in accordance with section 787G(3)(a).”,
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and
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(ii) by the substitution, in subsection (3), of “sections 784A and 784B” for “sections 784A to 784D”,
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and
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(b) in section 787K(1)(c)(i)—
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(i) by the substitution, in clause (II), of “section 787G(3)(a), or” for “section 787G(3)(a),”,
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(ii) by the substitution of the following clause for clause (III):
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“(III) assets transferred to an approved retirement fund in accordance with section 787H(1),”,
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and
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(iii) by the deletion of clause (IV).
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(4) (a) Subject to paragraph (b), this section shall come into operation on and from the date of the passing of this Act.
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(b) Paragraphs (b)(i) and (c)(i) of subsection (2) shall come into operation on 1 January 2022.
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