Finding the world of pensions a confusing one? Here’s our handy guide to some common acronyms associated with pensions in Ireland.
So, whether you’re just starting your career, contemplating additional contributions, or actively planning your retirement, this guide will arm you with the knowledge needed to make informed decisions about your financial future. Let’s take a look at some acronyms…
PRSA: Personal Retirement Savings Account
AVC: Additional Voluntary Contribution
AMRF: Approved Minimum Retirement Fund
ARF : Approved Retirement Fund
SIPP: Self-Invested Personal Pension
RAC: Retirement Annuity Contract
DB: Defined Benefit
DC: Defined Contribution
NRA: Normal Retirement Age
GTD: Guaranteed
ARF: Approved Retirement Fund
CPI: Consumer Price Index
BCE: Benefit Crystallization Event
TFLS: Tax free lump sum –
Did you find this guide useful? If you are beginning to think about your retirement or pension and need some extra support, check out our recent blogs here or contact our friendly team in Kilbeggan for a chat.