AMRF Pension - leave as is or withdraw ?

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NormaJean

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Wife and Husband pensioners, 75+ year old, joint tax assessed.
Only income - State Pension approx. €30,000 per year.

€40,000 in a private AMRF pension. It looks like this pension is not growing.

Can they withdraw this as a lump sum now? And invest in a bank account now to get some interest in it? OR will they be taxed?

Thank you
 
AMRFs were abolished years ago. Is it an ARF?

OAPs can earn up to €36,000 a year tax-free so should they just withdraw €6,000 a year to add to their €30,000 State Pension income?
 
It's likely that their AMRF was converted automatically into an ARF in January 2022, when AMRFs were abolished. In 2022 and 2023 they should have received income of at least 5% each year from the ARF. This might explain why the ARF doesn't appear to be growing. Or maybe they chose low-risk, low returns funds.

Agree with Gordon's advice that they should withdraw around €6,000 per year to stay just below their Income Tax exemption limit.
 
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