AMC
Annual management charge: a recurring charge based on fund value. Check whether other costs apply.
ARF
An Approved Retirement Fund is a post-retirement investment arrangement available in certain circumstances. Its value and income are not guaranteed.
AVC
An Additional Voluntary Contribution supplements occupational pension benefits, subject to scheme and tax rules.
Allocation rate
The percentage of a contribution actually invested after any contribution charge.
Annuity
A contract exchanging a retirement fund for an income on agreed terms.
Consolidation
Combining pension arrangements, where permitted. It can involve costs or loss of benefits.
Defined benefit
Benefits calculated under scheme rules, often linked to service and salary, rather than solely to an individual fund value.
Defined contribution
Benefits depend on contributions, investment performance, charges and how benefits are taken.
Drawdown
Taking money from invested retirement savings.
Inflation
The rate at which prices rise, reducing the purchasing power of a fixed sum.
Master Trust
An occupational pension arrangement used by multiple employers with a common trustee and governance structure.
MyFutureFund
Ireland’s statutory automatic enrolment retirement savings system.
PRSA
A Personal Retirement Savings Account is an individual pension contract that can receive personal and, where applicable, employer contributions.
RAC
Retirement Annuity Contract, a personal pension arrangement available in qualifying circumstances.
Sequencing risk
The risk that the order of investment returns, particularly early losses during withdrawals, affects retirement sustainability.
Transfer value
The amount offered to transfer benefits from an existing pension arrangement.
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