AI Summary of 787H. Approved Retirement Fund option.
This summary outlines the provisions regarding the transfer of assets from a Personal Retirement Savings Account (PRSA) to an Approved Retirement Fund (ARF) under section 787K. A beneficiary, upon election, may have the available assets of their PRSA transferred to an ARF, with the PRSA administrator mandated to facilitate this upon request.
The assets subject to transfer will be determined at the time of election, minus any tax-exempt lump sum payout allowable under section 787G(3)(a). Further, the application of sections 784A and 784B will be relevant, treating the election under subsection (1) similarly to options specified in section 784(2A).
787H. Approved Retirement Fund option.
(1) At any time assets of a PRSA are allowed to be made available to a beneficiary in accordance with section 787K, that individual may opt to have those assets transferred to an approved retirement fund and the PRSA administrator shall make that transfer.
(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).
(3) Where an individual opts in accordance with subsection (1), sections 784A and 784B shall apply as if that option were an option in accordance with section 784(2A).