Which one of the following does NOT require prior approval from the Revenue Commissioners or the Pensions Authority before being marketed or sold to the public?

• A. ARFs
• B. Retirement Annuity Contracts
• C. Buy-Out Bonds
• D. PRSAs

Answer: (A)

The main idea here is how pension-related products are regulated before they can be marketed. ARFs (Approved Retirement Funds) are investment wrappers that convert a pension lump sum into a fund from which you can draw down in retirement. Because they’re essentially investment accounts rather than guaranteed pension contracts, they don’t fall under the same pre-market approval process that some pension products do. They operate under general financial services and investment fund rules, with ongoing disclosure and suitability requirements, rather than a specific pre-approval by Revenue or the Pensions Authority.

In contrast, the other products are pension contracts or arrangements with features that trigger tax and pension regulation—for example, guarantees of income, life-insurance elements, or complex transfer mechanics. Those characteristics mean they typically require prior sign-off or approval to ensure they meet tax rules and pension-law standards before they can be marketed. So ARFs are the one that does not need that prior approval.