An Approved Retirement Fund gives you more control over how your retirement fund is managed. The intention is to grow your fund during your retirement years based on your own investment strategy. An ARF works by allowing you to invest all or part of your pension fund after you retire. You can decide on the type of fund you would like to invest in, and the amount of risk you’re comfortable with. With an ARF you can still withdraw from your fund on a regular or ad hoc basis (subject to income tax and USC. PRSI may also apply). It’s worth remembering that since your pension fund is still invested, its value may go down as well as up.