An ARF is a personal retirement option which allows you to keep your money invested as a lump sum at retirement.
From this lump sum, you can draw down money as you need it.

When a member leaves a pension scheme with an employer, a Personal Retirement Bond can be used by the trustees of a pension plan as a mechanism to buy retirement benefits for former members of their pension plan.

A non-standard Personal Retirement Savings Account (PRSA) is a tax-efficient, flexible pension plan set up by you to save for your retirement. Our non-standard PRSA gives you complete control over the investment of your pension scheme.