At retirement, it will normally be possible to take up to 25% of the accumulated fund as a tax free lump sum upon maturing the PRSA plan.  (Note: for those making PRSA Additional Voluntary Contributions to an occupational pension arrangement the maximum allowable tax free lump sum will be subject to the legislation governing occupational pension schemes).  Once the tax-free lump sum has been taken the planholder will have a selection of options available regarding what can be done with the accumulated PRSA or PRSA AVC retirement fund. He/she will be able to choose any combination of the following options:  (These decisions do not have to be made until retirement.) (i)      Purchasing a pension (annuity) from whichever life assurance company offers the best rate; (ii)    Investing the accumulated capital in an Approved Retirement Fund and the provision of an income by drawing down money from these funds; and (iii)   Taking the balance of the capital as a lump sum on a taxable basis.   [Note: To avail of options (ii) or (iii) the individual must satisfy at least one of the following requirements: (a)   €63,500 invested in an Approved Minimum Retirement Fund (AMRF), or an annuity, or a combination of both AMRF and annuity; (b)   a guaranteed lifetime  pension income of at least €12,700 per annum; (c)    have reached age 75 years]