What are ARF and AMRF, and what is their primary purpose?

What are ARF and AMRF, and what is their primary purpose?

• A. An ARF is an Approved Retirement Fund used for post-retirement drawdown with no tax advantages; AMRF has no retirement purpose.
• B. An AMRF is an Approved Minimum Retirement Fund that provides a minimum fund with unrestricted access.
• C. An ARF is an Approved Retirement Fund used for post-retirement drawdown with tax-advantaged growth; an AMRF is an Approved Minimum Retirement Fund that provides a minimum fund with restricted access until certain conditions or age, often convertible to ARF.
• D. ARF and AMRF are interchangeable terms for a single product.

Answer: (C)