Personal Retirement Bond
A personal retirement bond, also known as a Buy Out Bond, allows you to create a personal pension plan and then transfer your former company pension to the new fund you created. You can also use a personal retirement bond if you are just leaving your company’s pension scheme and not the company entirely. Also, if your company’s pension scheme is being wound up, that is another reason to PRB pension transfer.
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Benefits of Personal Retirement Bond
There are various benefits to taking out a personal retirement bond. First, it saves you the awkwardness of dealing with your former bosses. In addition, you have complete autonomy and control of the fund. You will not have to subscribe to the general investment plan your employer gets the entire employees on. You can take cash out of this fund from the age of 50 if you wish to.
Take Control of Your Investments
Being in charge of your investment will no doubt lead to prudence. You can invest your pension fund in line with your long-term financial objectives and available fund.
FAQ: Personal Retirement Bond or Irish Buyout Bonds?
A Buyout Bond (also known as a Personal Retirement Bond) is a pension arrangement that allows you to transfer your benefits from a company pension scheme into your own personal pension policy. This typically happens when you leave employment or if your company pension scheme is being wound up.
You might consider a Buyout Bond if:
- You’re leaving your employer and want to take control of your pension
- Your company’s pension scheme is being wound up
- You want more control over your investment choices
- You wish to consolidate multiple pension pots
With our Buyout Bonds, you get access to a wide range of investment options including:
- World-class index funds from providers like Vanguard and BlackRock
- Active and passive investment strategies
- Multiple asset classes (equities, bonds, property)
- ESG (Environmental, Social, and Governance) focused funds
- Cash funds for more conservative investors
- Complete control over your investment choices
- Access to competitive fund management charges
- Flexibility in retirement options
- No requirement for employer involvement
- Ability to pass on benefits to your family
- Access to professional investment managers
Generally, you can access your Buyout Bond:
- From age 50 if you’ve left the employment related to the original pension
- At normal retirement age (usually 60-65)
- Earlier in cases of ill health
- By age 75 at the latest
At retirement, you typically have several options:
- Take a tax-free lump sum (usually up to 25% of the fund)
- Purchase an annuity
- Transfer to an Approved Retirement Fund (ARF)
- Take a taxable cash sum
- The full value of your Buyout Bond will be paid to your estate
- Benefits are typically paid tax-free to your spouse/civil partner or dependents
- If paid to other beneficiaries, inheritance tax may apply
Common charges include:
- Annual management charges (varies by fund choice)
- Policy fees
- Fund switching fees (if applicable)
- Early encashment charges (if applicable)
No, a Buyout Bond or Personal Retirement Bond is a one-time transfer vehicle. You cannot make additional contributions after the initial transfer.
- Growth within the fund is tax-free
- You can typically take up to 25% tax-free at retirement
- Any additional lump sum or income is taxed at your marginal rate
- Benefits paid on death before retirement are usually tax-free to dependents
- How do I monitor my investment?
- Regular statements will be provided
- Online access to view your fund value and performance
- Annual benefit statements
- Option to switch funds online or through us
While not mandatory, it’s highly recommended to seek professional financial advice before:
- Setting up a Buyout Bond
- Making investment choices
- Planning your retirement options
- Making any significant changes to your pension arrangements
For specific advice about your situation, please don’t hesistate to contact us with any questions you might have.
Personal retirement bond advice you can trust
Firstly, we provide you with the guidance you need to take out a personal retirement bond. We have the expertise to ensure you do not make any mistakes during the process. We are also your trusted ally if you choose to invest your pension fund. We recommend the best suite or portfolio for you to invest in.
Our pricing is transparent, and we have no affiliations with any financial institution – we work for you and you alone. In addition, we employ a seamless and straightforward process. This means no hidden charges and an easy onboarding process.
The first step is to contact us now:
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