PRB - Buy Out Bonds

When exiting your employers' pension scheme, opting to transfer your fund to a PRB gives you maximum control.

Private Pensions

Personal Retirement Bonds

A Personal Retirement Bond (PRB) is a type of pension policy where you make just one contribution. This contribution is a transfer of the value of your retirement fund from an occupational pension scheme or another PRB. PRBs are also called “buy-out bonds”.

Private Pensions

PRB Advantages

The main attraction of transferring previous scheme pension benefits into a Personal Retirement Bond (PRB) as opposed to PRSA, or to a new employer scheme, is that they grant you total control. This means you can choose your own investment funds and negotiate the charges, but also access your tax-free cash form age 50 if so required.

Personal Retirement Bond - PRB Option

Private Pensions

Setting up a PRB

When arranging your PRB, you need to be fully aware of the underlying costs involved, as well as choosing the right investment funds and strategy to grow your fund over time. Our expert PRB advice, offers the broadest range of investment choices, with a minimum cost aligned to your investment risk Profile, and ESG preferences. 24/7 online monitoring and annual reviews are also included as standard. Our leading PRB offerings include:

Personal Retirement Bonds
Pension Benefits at retirement

Private Pensions

PRBs at Retirement

When leaving a job and taking your pension plan benefits, by transferring them into a PRB, you are effectively taking the control of future investment decisions, reducing the management costs, and leaving your bond to continue to grow tax-free.

At retirement, there are generally two options, then available:

Questions & Answers

Personal Retirement Bonds - FAQ's

All you need to know about exiting an employer pension scheme, and PRBs.

You have 4 options:

  1. Retaining your benefits with the scheme – this means the funds will remain invested and you can normally claim at any age from 60.
  2. Transferring your benefits to a new employer’s Occupational Pension Scheme – you can opt to transfer the value of your fund into your new employer’s pension scheme (if applicable).
  3. Transfer benefits to a Personal Retirement Bond – A Personal Retirement Bond (PRB), which is also sometimes known as a Buy-Out-Bond, is used by the trustees of a pension scheme to buy retirement benefits for former members of their pension scheme. A PRB is a personal policy in the name of the PRB holder. When a member leaves a pension scheme, the value of their fund when they leave the pension scheme is invested in the bond. When they retire, they can then use the proceeds of the PRB to provide retirement benefits.
  4. Transfer to a PRSA – If the value of your pension is greater than €10,000 you will be required to pay for a Certificate of Comparison showing the pros and cons of transfer to a PRSA. A Certificate of Comparison can typically cost anything between €500 and €2,000 depending on the circumstances. A Certificate of Comparison is not required if the pension scheme is winding up.

A Personal Retirement Bond is a single premium pension policy designed to receive a lump sum payment from your former employer’s occupational pension scheme. The monies are invested and continue to accrue investment returns with fund access allowable from age 50 onwards.

With us, there is no consultation or set-up charge and 100% of your money is invested. The average annual investment management charge starts from 0.75% PA, and totals 1.00% PA (but may be less for particularly large transfers) for our ongoing service, which includes online access and annual investment reviews.

The trustees of your previous employer’s pension scheme will set out your leaving service pension options. When choosing a PRB, you return this as your chosen option and complete a PRB application through your broker. Your broker then sends this PRB to the trustees to get their signatures prior to set up.

No. A Personal Retirement Bond is a single premium account that is designed solely to accept a transfer from an occupational pension scheme. No further contributions can be made.

In the event of your death, before you take benefits from the Personal Retirement Bond, the full value of your portfolio at the date of payment will be transferred to your estate.


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