Personal Retirement Bonds also known as a PRB’s are private pension plan suited to people exiting their previous employers pension scheme. A PRB’s key advantages are that you can take control of your investment decisions, as well as being able to access your money earlier than if leaving it behind or transferring it to new employer’s pension scheme.
Transfering to a personal retirement bond allows for earlier access to your money and provides tax-free growth.
When leaving your job your previous employer will provide you with your leaving service options in writing, but shop around you don’t have to use their appointed broker if considering a PRB.
If your previous employment had defined contribution pension plan, you should always consider a PRB when deciding on what to do with your pension pot accrued with them.
Personal Retirement Bonds
We provide expert impartial PRB advice, with free consultation, the lowest fund management charges and 100% investment allocation.
Not all PRB’s are the same when it comes to investment fund choice, fund performance, and of course associated costs, you’re always best to choose a broker for best value independent advice.
Through our brokerage, your PRB consultation is free and includes personal investment risk profiling with the broadest fund choice, coupled with regular reviews and fund value updates.
Earlier Fund Access.
Lower Fund Charges.
Tax-free investment growth.
Pension Investment Videos
Setting Up Your PRB
The Right Advice
There are several ways to best set up your PRB, dependent on your personal circumstances. Our job is to provide the best pension advice, offering the broadest range of investment choices, with a minimum cost aligned to your personal investment risk profile.
When arranging your pension plan you need to be fully aware of the underlying costs involved, as well as choosing the right investment funds and strategy to grow your pension fund over time, with easy access and regular updates.
At One Quote Financial Brokers, our advice based private pension plan offerings include:
Free Personal Consultation
Ongoing Investment Advice
100% Net Investment Allocation.
Lowest Annual Management charges (AMC’s).
24/7 Online Access.
Annual Benefit Statements.
PRB Retirement Benefits
Your Options at Retirement
When leaving a job and taking your pension plan benefits without by transfering them into your Personal Retirement Bond you effectively that control of the future investment decisions leaving your bond to continue to grow. Then when you come to retirment you can simply add the value of your PRB to any other pension funds accrued at this time and then choose from your retirement options as normal.
At retirement, there are generally two options available:
Take a retirement lump sum of up to 150% of your final remuneration and use the balance of the fund to purchase an annuity (pension for life) or take a retirement lump sum of up to 25% of the value of your PRB and transfer the balance of the fund to an Approved Retirement Fund (ARF) or take a taxable lump sum.
Personal Retirement Bonds Fund Choice
Assessing your investment options
As a pensions broker, we compare the market for the best pension products and offer the broadest range of investment fund options including; multi-asset, with-profit, alternative, and self-directed options.
One Quote Financial Brokers partnered fund managers include a choice of; Zurich, Aviva, New Ireland, Irish Life, Friends First, Columbia Threadneedle, BlackRock, Dimensional, BNP Paribas, Legal & General, BNY Mellon, State Street, Goodbody, Merrion, JP Morgan, Invesco and Davy.
Reviewing Existing Personal Retirement Bonds
Free audit of your existing Personal Retirement Bond
If you already have a Private Pension Plan in place, you need to be sure of 3 things:
That the underlying investments are in line with your attitude to investment risk
That the plan is being funded directly through compnay moni
That the underlying charges are reasonable and transparent
Many Private Pension Plans are been overcharged by inbuilt plan costs, including:
Investment Contribution Charges
Ongoing Adviser Commissions
Excessive Fund Manager Fee’s
If you’re in any way unsure about your PRB charges, then you should consider talking to One Quote about a no obligation pension review.
Personal Retirement Bonds – Frequently Asked Questions
What is a Personal Retirement Bond?
A Personal Retirement Bond is a single premium pension account designed to receive a lump sum payment from your former employer’s occupational pension scheme.
Who can take out a Personal Retirement Bond?
A Personal Retirement Bond is available to individuals who hold retained benefits in an occupational pension scheme from previous employment, or from a pension scheme that is winding up.
How do I set up a Personal Reirement Bond?
The trustees of your previous employer’s pension scheme will set out your leaving service pension options. Where 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.
Can I make contributions to my Personal Retirement Bond?
No. A Personal Retirement Bond is a single premium account which is designed solely to accept a transfer from an occupational pension scheme. No further contributions can be made
What benefits are payable on my death?
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.
What are the charges?
There is no transfer fee or set up charge, the only charge is the annual fund management charge, which will relate to your choice of investment funds. With 100% of your money invested the average annual investment management charge starts from 0.60% PA.