PRB - Buy Out Bonds

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.

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.