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The Ultimate Guide to Personal Retirement Bonds (PRBs)

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PRB Guide
PRB Guide

A Personal Retirement Bond (PRB), also known as a Buy Out Bond (BOB), is an individual pension policy set up in your own name.

It allows you to transfer pension benefits from a former employer’s company pension scheme into your own retirement bond. Typical situations include:

  • Leaving a job and exiting the company pension scheme

  • When your company pension scheme is wound up

You may also transfer to a PRB from:

  • A PRSA

  • A Personal Pension Plan (e.g. due to a Pension Adjustment Order)

  • Another PRB (to benefit from broader fund choice or lower charges)

Why Consider a PRB?

Compared to leaving your benefits behind in a company pension scheme, a PRB offers:

  • Full control over your investment choices

  • Earlier tax-free lump sum access (from age 50)

  • Typically lower charges than a PRSA transfer

  • Broader investment fund options than a standard PRSA

PRB Guide – Charges

When setting up a PRB, it’s important to:

  1. Work with a Financial Broker who can provide access to a wide range of fund managers.

  2. Insist on 100% investment allocation (no contribution charge).

  3. Understand that charges come in the form of an Annual Management Charge (AMC), which includes both:

    • The pension provider’s charge, and

    • Your broker’s support charge

Larger fund transfers usually mean brokers can negotiate lower charges.

Typical Base AMCs from: 0.75% – 1.00%, depending on fund size.

PRB Guide – Investment Strategies

Before choosing funds, you’ll complete:

  • A risk assessment (to align with your tolerance for risk and reward)

  • An optional ESG questionnaire (to reflect environmental, social, and governance preferences)

This ensures your portfolio is tailored to your goals and circumstances.

PRB Guide – Application Process

The process depends on where you’re transferring from:

  1. From a company pension scheme

    • Complete a PRB application form

    • Complete a benefit transfer form (must be signed by the scheme trustees)

    • Your broker will guide you through this process

  2. From another PRB

    • Only the new PRB application form is required (since the bond is already in your name)

PRB – Frequently Asked Questions

What are the key features of a PRB?

  • Issued in your name

  • Flexible investment options

  • Access to a wide choice of funds through your broker

  • Creates a pension fund you can use at retirement

Who can set up a PRB?

  • Anyone leaving employment with pension benefits

  • Anyone exiting an occupational pension scheme

  • Anyone whose company scheme is winding up

When can I set up a PRB?

  • Anytime after leaving or exiting a pension scheme

What are the advantages?

  • Greater control of pension assets

  • No future link to your old employer

  • Tailored investment aligned with your financial goals

  • On death before retirement, 100% of the fund passes tax-free to your spouse

When can I access my PRB?

  • Anytime from age 50

Can I top up my PRB?

  • No. A PRB is a single-premium policy and only accepts transfers

What charges should I expect, subject to the size of my fund?

  • Nil contribution charge (100% allocation)

  • AMC from 0.65% including broker support.

  • “Execution only” PRBs may cost less (from 0.40% over 100k), but broker advice adds long-term value (especially around risk management)

Why Choose One Quote Financial Brokers?

At One Quote Financial Brokers, we offer:

  • Transparent, competitive charging structures

  • Tailored investment portfolios built around your needs and objectives

  • Clear retirement income projections

  • Access to leading global fund managers

  • Ongoing expert advice from setup through to retirement and beyond

Free Consultation

Why Choose One Quote as your PRB Provider?

  • We provide highly competitive and transparent charging structures.
  • We will recommend an investment portfolio designed around your needs and long-term objectives.
  • We will give you a clear picture of the expected retirement income from your pension.

 

Here at One Quote Financial Brokers, we have access to the world’s leading fund managers, offer the most competitive charges, and lead the way in the provision of premier-level service not only at set-up but up to retirement age and beyond.

To arrange your free no no-obligation consultation by phone, video conference, or in person contact us today. Contact: Ken O’Gorman – Director – QFA, CB, SIA, RPA – Investment Specialist – One Quote Financial Brokers on: 01 845 0049 or email: ken@onequote.ie

Or enquire online and give us a quick outline of how we can help.

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