Financial Advisor Clonmel
Financial Advice for Planning Retirement from a qualified
Retirement Planning Adviser (RPA)
Moving Pension?
- Invest/Transfer existing pension assets
- Any growth within a retirement fund is exempt from tax
- Potentially access your fund from age 50
Personal Retirement Bond
A Personal Retirement Bond (also known as a Buy Out Bond) allows you to transfer your former company pension to a personally owned pension plan, to access at your retirement age. It puts you in control of your pension assets.
Where you hold a pension in a former employer’s defined benefit pension scheme, there are a number of factors to consider before making a decision to transfer your funds to a new employer’s scheme or to a Personal Retirement Bond. You should talk to your Financial Broker about the pros and cons of transferring now or waiting to get the pension from the scheme when you retire |
Who can set up a Personal Retirement Bond(PRB)?
- Anyone leaving or already left an employment with a pension fund relating to that employment.
- Anyone leaving their occupational pension scheme.
- Anyone whose company pension scheme is being wound up
What are the Benefits of a Personal
Retirement Bond (PRB)?
- You have control over where your funds are invested. You can invest in Property, Funds, Shares and Bank Deposits.
- You can access the fund from age 50 (subject to certain conditions).
- You have control over the cost of your fund.
How can I access the funds
from my Personal Retirement Bond?
Depending on the type of pension scheme from which the transfer value paid into your Buy Out Bond came from, you will have a number of options when it comes to taking your retirement benefits:
Remember: You can draw on your Buy Out Bond from age 50 onwards. If you become seriously ill before the age of 50, you may be able to draw on your Buy Out Bond immediately. Your Financial Broker will be able to explain how you can access your Buy Out Bond benefits when the time comes. Contact us to discuss your options.
- You may be able to take part of the fund as a lump sum
- You may be able to use the balance to buy an annuity, or
- You may be able to transfer the balance to a mix of an Approved Retirement Fund (ARF) and an Approved Minimum Retirement Fund (AMRF) in your own name. This depends on whether the pension scheme, you took the transfer value from, provided this option to you at the time of transfer to your Personal Retirement Bond.
Remember: You can draw on your Buy Out Bond from age 50 onwards. If you become seriously ill before the age of 50, you may be able to draw on your Buy Out Bond immediately. Your Financial Broker will be able to explain how you can access your Buy Out Bond benefits when the time comes. Contact us to discuss your options.
Redundancy
Dealing with redundancy, whether compulsory or voluntary, can be overwhelming. The decisions you make regarding taxation of your redundancy payment can also have a lasting effect on your financial wellbeing. You have several options which determine the tax treatment of your redundancy payment. Depending on which one you choose, you need to be aware of the impact these options will have when you become eligible to access your preserved benefit from your former employers pension scheme.
To discuss your options regarding your redundancy payment and preserved pension benefit, contact us for a free consultation.
To discuss your options regarding your redundancy payment and preserved pension benefit, contact us for a free consultation.