Personal Retirement Bond

You can change your job and take your pension with you

When you leave a pension scheme, the value of your pension fund can
be invested in a bond that you own and have complete control over,
and you can benefit from at retirement. This is called a Personal
Retirement Bond.

A Personal Retirement Bond (also known as a Buy‑Out‑Bond) is an individual pension bond established in your name. It’s a pension policy that receives a single contribution – typically a transfer payment from your current/previous pension scheme or another PRB.

You can transfer your pension benefits into a PRB if:

  • You’re leaving your employment.
  • You’re leaving your current pension scheme.
  • Your company pension scheme is finishing up.

Your PRB then aims to provide a fund you can use to provide pension benefits at retirement.


To help you understand more about a PRB, we've answered some frequently asked questions about PRBs. You can also read some media coverage relating to Personal Retirement Bonds, pensions and funds in the Latest News section of our website.


Is a PRB suitable for you?

A PRB might suit you if: A PRB might not suit you if:

Leaving your job.

Leaving your current pension scheme
or if your company’s pension scheme is
winding up.

Happy to leave your pension fund in your
company’s pension scheme to be managed
on your behalf until you retire.
Looking to invest €10,000 or more. Looking to invest less than €10,000.
Looking for a medium to long term
investment plan for your retirement.
Looking for a short‑term investment plan
that will not be used for your retirement.
Happy with the PRB’s choice of funds and
charges and accept that the value of your
fund could fall as well as rise.

Not happy with the charges and choice of
funds available on this PRB.

Not happy to take risk to generate returns.

Looking to take control of your pension
investment choice.
Not happy to take control of your pension
investment choice.

Once you’ve put money into a PRB you can’t withdraw it until you reach at least age 60. There are two exceptions - if you retire at any age due to ill health, or if you retire early you can get retirement benefits from your PRB from age 50.

How a Royal London PRB works


Gives you personal control of your pension.


Let’s you choose how to invest from our range of funds.


Any growth your investments make is tax-free.

Contributing, Investing, Benefitting

  • Contributions - The value of your pension benefits, from both your contributions and in some cases your
    employer’s contributions, may be transferred into a PRB.
  • Investment and Growth - Once you set up a PRB, the next step is choosing how best to invest your money. That is based on your own retirement goals and the level of risk that you’re willing to take. With Royal London Ireland, you’ll have access to a wide range of different funds, with varying degrees of risk. We’re sure you’ll find a solution that works for you.
  • Making the best of your pension - As you approach retirement, you can decide how you’d like to benefit from your PRB. Subject to taxation rules at that time, you may decide to receive part as a cash lump sum, and invest the remaining amount in an Annuity or Approved Retirement Fund (ARF).

Your Financial Broker can help you with these decisions and help you to make the best choice to suit your personal situation.

Investing for your retirement

These days, you have more choice than ever about how to invest money for your retirement. But while choice is a good thing, it can make it harder to pick the option that’s best for you.

At Royal London Ireland we'll try to make this as clear and easy to understand as possible. We have lots of ways for you to invest your retirement savings. They’re all about balancing the reward you want to get with the risk you’re prepared to take.

Transparent Charges

We know pension charges can be confusing. That's why we want ours to be as easy to understand as possible but also fair. You can read more here about the charges that may apply to your Royal London Personal Retirement Bond (PRB) and should be read alongside the brochure Your Guide to our Personal Retirement Bond (PRB).

More about our Personal Retirement Bond

Purple striped cup and saucer

Product Brochure

A guide to our Personal Retirement Bond.

View brochure (PDF 3420kb)  about Product Brochure
teal man's wallet

ValueShare Brochure

A potential boost to your pension product policy.

Find out more (PDF 7.54kb)  about ValueShare Brochure
Purple weighing scales

Fund Guide

Learn more about our funds with this helpful guide.

View fund guide (PDF 576kb)  about Fund Guide

Take some advice

We’re big believers in the value of impartial advice to help you enjoy the best possible retirement outcomes. So, if you’re looking to make the most of your pension savings, we’d recommend talking to a Financial Broker.

If you don't already have one, you can find one here.

Ring our Dublin team

for more information:

01 429 3333

Monday to Friday: 8am - 6pm

We recommend discussing your retirement options with your Financial Broker.

They’ll be able to look at your individual circumstances and give you a personal recommendation on how to get the most from your pension savings.

Warning: The value of your investment may go down as well as up.
Warning: If you invest in this product you may lose some or all of the money you invest.
Warning: The income you get from this investment may go down as well as up.
Warning: These products may be affected by changes in currency exchange rates.