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Consumer Question:
Can you transfer a Personal Retirement Bond to a Personal Retirement Savings Account (PRSA)?
Answer from Mark Reilly, Pension Proposition Lead at Royal London Ireland
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 or previous pension scheme or another personal retirement bond.
You can transfer your pension benefits into a Personal Retirement Bond if you are leaving your employment, you are leaving your current pension scheme, or if your company pension scheme is finishing up.
Your Personal Retirement Bond aims to provide a fund you can use for pension benefits at retirement.
As a rule, you can take your pension benefits after age 50 if you have retired from the employment of the original transferring pension scheme, or at the normal retirement age of the original transferring pension scheme.
ENDS
This question was submitted to and first published by The Irish Independent
About Royal London Ireland
Royal London Ireland has a history of protecting its policyholders and their families in Ireland, and recently launched a new Pensions business in Ireland. Our business heritage in Ireland is nearly 200 years. The Caledonian Insurance Company's first office outside Edinburgh opened on Dame Street, Dublin 2 in 1824.
Today, Royal London Ireland is owned by The Royal London Mutual Insurance Society Limited – the largest mutual life insurance, pensions, and investment company in the UK, and in the top 25 mutuals globally, with assets under management of €178 billion, 8.6 million policies in force, and 4,100 employees. Figures quoted are as at 30 June 2023.
Royal London Ireland’s office is based at 47-49 St Stephen’s Green, Dublin 2.