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Unlock your Pension by transferring your benefits
If you transfer your pension to a Personal Retirement Bond (Also known as a Buy out bond), your old benefits will be moved to a pension plan controlled by you. This also allows you to select a risk profile that suits your current needs and your benefits can be taken from age 50 under certain circumstances.
How a PRB works
- Your transfer value sum is transferred from your current pension(s).
- The transfer value sum is invested in a fund chosen by you or in any of the default funds depending on your risk profile.
- No new contributions can be made.
- The value will rise or fall depending on performance of the selected fund and risk profile.
- At retirement you can take your benefits. This can be from age 50 under certain circumstances.
- Any investment growth is tax free.
Options for your PRB
- Transfer the value of your PRB into a new companies pension plan
- From the age of 50 under certain circumstances you can take early retirement benefits from your PRB. The earlier you take your benefits - the lower your annual retirement income or lump sum will be.
- Transfer to another PRB from a different provider
How is a PRB different to a regular Pension?
A PRB is primarily for receiving benefits from a company pension which you are no longer a member of, or where your employment has ceased. You also can’t make any contributions to a PRB but you can invest the funds similar to a regular pension (Selecting fund options).
What are the investment options?
This is entirely your own choice and dependent on your risk profile, it is usually invested in a range of unit linked funds. You’ll have access to a wide range of different assets with varying degrees of risk, so you’ll be sure to find a solution that works for you.
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Your Questions Answered
A pension plan is a longterm investment savings plan that helps you put something aside for your retirement. A pension plan enables you to pay regular tax-friendly installments or move one-off lump sums into a fund available to you on retirement. The amounts saved into your pension are called ‘contributions’
We’re living longer than previous generations. Upon retirement, on average we will have 20-30 years of retirement. A pension plan will make sure you’re financially sound for these years. Whether you wish to travel, retire to the country, or spend time with your children & grandchildren.
As soon as possible. The money that you pay into your pension grows over time. It’s quite simply Time x Money. The sooner you start paying in; the more money will be available to you upon retirement.
The amount you will receive per month entirely depends on how much you’re willing to pay per month, the length of time you’ve been making contributions, the type of pension plan and its investment return. You can also choose to receive a lump sum upon retirement or not.
As of today, the State Contributory Pension is about €240 per week. For most people, during their 20-30 years of retirement, this simply isn’t enough. When you pay into a pension plan, you will receive both the state pension (If available to you) and your Pension Plan.
Tax relief reduces the actual cost of your pension. You do not have to pay tax on money that you put into a personal pension (This falls within the limits set out below). This is calculated at the highest rate of tax you pay (Currently 20% / 40%)
Example:
Monthly contribution = €100
Tax Relief (40%) = €40
Cost to you = €60
If you have to retire because of medical reasons and you get Revenue approval, you can receive your benefits from your Pension immediately.
If you unfortunately pass away before you retire, your Pension will be paid to your estate.
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