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What is a Self Administered Personal Retirement Bond (PRB) or Buy-out Bond ?

A Personal Retirement Bond (also known as a Buy Out Bond) is an individual pension bond established in your name. You can transfer your pension benefits into the bond if you leave a company pension or if your company pension scheme is shut down.

It is usually established by the trustees of your existing pension scheme and its aim is to put you in control of your pension benefits. The value of your pension benefits at the date you leave your current pension scheme will be transferred into the PRB. A self administered PRB allows you to have control over where these funds are invested.

Who can set up a PRB?

Any employee or former employee can set up a PRB where:

  • You are leaving or have left employment;
  • Your company pension scheme is being wound up; or
  • You are leaving a pension scheme.

What are the benefits of a Self Administered PRB?

The Harvest Financial Services Limited’s PRB enables you to take control of your existing employment related pension benefits and invest them in a way that suits your risk appetite.

How is the PRB different to a regular pension product?

A PRB is specifically set up to accept benefits from a company pension scheme which you are no longer a member of or which relates to an employment which has ceased. You are not permitted to make contributions to the PRB, however, you can invest the funds as you would in a regular pension product and access it in the same way when you decide to retire.

What can you invest your Personal Retirement Bond in?

The investment choice is ultimately down to you. Some of the assets clients invest in are:

  • Property (geared and ungeared);
  • Personalised Equity Portfolios;
  • Corporate and Government Bonds;
  • International Funds;
  • Private Equity; and
  • Deposits.

When can you access the pension benefits?

At retirement, there are generally two options available:

  • Take a retirement lump sum of up to 150% of your final remuneration and use the balance of the fund to purchase an annuity;
  • Take a retirement lump sum of up to 25% of the value of your PRB and transfer the balance of the fund to an Approved Retirement Fund (ARF) or take a taxable lump sum.

Why a Self Administered PRB with Harvest Financial Services Limited ?

Harvest Financial Services Limited has been providing self-administered pension solutions to clients since 1993. We oversee approximately €1 billion assets on behalf of our clients who are pension funds, private individuals, corporations and charities. (figure correct as at November 2017).

Whether you want the investment flexibility and / or the cost transparency of a self administered PRB, we will work with you to maximize the benefits of the PRB to secure your income in retirement. For more information, or to arrange a meeting to discuss the suitability of the PRB for your retirement provision needs, please contact us on 01 2375500 or email

Pensions and Redundancy

Self Administered Personal Retirement Bond

Warnings: If you invest in this product you may lose some or all of the money you invest. If you invest in this product you will not have any access to your money until you retire. The value of your investment my go down as well as up.

The legislative information contained herein is based on Harvest Financial Services Limited’s understanding of current practice as at October 2015 and may change in the future.

Please take special care to satisfy yourself that this arrangement meets your needs. Please make sure that you are aware of the financial consequences of replacing your existing arrangement and the possible financial loss as a result of the transfer. Please note that transfers to circumvent Revenue rules are not permissible. Please contact your financial advisor if you are in doubt about any of this. The material is not intended to provide advice and is provided for general information purposes only.

The product and/or services described herein are not violable for distribution to, or investment by, US residents or citizens. The product and / or services may not be directly or indirectly offered or sold to the USA or any of its territories or possessions or areas subject to its jurisdiction or to or for the benefit of a US person.

Please note that the provision of this product or service does not require licensing, authorisation, or registration with the Central Bank of Ireland and, as a result, it is not covered by the Central Bank’s requirements designed to protect consumers or by a statutory compensation scheme.

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