PRB: At a Glance
PRB: An Overview
When a member leaves a pension scheme with an employer, a Personal Retirement Bond can be used by the trustees of a pension plan as a mechanism to buy retirement benefits for former members of their pension plan.
A PRB is essentially a single premium account which is held in your own name. It is funded by a lump sum payment made by your former employer’s pension scheme. At retirement, the proceeds of your PRB can be used to provide your retirement benefits.
How does a PRB work?
A self-administered PRB is a pension bond approved by the Revenue Commissioners under Chapter 1 Part 30 of the Taxes Consolidated Acts 1997. It is a flexible arrangement with a very flexible charging structure and is designed to facilitate the investment of paid up company pension funds or existing PRBs by the beneficial owner of the funds.
You are the beneficial owner of the PRB. You give instructions as to where you want your pension money invested. We recommend that you consult your financial broker before making any investment decision.
Members of paid up company schemes can transfer their funds into a self-administered PRB from their previous employers scheme. Anyone that has an existing PRB can transfer this to a self-administered PRB. You can bring several of your paid up executive pension schemes together into the PRB which can make it easier to keep track of your pension fund. Both the member/beneficiary and the trustee of the transferring scheme must consent to the transfer to the PRB.
Key PRB Team Members
Here are some examples of what investments which can be made by your PRB. These are not exhaustive lists but give you an indication of the flexibility and range of your investment choice under an ARF. With some of the investments there are specific Revenue rules which you can discuss with your financial broker.
The Irish retirement regime is one of the most liberal and innovative in the world. Coupled with that is the fact that over 90% of all businesses in Ireland are small or medium sized enterprises, run by owner-directors.
However, due to many different factors from the economic environment to the individual’s personal circumstances, many members of pension schemes have had to cease contributions to their pension fund. Historically these funds have lingered in managed funds or cash in one of the life companies and are subject to the high charges and indifferent performance of these funds. Wealth Options were the first company in Ireland to distribute a self-administered Personal Retirement Bond (PRB), where members of paid up company pension plans can transfer their funds into their own name, and with the help of their advisor can invest the funds as they see fit. This gives the beneficial owner complete control over the investment of their paid up pension fund.
We combine the strength and expertise of our professional team of pension and investment experts with our dedication for product innovation to enable financial brokers offer valuable financial solutions to their clients.
Innovation is at the heart of Wealth Options product design. We have established a reputation for introducing highly innovative and unique pension and investment products that offer real value, making us clear market leaders in the Irish financial industry. We have won numerous awards acknowledging our cutting edge innovative financial products.
It is the vast experience and knowledge of both our management and business development team that enabled us to become market leaders in the Irish financial industry. All the principals are professionally qualified. All business development and administration team members are required to complete professional qualifications in order to ensure our teams have the knowledge and expertise to the highest quality of service to brokers.