Personal Retirement Bond
A Personal Retirement Bond, takes the pension pot and transfers it into your own name. You have control over the investment choice and you may be able to access the funds earlier.
What is a bond?
Have you previously paid into a pension, have you moved jobs, or have you been made redundant? What happened to your pension pot? Sometimes an old workplace pension can remain in the previous scheme or it may be transferred into a personal retirement Bond.
A Personal retirement Bond, takes the pension pot and transfers it into your own name. You have control over the investment choice and you may be able to access the funds earlier. In the event of your death the Personal Retirement Bond becomes part of your estate.
If you were in a Defined Benefit scheme then you must seriously consider if you want to stay in the scheme as a deferred member or move to a Personal Retirement Bond. We can help you gather the necessary information to make an informed decision in this case. Every paid-up pension needs to be reviewed.
How does it work?
Control: You can take personal control of your pension when you invest in a Personal retirement Bond.
Choice: You choose the funds that your money is invested in. There a re a vast number of funds available. We will work with you in determining your appetite for risk and guide you toward suitable funds.
Growth: Any investment growth is tax free.
Warning: The value of your investment may go down as well as up.
Warning: If you invest in these products you may lose some or all of the money you invest.
The advantages of a personal retirement bond 1. A PRB allows you control over your pension fund. 2. You have the final say in investment decisions 3. You may access a PRB from age 50
Retirement Options For Personal Retirement Bond
What options do I have when I retire? First, after you have taken any of the tax-free cash that you are allowed to draw, the balance of the money will be used to provide you with a pension.
This can be arranged by using the money to buy what is called an ‘annuity’ – or investing it in an ‘approved retirement fund’, or a mixture of both.
25% tax free lump sum and the balance in invested in an Approved Retirement Fund (ARF)
25% Tax Free Lump Sum and the balance to an annuity
OR A MIXTURE OF BOTH
Gwen Clarke Financial Services Ltd’s team of experts offers a wide range of services, including investments, pensions, corporate pensions, mortgages, and life protection. We understand that each of our clients has unique financial needs, which is why we tailor our services to meet your specific requirements. Our goal is to help you achieve your financial goals by providing you with personalized advice and guidance every step of the way. Whether you’re looking to invest for the future, secure a mortgage, or protect your loved ones, we can help. Contact us today to learn more about our services and how we can assist you in your Personal Retirement Bond and in securing your financial future!
Frequently Asked Questions about Personal Retirement Bond
When should I review my personal Retirement bond?
How do I know where to find my old personal Retirement bond?
I have an old workplace pension how do I go about finding this pension?
Do you have any old paperwork that may have been sent out to you?
No worries if you can’t find this we will write out to the pension companies and find out where your old workplace pension has gone to.
Can I take any of my benefits early?
You don’t have to do this but th option is there for you.
Can I have more than 1 Personal Retirement Bond?
Yes you can if you have been in several different employments and were paying into a workplace pension that you can take these different workplace pensions to bonds.
Once you reach pensionable age you may look at combining everything together which may make it easier if you are withdrawing from the one pension pot.
