Buy out Bond
A buy out bond or a Personal Retirement bond, is a way of giving you control of your pension if you have left employment where you had an occupational pension.
So often we come across clients who have worked in a company for a number of years and contributed to a pension scheme whilst they were there. When they leave that job they don’t realise that they can actually move their pension and very often have bits of pensions from different jobs.
As part of our complementary review we will look to see if you have any paid up plans and get all relevant details together for you. Most times when we do this and discuss your options a Buy out Bond is the best wat to go.
Basically, a Buy out Bond is a way of transferring the accumulated value of your old occupational scheme to a new pension arrangement which you own and you control.
The advantages of a buy out bond are:
- • You choose the provider
- • You choose the fund
- • You get to remove the trustee’s control over your fund.
- • Easier to track and get updated values on
- • You get control of retirement options