Buy Out Bond 101 Why would I need a Buy Out Bond? It’s not unusual to change jobs during your career, which could mean you lose track of your pension. So it could make financial sense to dust off that old work pension and get it working for you again by transferring to a personal retirement bond, also know as a buy out bond. What is a buy out bond? Put simply, a buy out bond is a pension product that is used as a new ‘home’ for certain types of old pensions. It allows you do one of the following features; You can transfer your pension from a previous employers pension scheme if you have left employment. You can transfer your pension from your current employers scheme if it is being wound up. You can transfer from an old buy out bond. You can transfer your UK pension if your now living in Ireland. Why make the switch? Control- Not transferring your pension may mean that your old work pension is under the control of trustees and an employer that you no longer deal. If your previous employment ended on bad terms this can cause complications when you come to claiming your pension down the line. Choice & Flexibility- You have the flexibility to make decisions about your pension without the need to get permission from your old employer. You can choose from a wide range of funds. You also have the option to invest in deposits and execution-only stockbroking. Access- You can access your retirement fund from a buy out bond any time after your 50th birthday. If you would like anymore information in relation to the above please don’t hesitate to contact a member of the team today for more information.
