Personal Retirement Bond (PRB)

A Personal Retirement Bond (PRB) is a policy designed to accept a transfer payment from an Occupational Pension Scheme. It is also known as a ‘Buy Out Bond’. The bond is effected in your own name with a Life Assurance Company and has the same tax exempt status as an approved Occupational Pension Scheme. A PRB is normally effected as a result of a member leaving an Occupational Pension Scheme, or where the Occupational Pension Scheme is winding up. A PRB may also be used for pension benefits arising as a result of a pension adjustment order.