Changing your job doesn't mean losing your pension. A Personal Retirement Bond (PRB) is a simple, straightforward way to take your pension entitlement with you if you decide to change jobs. When you leave a pension scheme, the value of your fund is invested in a bond, which you can benefit from on retirement.
What is a PRB?
A Personal Retirement Bond (PRB) is a personal policy that is set up by trustees of a pension scheme to provide retirement benefits for a former member of the scheme. It basically means that if you leave a pension scheme, you can bring your pension benefits with you by having the value of your fund invested in a bond.
How does it work?
When you've decided to set up a Personal Retirement Bond, the next step is choosing how best to invest the money you have. We can invest it in one or more of our range of unit-linked investment funds. You'll have access to a wide range of different assets, and varying degrees of risk, so you'll be sure to find a solution that works for you.
When you retire you can decide how you would like to benefit from your PRB. Subject to revenue rules at the time, you may decide to receive part as a lump sum. The remainder of your fund can then be invested in an Annuity or Approved (Minimum) Retirement Fund A(M)RF.
What PRBs mean for you
- Control - You can take personal control of your pension when you move jobs.
- Choice - You choose the funds that your money is invested in.
- Growth - Any investment growth is tax-free.
Who is this product for?
If you're planning to leave the company you currently work for, and you're part of the group pension plan, a PRB could be a great option for you. A PRB will also be suitable if you decide to leave a company pension scheme for any other reason, or if the scheme is winding down.
The information contained herein is based on Zurich Life's understanding of current Revenue practice as at January 2025 and may change in the future.