Buy Out Bond
It’s not unusual to change jobs in your career, by transferring to a Buy Out Bond it can help you keep track of your old work pensions.
A buy out bond (also known as a personal retirement bond) is a policy where you can transfer your pension fund if you leave a company pension scheme or if the pension scheme is being shut down.
The trustees of the company pension scheme set up the buy out bond for you and put you in control over how and where your pension is invested. The buy out bond is issued in your name and belongs to you, and the pension trustees will have no further involvement.
Benefits for you:
- Allows you to take ownership of your retirement portfolio
- Allows you to review your portfolio on a regular basis
- Allows you to invest where you wish
- Ease of transfer from a group scheme to a retirement bond