Bespoke Trustees Limited’s Self Directed Personal Retirement Bond (PRB) offers the full self-administered pension platform to holders of Personal Retirement Bonds (also known as Buy-Out Bonds).
For various reasons many people in Ireland may have “paid up” company pension schemes, to which they are not making any on-going contributions. In normal circumstances holders of a company pension scheme who wish to access self-administered investment options might choose a SAPS. However, it is a requirement when setting up a SAPS for the pension holder to have and be deriving a salary from a sponsoring employer. Where this is not the case, it would not be possible for a former Director/Employee to set up a new SAPS to transfer the proceeds of an existing “paid-up” pension. They could however set up a Personal Retirement Bond (PRB) also known as a Buy-Out Bond (BOB), where the pension assets are transferred into a type of pension bond the name of the beneficiary, to which no further contributions can be made and the rules of the transferring scheme must be observed.
Traditionally, PRB’s have been offered by a life company, which will usually limit investment options to a menu of funds, usually managed by the company themselves. The Bespoke Trustees Limited Self-Directed Personal Retirement Bond offers the PRB Holder the full suite of self-administered investment options through the PRB structure, enabling the PRB holder to assume full control over their investments, in a similar way to holders of SAPS.
PRB’s can be funded from 2 sources. Paid-Up company pensions can be transferred to PRB’s provided the consent of both the pension holder and the member/beneficiary has been obtained.
It is important to note that PRB Holders are fully protected from the performance of Bespoke Trustees Limited due to the fact that all assets are held in a specific unit trust. The assets are not pooled or held on Bespoke’s balance sheet and do not form part of Bespoke’s balance sheet. Furthermore all assets are readily identifiable as assets of the bondholder and are fully protected in this regard.
Some of the many types of investments which may be allowable are (but not limited to) the following: