DNG Financial Services: Personal Retirement Bond
DNG Financial Services: Personal Retirement Bond
The key features of a Personal Retirement Bond typically include:
Similar to a PRSA (Personal Retirement Savings Account), a Personal Retirement Bond is owned by the individual. This means that the plan is portable, and individuals take control of their pension when moved into a Personal Retirement Bond.
Personal Retirement Bonds offer a range of investment options, such as stocks, bonds, mutual funds, and other investment vehicles. The choice of investments can be tailored to the individual's risk tolerance, investment goals, and time horizon until retirement.
Personal Retirement Bonds benefit from tax-free growth.
When the individual reaches retirement age, the accumulated funds in the Personal Retirement Bond can be used to provide retirement income. This may involve taking a lump sum, purchasing an annuity, or opting for other retirement income options.
Personal Retirement Bond FAQ
Here are some of the most commonly asked questions on Personal Retirement Bonds in Ireland, answered by our expert Advisors:
A PRB is a pension product in Ireland that enables individuals to consolidate pension funds from previous employment into a single, portable retirement plan.
A PRB allows individuals to transfer existing pension funds into a single plan, providing flexibility in investment options and retirement planning while retaining control over their savings.
Benefits include consolidation of pension funds, portability across employments, investment flexibility, and autonomy over retirement savings, ensuring greater control and ease of management.
Generally, funds in a PRB are locked until retirement age, but some plans may offer options for accessing funds in certain circumstances, such as financial hardship or illness.
Setting up a PRB typically involves consulting with a financial advisor or pension provider to assess eligibility, transfer existing funds, select investment options, and establish the plan according to individual retirement goals and preferences.
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