# Pension Leaving Options



## Aido (28 May 2003)

I left my job last year and had accumulated 20K in my pension.  Now that I have left the company I have the following options :

A  Leave where it is till retirement age

B Transfer to another pension or approved insurance contract.

I asked what came under approved insurance contract and was told all the Banks offer them,  they are known as PRB,  Personal Retirement Bonds.  Does anyone know anything about PRBs and are they better than a pension.  Any advice welcome.  Thanks


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## Conan (28 May 2003)

*Leaving Service*

You have 3 options:
1) Leave your benefits where they are, and draw the funds on retirement.
2) Transfer the current value into another/new occupational pension scheme (if you are now employed and a member of an occupational pension scheme)
3) Transfer the value into a Personal Retirement Bond (otherwise known as a Buy Out Bond). This is a pension plan in your name and you can influence the investment (depending on the plan you choose). All the leading pension companies offer these products. They are still subject to normal pension legislation, the only difference being that you are in more control with a PRB than either of the other two.
As things stand at present you cannot transfer the value into a PRSA (if you are thinking of taking one out). In addition if you transfer initially into a PRB you will not subsequently be able to transfer it to a PRSA (as the legislation currently stands).


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## rainyday (28 May 2003)

Hi Aido - Check out  as well.


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## Annabelle (28 May 2003)

Make sure that there are no MVAs on any funds that you may have in With Profits.


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## Aido (16 Jul 2003)

Thanks for all the replies, still have not done anything yet.  The thing is I am in new employment and pregnant at the moment.  Once my ML is over I do not think I will return to work so I wanted to move my old pension from previous employer to a PRB, but I have been unable to find something suitable.  Any info I got from the banks has been on PRSAs which don't take transfers.

Do you know of any schemes by name that I could research.  

The other option is to move it to the Scheme of my current employers until next year when I finish for good.  Will I loose out in anyway by doing this or will the value remain fixed?


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## ClubMan (16 Jul 2003)

*I wanted to move my old pension from previous employer to a PRB, but I have been unable to find something suitable.*

If you are interested in doing this through an intermediary then I would personally recommend Liam D.Ferguson. There are also some other intermediaries who contribute to _AAM_ - particularly this topic who might be worth considering although, unlike _Liam_,  I've never dealt with them personally.


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