PRB (Buyout bond) at 70 years od age

[Cricket]

Do I have to transfer to ARF when I reach age of 70 in 6 months time, or can I let the bond continue until I decide I want to take lump sum and annual income?

 

[GSheehy]

Can't find a clear answer to this @Cricket

Normal Retirement Ages on standard PRBs mirror the maximum NRAs on the vast majority of pension schemes in Ireland, so that's why 70 is on your policy. The product provider or intermediary might be able to get approval from Revenue for you to extend this to absolute max of 75, before it has to go to a post retirement product.

Transfers via QROPS to Irish PRBs may have 75 on the policy as the max as a lot of their DB/DC and personal pensions have max NRAs of 75, in UK.

What I don't know is, if you reach 70 and refuse to mature the PRB to an ARF if there are any consequences for that.

Gerard

www.prsa.ie

 

[Steven Barrett]

Can't find a clear answer to this @Cricket

Normal Retirement Ages on standard PRBs mirror the maximum NRAs on the vast majority of pension schemes in Ireland, so that's why 70 is on your policy. The product provider or intermediary might be able to get approval from Revenue for you to extend this to absolute max of 75, before it has to go to a post retirement product.

Transfers via QROPS to Irish PRBs may have 75 on the policy as the max as a lot of their DB/DC and personal pensions have max NRAs of 75, in UK.

What I don't know is, if you reach 70 and refuse to mature the PRB to an ARF if there are any consequences for that.

Gerard

www.prsa.ie

I know this is an old thread but there are no consequences, the policy just stays there. It has to be matured by 75 or the money is locked in until death and passed onto the estate.


Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)

 

[Oisin19]

I know this is an old thread but there are no consequences, the policy just stays there. It has to be matured by 75 or the money is locked in until death and passed onto the estate.


Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)

That’s how a prsa works.

The prb doesn’t automatically vest at 75. If you bury you head in the sand nothing will happen. However you run the risk that revenue pull the tax exemptions on it as they are approved with an nra up to 70.