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Personal Retirement Bonds

  • 06-06-2019 11:08am
    #1
    Chesty08
    Registered Users, Registered Users 2 Posts: 6,083 ✭✭✭


    Looking for some help / advice

    I have recently just moved jobs and as such I have a Pension Contribution amount sitting with previous employer.

    I have a couple of options, they outlined, but I was looking for some advice on what to do. I am in my early 30s & will have a new pension contribution with my new employer. Should I just transfer it directly to the new employer pension scheme or setup Personal Retirement Bonds.


    It is a 5 digit sum at the minute so I am happy enough to try and grow it. Is PRBs the best route, what are the pros and cons here?


Comments

  • #2
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,856 Mod ✭✭✭✭Henry Ford III


    Pro: Control. You can invest, monitor, and switch it as you see fit. It's all about making the fund grow.

    Pro: Early retirement. Possible from age 50.

    Con: It won't be free, but nor would staying where you are.

    As always get proper advice. It's worth the cost.


  • #3
    Chesty08
    Registered Users, Registered Users 2 Posts: 6,083 ✭✭✭Chesty08


    Henry Ford III wrote: »
    Pro: Control. You can invest, monitor, and switch it as you see fit. It's all about making the fund grow.

    Pro: Early retirement. Possible from age 50.

    Con: It won't be free, but nor would staying where you are.

    As always get proper advice. It's worth the cost.

    Thank you.


  • #4
    The J Stands for Jay
    Registered Users, Registered Users 2 Posts: 5,876 ✭✭✭The J Stands for Jay


    Henry Ford III wrote: »
    Pro: Control. You can invest, monitor, and switch it as you see fit. It's all about making the fund grow.

    Pro: Early retirement. Possible from age 50.

    Con: It won't be free, but nor would staying where you are.

    As always get proper advice. It's worth the cost.

    Regarding costs, either of your three options could work out cheaper, you'd need to look into it.

    Early retirement could be available from the current scheme, as well as the PRB. Again, you'd to look into it.

    The PRB will give more control, but if the other two options give you the investment choices you want/need, then there's no need to go for the extra choices.

    To summarise, any of the three options may suit you, but there's the possibility of not getting all the things you want from one of the three options. You're best off getting proper advice.


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