Aviva Retirement Bond
If you leave your company pension scheme, you can transfer your fund into a retirement bond. This is essentially a portable pension pot that you own and have complete control over. It’s also known as a buy out bond or a personal retirement bond.
- Minimum single contribution €5,000 (although this can be €25,000 in certain instances)
- Range of investment funds to choose from
- Easy switching between funds
- Online access to your policy details.
Download ourfor more information.
When do I have to decide if I want a Retirement Bond?
You have up to two years after you leave a company pension to transfer your fund to a Retirement Bond. After the two year period you will require the scheme trustee’s approval to transfer your funds to a Retirement Bond.
How is my Retirement Bond set up?
The bond is actually set up by the Trustees of your company pension. They apply for the bond in your name but once it is set up it belongs to you and the Trustees have no further involvement in it.
Who chooses the Retirement Bond?
You do. Even though the Trustees have to sign the application form, you can generally choose any Retirement Bond you like.
Can the Trustees transfer my fund to a Retirement Bond without my consent?
When transferring your pension fund on your behalf, the trustee of your pension scheme must have your consent. However, there are certain circumstances whereby a trustee can transfer your fund without your consent. These include but are not limited to:
- If a company pension scheme is closing or being wound up;
- If the transfer value of your fund is less than an amount set by the Pensions Act, which is currently €10,000 and provided that:
- You left the company at least 2 years ago,
- You have not already requested a transfer to a Retirement Bond or another pension arrangement to which your fund can be transferred, and
- You are notified at least 2 months before the Trustees intend to transfer the fund.
Where the value of your fund is greater than €10,000 the trustees can apply to the Pensions Authority for approval to transfer your benefits. The Pensions Authority may approve such a transfer subject to certain criteria being met. For more details on this process we recommend that you talk to your financial broker.
Can I take my money out if I need it in the future?
No, once you’ve put money into a Retirement Bond you can’t withdraw it until you reach at least age 60. However, if you retire early due to ill health or if you leave service early you can access the benefits from your Retirement Bond from age 50.
What happens if I have to retire early because of ill health?
If you qualify for ill health early retirement under Revenue rules, you can take benefits from your Retirement Bond immediately.
What happens if I die before I retire?
If you die before you retire, we’ll pay the value of your Aviva Retirement Bond to your estate. As with any inheritance, your beneficiary may have to pay inheritance tax on any benefits we pay to them.
Can I use my pension as security for a loan?
No. You can’t transfer the rights to your pension plan to a bank or another institution as security for a loan.
How can I pay my contributions?
You can only pay one single contribution to the Aviva Retirement Bond and you can pay in your single contribution by electronic funds transfer. If you wish to make any extra qualifying payment, you can apply for an additional personal retirement bond.
What are my options at retirement?
Our separate At Retirement Booklet explains all of the various options that may be available to you at retirement.
Want expert advice on pensions and retirement? Contact your financial broker today.
Click here to find a financial broker near you.
Important information to consider.
Warning: Past performance is not a reliable guide to future performance.
Warning: The value of your investment may go down as well as up.
Warning: If you invest in this product you will not have any access to your money until you retire
Warning: If you invest in this product you may lose some or all of the money you invest.
Warning: This product may be affected by changes in currency exchange rates.
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Aviva Life & Pensions Ireland Designated Activity Company, a private company limited by shares. Registered in Ireland No. 165970. Registered office at One Park Place, Hatch Street, Dublin 2, D02 E651. Aviva Life & Pensions Ireland Designated Activity Company, trading as Aviva Life & Pensions Ireland and Friends First, is regulated by the Central Bank of Ireland. Tel (01) 898 7950.