Buy Out Bonds

Who qualifies?

A Buy Out Bond is a pension bond into which you can transfer your fund if you leave your company pension scheme.

When do I have to decide if I want a Buy Out Bond?

You have up to two years after you leave a company pension to transfer your fund to a Buy Out Bond. Outside of the two year period you can still transfer to a Buy Out Bond if the Trustees agree.


How is my Buy Out 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 Buy Out Bond?

You do. Even though the Trustees have to sign the application form, you can generally choose any Buy Out Bond you like.


Can the Trustees transfer my fund to a Buy Out Bond without my consent?

Yes, but only under certain circumstances:

  1. If a company pension scheme is closing or being wound up,
  2. If the transfer value of your fund is less than an amount set by the Pensions Act, 1990, as amended, currently €10,000 and provided that:
    • you left the company at least 2 years ago,
    • you have not already requested a transfer to a Buy Out Bond, and
    • you are notified at least 30 days before the Trustees intend to transfer your fund.
  3. In any other cases where approval is given by the Pensions Board.


 What’s best for me?

When you leave a company pension, or if your company’s pension scheme is closing - you have four choices as to what you can do with the pension fund you have built up. You can:

  1. Leave it invested in the company pension until you retire - although this may not be an option if your company’s pension scheme is closing.
  2. Transfer it to the company pension of your new employer,
  3. Transfer it to a Personal Retirement Savings Account (PRSA) subject to certain conditions, or
  4. Transfer it to a Buy Out Bond in your name.


A summary of the principal features of a Buy Out Bond

The Buy Out Bond is issued in your name and belongs to you. Once set up, the trustees will have no further involvement.

  • You can choose when to take your retirement benefits. This can be any time from the earliest date retirement was allowed under your company pension (normally age 50). You could choose to take the benefits as late as age 70 if you were still working to that age. However, there is no access to your funds before age 50.
  • You choose the fund(s) in which your money is invested.


Your questions answered

Can I take my money out before retirement if I need it in the future?

No. Once you have put money into any pension plan you cannot withdraw it until you reach retirement (minimum age 50).

Can I use my Buy Out Bond as security for a loan?

No, Pensions are non-assignable. This means that they can only be used to provide benefits for you or your dependants and cannot be signed over to anyone else.

Can I add Life Cover on my Buy out Bond for my family?

Buy Out Bonds do not have the option of providing extra protection benefits. If you want life cover or income protection cover you must set them up separately from the Buy Out Bond.

Can I put more money into my Buy Out Bond later?

No. You cannot pay either regular or single premiums from your salary into a Buy Out Bond.


You can also contact Atlantic Financial Services on 1890 929 193 or email info@atlanticfinancialservices if you would like to discuss your options further or avail of our Pension Review Service.


Free Financial Review

We offer all our clients FREE one-to-one financial consultations with our highly qualified team of financial advisors.

We pride ourselves on the consultative approach we adopt with all of our clients recommending financial products or changes to financial products only where required. We believe it is this honest, consultative approach to our business that sets us apart from the competition.

A financial review is a very useful exercise in assessing your financial needs. The outcome of the financial review should be a plan or list of actions to be taken to ensure the identified needs are addressed. Our financial reviews are normally carried out in our office but can also be carried out in the comfort of your own home, workplace or convenient meeting place and normally taking about an hour of your time.A financial review is a very useful exercise in assessing your financial needs.

Our free financial reviews look at all your existing Insurance Policies to see if we can lower any of your monthly costs without losing any of your benefits. A small monthly saving over the term of your policy can be a substantial saving.

To arrange a free financial review feel free to contact us on 1890 929 193 or email This email address is being protected from spambots. You need JavaScript enabled to view it..





Group Schemes

Atlantic Financial Services are focused on providing companies with the best advice in designing and tailoring:

  • Group Pension Schemes
  • Group Life Assurance
  • Group Income Protection



Pension Review Service

Do you know how much income you will receive when you retire?

Are you happy with your current pension provider?

Are you happy with the investment performance of your pension?

Is the value of your pension down on what you have invested?

Has the investment performance of your pension being benchmarked against other pension investment managers?

Are you clear on the charges that you have on your pension?

Are you getting regular updates and feedback on your pension?

Individuals should review their pension plans regularly to avoid a shortfall on retirement and to ensure they are protected in the event of death before retirement.

As retirement draws closer, it is common to think about the pension contributions you have been making. For many, it is when they realise the importance of these contributions while, for others, it is when they realise they have not paid enough.

Ultimately, you want to know that your savings will provide you with enough income and capital once you retire. But while individuals tend to have several pension plans - provided by former employers or through their own personal pension plans - these are not always managed in the most efficient way and tend to be forgotten until they mature.

With this in mind, our pension review service will help you understand the investments within your pension scheme a little better.

The Pension Review Service is important because:

  • The charges on your plan may be TOO HIGH versus the marketplace.

  • The investment funds chosen may be UNSUITABLE for your needs.

  • You may be UNDERFUNDED for your retirement.

  • You may not be receiving the best TAX ADVICE from your Pension Plan provider.

  • It may suit you better to SWITCH your Pension Plan provider.

We will produce a report which will review the investment performance of the fund you are invested in, the current charges, the projected values and the pension you can expect in retirement.

Please contact us if you would like to discuss having a review completed on your existing pension.




About Us

Established in 2000, Atlantic Financial Services is an independant financial services business. Atlantic Financial Services is driven to provide professional services to our personal and business clients.

With years of experience in the financial services industry, we offer independant services and advice to ensure that you get the quality financial services you need.

Whether you are an individual or company, we listen and assess your needs. We strive to understand your personal financial or business requirements. We work with you to choose the best solution possible and put the chosen solution in place.

Atlantic Financial Services will be there to guide you through all the key financial decisions life presents. We are committed to providing you with advice by way of a yearly review to identify your financial goals, highlight any shortfalls in your planning and provide you with appropriate recommendations.

We passionately believe in giving the customer the very best experience. Everyone is treated with the respect and honesty that your valued business deserves. This is evidenced by the number of referrals and repeat business that we get from our customers.

Prompt return of your calls and emails are guaranteed and we will always keep you fully informed in an open and honest manner.


Latest From Our Blog

  • Buy Out Bonds Explained

    Who qualifies?

    A Buy Out Bond is a pension bond into which you can transfer your fund if you leave your company pension scheme.

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testimonial"We approached Terry at Atlantic Financial Services about our company pension scheme a number of years ago and he provided a much improved offer for our employees. The complex area of pensions was and continues to be clearly explained to all involved. We would highly recommend the service and attention to detail we received."

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