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Ellis Financial | Pensions - Buy Out Bonds

Ellis Financial | Pensions - Buy Out Bonds

Pensions - Buy Out Bonds

Why take out a pension ?

What is a Buy Out Bond ?

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

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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 Buy Out Bond. Outside of the two year period you can still transfer to a Buy Out Bond if the trustees agree.

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.

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

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Yes, but only under certain circumstances:

When you leave a company pension you have three choices as to how you use any pension fund to which you are entitled. You can:

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No. Once you have put money into any pension plan you cannot withdraw it until you reach retirement.

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Buy Out Bonds do not have the option of providing extra protection benefits.

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The only money you might be able to add to your Buy Out Bond later is another transfer value from a company pension with the same normal retirement age as the previous transfer.

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