What are the charges?
Fund Charges
The Fund Charges will depend on:
- Your chosen Personal Retirement Bond option, which determines the plan management charge;
- and
- The selected funds you’re invested in, determining the fund management charge
The Fund Charge may consist of a fund management charge (FMC), a plan management charge (PMC), or a rebate which is applied as bonus units to your policy.
Allocation rate
The portion of your single contribution that is invested in your Personal Retirement Bond will depend on the allocation rate applied.
This is the percentage of your money that is used to buy units in your retirement bond. Any remaining amount not invested constitutes a charge.
You can discuss the options available with one of our financial advisors and decide which is the most suitable for your needs.
Early Exit Fee
Personal Retirement Bonds are typically designed with a minimum period of five years and are built for medium- to long-term investments.
If you choose to move your money or use your benefits before you’re ready, there may be an early exit fee. The policy schedule will make such a charge obvious if it applies.
Policy servicing fee
There may be a fee associated with policy servicing. If such a fee is applicable, it will be clearly stated in your policy schedule.
When must I decide to purchase a Retirement Bond?
After leaving a company pension, you have up to two years to move your money to a Retirement Bond.
You can still transfer to a Retirement Bond after the two-year window has passed, but you will need the trustees of the pension to consent.
What to do if I have pension funds from the past but can’t find them?
Often, individuals accumulate pension savings from various employers over their careers, leading to scattered funds across different pension schemes.
Pension tracing involves the process of locating and potentially consolidating these scattered pensions into a unified plan, such as a PRB.
We recognize the significance of pension tracing in helping individuals secure their financial futures by locating their pension funds.
With the expertise and resources needed to navigate complex pension landscapes, we are here to guide you in making informed decisions for your retirement planning.
Additionally, you can read our article to find out more about how you might increase your retirement income by finding lost or forgotten pension funds.
Set up your PRB with True Wealth
Establishing your Personal Retirement Bond (PRB) is a seamless process with True Wealth.
Our skilled team specialises in retirement planning, and we’re here to support you at every stage, ensuring a straightforward process and placing your financial future in capable hands.
We are also experts in personal and business protection, savings and investments, pension tracing, personal and business financial planning, mortgages, and wealth extraction.
Take control of your retirement journey and trust True Wealth to guide you!