BCP Personal Retirement Bonds (PRB)
A Personal Retirement Bond (PRB), which is also sometimes known as a Buy-Out-Bond, is used by the trustees of a pension scheme to buy retirement benefits for former members of their pension scheme. A PRB is a personal policy in the name of the PRB holder.
When a member leaves a pension scheme, the value of their fund when they leave the pension scheme is invested in the bond. When they retire, they can then use the proceeds of the PRB to provide retirement benefits.
This 'BCP Personal Retirment Bonds' Brochure provides an overview of PRBs, who can invest, why transfer, and much more.