A member of a pension scheme who has a preserved benefit is entitled to take a transfer payment from that pension scheme to: (a) another pension scheme of which they are a member or prospective member, (b) a buy-out bond (BoB), also known as a personal retirement bond (PRB), with an insurance company, or (c) a Personal Retirement Savings Account (PRSA) with a PRSA provider (subject to certain restrictions),   in lieu of the benefits payable to the member from the scheme from which the transfer payment relates.  In the case of a defined benefit scheme, the transfer payment will be the actuarial value of the deferred pension (preserved benefit). This may be reduced to reflect the funding position of the scheme. In the case of a defined contribution scheme, the transfer payment will be the accumulated value of contributions paid by or in respect of the member.