Also known as a ‘buy out bond’ or BoB, a personal retirement bond (PRB) is a special type of personal pension contract, where the only premium payment comes from a transfer payment from an occupational pension scheme. Rules around accessing PRB funds reflect the rules of the transferring pension scheme. The value of a PRB at retirement depends on the transfer payment amount and the investment return achieved over the term to retirement. Generally, individuals can take a tax-free lump sum from a PRB and use the remaining funds to buy an annuity (pension) or invest in an Approved Retirement Fund (ARF). Revenue restrictions apply.