Buy Out Bond
If you are member of an occupational pension scheme, leaving or have left employment, or your pension scheme is being wound up, it is time to consider your options for the pension fund that has been built up. The ITC Buy Out Bond is a superior option if you want to transfer your pension fund to a personally owned pension scheme to access at retirement.
What is the ITC Buy Out Bond?
The ITC Buy Out Bond is an individual pension bond established in your name. You can transfer your pension benefits into the ITC Buy Out Bond if you leave a company pension scheme or if your company pension scheme is shut down.
It is established by the pension trustees of your existing pension scheme. Its aim is to put you in control of your pension benefits. The value of your pension benefits at the date you leave your current pension scheme will be transferred into the ITC Buy Out Bond.
Who can set up an ITC Buy Out Bond?
Any employee or former employee can opt for an ITC Buy Out Bond in circumstances where:
• You are leaving or have left employment.
• You are leaving a pension scheme.
• Your company pension scheme is being wound up.
What are the benefits of the ITC Buy Out Bond?
The ITC Buy Out Bond enables you to take control of your existing pension benefits and invest them in order to make them work for you. It is not unusual for people to change employment many times during their career and an ITC Buy Out Bond provides an opportunity for you to manage your previous pension benefits and invest them in a way that suits your needs. The ITC Buy Out Bond is designed to offer flexibility, transparency, security and control.