Michael McGrath (Cork South Central, Fianna Fail)
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188. To ask the Minister for Finance the position regarding an application for approval from the Revenue Commissioners for a legacy pension for a person (details supplied) in County Cork to be transferred to allow the setting up of a personal retirement bond. [45727/17]

Paschal Donohoe (Dublin Central, Fine Gael)
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I am advised by Revenue that a Personal Retirement Bond (PRB), otherwise known as a Buy out Bond (BoB), is a single premium pension policy into which an existing pension fund or the cash value of an accrued pension benefit can be transferred from a Defined Contribution (DC) or Defined Benefit (DB) occupational pension scheme. Such transfers usually occur when a scheme member is leaving the employment of the pension scheme sponsor, the scheme is being wound-up or in circumstances where the scheme member’s pension entitlements are being split under the terms of a pension adjustment order.

A member of a funded pension scheme with an entitlement to preserved benefits (and where payment of those benefits has not commenced) may, depending on the circumstances, transfer the value of those entitlements to a PRB, to another exempt approved occupational pension scheme or to a Personal Retirement Savings Account (PRSA).

Preserved benefits are the retirement benefits that a scheme member retains when he or she has completed two years' qualifying service with an employer and has finished their employment.

PRBs are approved by Revenue on a generic basis as a specialist DC pension product to house the transfer value of the preserved pension benefits of pension scheme members in the particular circumstances outlined above.

With regard to the specific pension schemes that are the subject of this question, I am advised by Revenue that they have contacted the relevant administrator on this matter and requested additional information so that a decision may be reached in respect of this particular transfer request.  

A decision in this particular case cannot be made until the information requested has been furnished by the relevant administrator.