PRSA

Some facts about PRSAs...
Personal Retirement Savings Accounts are designed for people who want to save for their retirement. Even if you are not working you will be able to contribute to your PRSA. They are provided by banks, life assurance companies and regulated investment firms, there are a lot of products on offer so independent advice is crucial in deciding which one will suit you best.

Every employer must provide access to at least one PRSA for their employees* but does not have to contribute. You will then be allowed to bring your PRSA with you from job to job, drawing on your fund between the ages of 60 and 75. At this stage 25% may be taken tax-free.

Similar to existing pensions, you can offset PRSA contributions, within certain limits, against any income you have from a non-pensionable job or any earnings you may have from a self-employed trade or profession. You will also get relief against PRSI and the health levy.

Providers of "Standard PRSAs" will not be able to charge more than 5% of each contribution, in addition to an annual fund charge of no more than 1% per annum.

What does it mean to you?
Employee
PRSAs are intended to make it easier for you to fund for your retirement. They will be more flexible and easier to move from job to job and (although not always the case) the limits on charges on the standard PRSA may make it a less expensive way of planning for your retirement.

Employer
*You will be required to set up at least one "Standard" PRSA for your employees if:
You do not currently operate a pension scheme for your employees

OR

You do but restrict who can join, or have imposed a waiting period of more than 6 months,

OR
You do but do not offer any facilities for your employees to make contributions to top up their benefits.

As an employer you are not legally required to contribute to your employees PRSA but you may do so if you wish.

You must also allow institutions and intermediaries promoting "Standard" PRSAs, access to your employees at work for the purpose of taking out a "Standard" PRSA.

If you would like more details or clarification please complete the form below and one of our advisers will be in contact with you. At this stage you will then receive our "Terms of Business" letter which contains details of our remuneration policies.

To enquire as to which product/provider would suit you best, please complete the following form:

' * ' denotes required field

name*

e-mail*

address*

phone*

date of birth*

proposed monthly savings amount €

Risk Profile:
High
Medium
Low

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