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Personal Retirement Savings Accounts (PRSAs)

What is a PRSA?

A Personal Retirement Savings Account (PRSA) is a cost efficient pension plan particularly suited to those who don’t have access to a Pension Scheme through work. It may also be suitable to Company Pension scheme members who would like to make AVCs.

It won’t take you long to get used to the savings habit. The tax relief is a huge incentive and the sooner you start the greater the fund you could have in retirement

What are the benefits of a PRSA?

  • Tax Relief – Generous Income Tax Relief on your PRSA contribution.
  • Tax-Free Growth – Under current legislation the money you contribute is allowed to grow tax-free.
  • Tax-Free Lump Sum – 25% 0f your fund may be taken tax free at retirement subject to an overall tax free lump sum limit of €200,000 as at July 2011.
  • Flexibility and Portability – your PRSA can move with you if you change employment
  • Cost Efficient – save what you can afford to, knowing you can change the amount of your contributions at any time, to suit your personal circumstances.
  • Investment Choice – we have a range of funds to choose from, so you can pick the option that’s right for you.
  • Post Retirement Flexibility – you may be entitled to avail of the ARF option upon retirement.

Please check out the tax savings with our Interactive Pension Calculator

Assumptions used in calculator projections:

  • Standard PRSA charging structure used
  • Investment growth of 6% per annum
  • Normal retirement age of 65
  • Tax Relief based on 2010 limits

We will help you decide the best PRSA option for you which could include the option to invest directly in the stock market.

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