Personal Retirement Savings Account (PRSA)
Overview
A PRSA is a flexible, portable pension account designed for employees and self-employed individuals. It offers simplicity, portability, and tax relief on contributions, making it an ideal retirement savings solution.
Key Aspects
Flexibility
Contribute as much or as little as you wish, with no mandatory contribution requirements.
Portability
Your PRSA moves with you between employers and jobs. No penalties for changing providers.
Investment Options
Choose from a wide range of investment funds based on your risk tolerance.
Accessibility
Access your PRSA from age 60. Take a tax-free lump sum (up to 25%) and purchase an annuity or access through an ARF.
Tax Benefits
Tax Relief on Contributions
Receive tax relief at your marginal rate of taxation (up to 40% for higher earners).
Tax-Free Growth
Your investment growth within the PRSA is tax-free.
Tax-Free Lump Sum
At retirement, take up to 25% of your PRSA fund as a tax-free lump sum.
Employer Contributions
If your employer contributes, these are tax-deductible for the employer.
Important Information
Regulated by the Central Bank of Ireland. All policies comply with Irish insurance regulations and consumer protection requirements.
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