PRSA

Personal Retirement Savings Accounts (PRSAs) are a new type of Portable Retirement Savings Plan introduced by the Government in April 2003. The purpose of PRSAs is to substantially increase the level of retirement planning coverage in Ireland. PRSA products are available from Life Assurance Companies, banks and other investment firms. Each product has to be approved by both the Pensions Board and the Revenue Commissioners before they can be sold.

At all times the beneficial owner of a PRSA plan is the individual person in whose name the plan has been taken out. An employer may contribute to an individual’s PRSA plan but there is no obligation to do so.

Once an individual takes out a PRSA plan he/she can continue to contribute to that plan irrespective of his/her employment situation. For example an employee who leaves employment to become self-employed can continue with his/her contributions. Likewise, if he/she re-enters employment he/she may continue to contribute and his employer may contribute also, and so on. It will be possible to move PRSA plans from one PRSA provider to another without charge, and to hold PRSA plans with more than one provider.

For information, advice or a quotation please use the contact us form here or email info@ppsdelaney.ie.