What is a PRSA?
PRSA stands for ‘Personal Retirement Savings Account’. Esentially, a PRSA is a simple and more flexible pension. PRSAs make it easier to save for retirement because they offer value for money, flexibility and convenience.
Where are PRSA's suitable?
Whether you are an employee or self-employed, a PRSA pension helps you save for retirement. And if your employment status changes or you move to a new employer, you may be able to bring your PRSA with you.
You can also use your PRSA to add to the pension benefits already available from your job. You can do this by paying additional voluntary contributions (AVCs) into your PRSA.
Annuity
We have designed a guide called 'AVCs and your PRSA - A guide for members of Occupational Pension Schemes'. This booklet will help you understand the options available if you are a member of a pension scheme at work and want to boost the benefits under it, depending on Revenue limits, by paying AVC contributions. Some restrictions may apply and we recommend you read the guide before you make a decision to invest in a PRSA for this purpose.
