Personal Retirement Savings Account “PRSA”
A PRSA is a personally owned pension that lets you save for retirement on your own terms. You can contribute to it whenever you want and stop making contributions at any time.
- Tax relief– Get tax relief on your PRSA contributions; plus any investment growth of your PRSA is tax-free.
- Flexible– You are in control: you decide how often and how much you want to contribute to your PRSA.
- Portable– If you move jobs, or even take a career break, you can take your PRSA with you.
You can claim income tax relief on contributions to a PRSA, up to certain limits. And if your retirement fund grows, the growth is also tax-free. When you retire you can – subject to certain limits – take a lump sum, some of which may be tax-free.
Who is this product for?
A PRSA is for everyone, regardless of employment status. You can take out a PRSA if you are self-employed, or working for a company.
After you retire
On retirement, you can take a tax-free lump sum of 25% of your fund, up to a maximum of €200,000. The remainder of your fund can then be invested in an Annuity or Approved (Minimum) Retirement Fund A(M)RF/ Approved Retirement Fund.
If you have taken out a PRSA to make Additional Voluntary Contributions, you must take your benefits from your PRSA in the same way as you take the benefits from the main scheme.
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