Personal Retirement Savings Accounts (PRSA)
This is a personally held retirement account taken out by an individual with a PRSA Provider. It is designed to enable you to accumulate a pension fund, which is then used at retirement age to secure your retirement benefits. Contributions can be made to a PRSA by:
- The individual only
- The individual’s employer only, or
- The individual and the individual’s employer
There are two types of PRSA:
- A Standard PRSA is a very flexible Plan and the government has capped the charging structure to ensure the availability of a low cost retirement savings plan.
- A Non-Standard PRSA is also a very flexible Plan however, the charging structure is not capped. Generally the Non Standard PRSA offers you a greater investment choice.