Personal Retirements Savings Plans (PRSAs)

A PRSA is a tax efficient savings plan which enables you to save for your retirement in a flexible manner. With a PRSA you can make either regular or once-off contributions which are tax deductible (within revenue limits).

Anybody living in the Republic of Ireland, with a PPS number can open a PRSA.

If you are an employee, your employer must offer you a standard PRSA if:

• there is no employer pension plan in place through your job,
• you are not eligible to join your employer pension plan within the first six months of your service .

You can also set up a PRSA if you wish to make Additional Voluntary Contributions (AVCs) but are not able to do so through your employer’s pension plan, or if you prefer to keep your AVCs separate from your employer’s pension plan. If you contribute to a PRSA set up by your employer, you get tax relief through the payroll system and don’t have to claim it yourself.

Your employer may also contribute to your PRSA but does not have to.

With a PRSA you can:

• Make single, yearly or monthly payments,
• Stop, restart and change your payments at any time,
• Choose where your money is invested,
• Get tax relief on your payments and all investment growth is tax free,
• Continue to contribute to your PRSA when you change jobs.