A Personal Retirement Savings Accounts (PRSA) is a flexible pension option for individuals that some employers may be obliged to provide.
Our strong research and development facility monitors individual PRSA fund performance and criteria.
We sort through all of the PRSA options in the market in terms of performance, charges, risk, and other factors. We then assess your individual circumstances, requirements and plans, and discuss optimum PRSA options for you.
What is a PRSA?
A PRSA is an individual pension fund.
It is characterised by:
- Flexibility: contributions may be changed or stopped without charge or penalty
- Independence: changes in employment or PRSA provider do not impact your fund
- Tax efficiency: tax relief based on your age is allowed on PRSA contributions and growth
- Choice: you may opt for a standard or non-standard PRSA, with or without AVCs
A standard PRSA has a limit on charges, with some restrictions on investment types. A non-standard PRSA has no cap on charges, but hasmore flexible investment options.
PRSAs: Employer Obligations
As an employer, you are obliged to provide employees with access to at least one standard PRSA if, with regard to any or all employees:
- You do not provide an occupational pension scheme, or
- You do not provide access to AVCs via your occupational pension scheme, or
- Your occupational pension scheme covers death in service benefits only
Our employee benefits experts can source and administer PRSAs for your organisation, advising on options and managing operation, ensuring your compliance with requirements.