Personal Retirement Savings Accounts
Personal Retirement Savings Accounts are part of the government's move towards a more flexible pensions environment. Whether you are self-employed, employed, unemployed or already receiving benefits under a PRSA you can make contributions to a PRSA. They are designed to be a low cost, easily understood and fully portable. You can contribute to your PRSA by payroll deduction from your wages or by direct debit from your bank account. You can contribute as low as €300 per annum to your PRSA and you can draw on your PRSA at any time between 60 and 75.
There are no limits to the benefits that can be gained from a PRSA. When you retire 25% of your total fund can be taken tax free with the balance being used to purchase a taxable pension for life or invested in an Approved Retirement Fund, which you can draw on during retirement.
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