PRSA - Personal Retirement Savings Account
A simple flexible pension that you can take out, regardless of your employment status. A PRSA is a personal retirement savings account best suited to the self-employed, employees without an employer pension scheme and those wishing to make additional voluntary contributions to enhance the benefits provided under their employer's pension scheme. They are flexible, portable, cost-efficient and offer great tax breaks.
The flexibility you can contribute to it whenever you want and stop making contributions at any time.
Portability - so you can take it with you If you move jobs, or opt for a career break.
PAYE contribution tax relief.
Tax-free investment growth.
On retirement, you can take a tax-free lump sum of 25% of your fund, up to a maximum of €200,000.
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.