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. 

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Advantages:

• 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.

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On retirement, you can take a tax-free lump sum of 25% of your fund, up to a maximum of €200,000.

The remainder of your fund can then be invested in an Annuity or Approved (Minimum) Retirement Fund A(M)RF.

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.