Irish Pension Information

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A Personal Retirement Savings Account or PRSA is a pension that you have set up yourself.

It is essentially an investment account but has special rules attached as it is for your pension. You can put money into your PRSA tax free because it qualifies as a pension account.

When you take out a PRSA you sign up to a contract with a PRSA provider. You can change employment and continue to save into your PRSA. You can also move your PRSA to a different provider at any time free of charge.

If your employer does not offer an occupational scheme then they must offer you the ability to save into at least one standard PRSA. If your employer does not let you join an occupational scheme that they do have available within your first six months employment, they must also offer you a standard PRSA.

Standard Personal Retirement Savings Account

A standard PRSA has a limit on the amount your provider can charge you. So if you have a standard PRSA you know that the maximum amount you can be charged is

  • 5% on the money you put in. So say for every €100 you put in they can only take €5.
  • 1% per year on your fund value. So if your fund was €100,000 they could only take €1,000 in charges.

Non Standard Personal Retirement Savings Account

If you have a non standard PRSA there are no limits to what you can be charged. The only reason you should look at a non standard PRSA is if the fund performance is excellent i.e they make so much for their investors that it makes sense to pay them a little more.

Freedom of PRSA’s

With a personal pension you decide how, what and where your money is invested with the help of a qualified financial advisor.

A financial advisor is often free. YES I did day free. Check out why most Financial Advisors Are Free. AND I do actually mean FREE, not that they save you so much they work out as free or any of that mumbo jumbo. You know me much better than that by now.

Does this sound like the plan for you?

If you want to start a pension, move a current pension and are unsure where to start you need to speak with a Qualified Financial Advisor. Getting the right advice is so important for your future goals.

A member of our team will contact you to discuss your goals. We will then connect you to the financial advisor best suited to your needs. There is no charge for this service. All of our advisors are regulated by the Central Bank of Ireland.

If you want to start a pension then please request a call back here. If you already have a pension and want to see how it is performing then check out what a pension review is.

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