Personal Retirement Savings Accounts (PRSAs)

Personal Retirement Savings Account (PRSA) is a personal pension plan that you take out with an authorised PRSA provider.  It is like an investment account that you use to save for your retirement. You can make regular contributions to your pension, and these are tax deductible within certain limits.

A PRSA provides benefits at retirement based on the amount of contributions paid and the investment returns earned on those contributions.

These types of pension are available to you regardless of your job or employment status. You can get a pension plan if you are a part-time or casual employee, a highly paid professional, self-employed, a homemaker, a carer, a jobseeker, a contractor, an employer, an employee or a partner in a partnership.

PRSAs are flexible; you can increase, decrease or stop your contributions at any time without any charge or penalty. These types of pension plans are portable; you can carry your pension from job to job or transfer it to another pension provider without any charge or penalty.

If your employer does not provide you with access to an occupational pension scheme or if certain restrictions apply to their scheme, then you must be provided with access to a Standard Personal Retirement Savings Account (PRSA).

LABrokers only offers Standard PRSAs and Standard PRSA AVCs. We offer these through Zurich with a 0% contribution charge so 100% allocation.

The pension guide below provides further information in relation to personal retirement savings accounts.  A register of pension providers and their approved products is also available below along with details of the charges under the products.

Help points:

  1. PRSAs a consumer guide https://www.pensionsauthority.ie/en/prsa_providers/prsas/prsas_-_a_consumer_and_employers_guide.pdf
  2. PRSAs products and charges http://prsa_products_and_charges_-_december_2020.xlsx
  3. List of PRSA Providers: https://www.pensionsauthority.ie/en/i_want_to_start_a_pension_prsa/prsas/prsa_providers_products_register_-_december_2020.pdf
  4. Low cost PRSA: https://www.labrokers.ie/prsas-ireland-personal-retirement-savings-account-pension-plan/