Personal Retirement Savings Account

A Personal Retirement Savings Account (PRSA) is a personally owned pension that lets you save for retirement on your own terms. You can contribute to it whenever you want and stop making contributions at any time.

You can claim income tax relief on contributions to a PRSA, up to certain limits. And if your retirement fund grows, the growth is also tax-free. When you retire you can – subject to certain limits – take a lump sum, some of which may be tax-free.

• Tax relief – Get tax relief on your PRSA contributions; plus any investment growth of your PRSA is tax-free.
• Flexible – You’re in control: you decide how often and how much you want to contribute to your PRSA.
• Portable – If you move jobs, or even take a career break, you can take your PRSA with you.

A PRSA is for everyone, regardless of employment status. You can take out a PRSA if you’re self-employed, or working for a company.

On retirement, you can take a tax-free lump sum of 25% of your fund, up to a maximum of €200,000 (as at July 2015).

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.