What is a PRSA?
A PRSA is a way of helping people provide for their retirement by saving now. It is a long-term investment product sold by financial institutions and intermediaries. It allows you to create a pension fund for yourself when you retire; you can vary the amount you pay into it over time and, if you change employment, you can continue to use the same PRSA. You can switch from one PRSA to another at any time free of charge.
Types of PRSA:
There are two types of PRSA:
- Standard PRSA – where the charges you have to pay are capped i.e. there is a maximum level of charges allowed and where there are certain investment restrictions on how your money is invested.
- Non-Standard PRSA – where there is no maximum level of charges and there are fewer investment restrictions.
Do you need a PRSA?
To see if you need a PRSA you should ask yourself some questions:
- Can you join an existing pension scheme in your job? You should find out if there is a good scheme available to you thro