Personal Retirement Savings Account (PRSA): Who Qualifies and What You Get
Learn how a PRSA provides tax-efficient long-term savings for employees without access to a company pension scheme.
A Personal Retirement Savings Account (PRSA) is a way to build up long-term savings for your retirement that benefits from tax incentives.
Who it's for
This scheme is designed for employees who do not have access to a pension scheme through their employer.
What you get
You receive a way to build tax-efficient long-term savings, which means you can benefit from pension tax relief on your contributions.
What it costs you
The cost of managing your account depends on the provider you choose, as management fees vary between different companies.
The catch to know
The main thing to watch out for is not maximizing your tax relief. There are specific age-related limits on how much you can contribute while still receiving tax benefits, and exceeding these can reduce your advantages.
How to apply
- Research different providers to compare their management fees.
- Open an account through your chosen provider.
- Set up regular contributions to build your savings.
- Visit the official portal for more information: https://www.pensionsauthority.ie