In order to simplify personal pensions the Government introduced PRSAs. A PRSA is a Personal Retirement Savings Account and is available to all people before the age of 75 and regardless of their employment status.
A PRSA works in exactly the same way as a personal pension. An individual chooses the provider, they then choose the funds they would like to invest in and the amount which they would like to contribute (weekly, monthly, quarterly or annually). This fund grows and from the age of 60 the individual can access it. All contributions are tax free which, depending on income, can save an individual up to 41% on each contribution.
On retirement there are a number of options available as set out by the revenue, and at this point it is best to get specific advice from your Financial Adviser.