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PRSAs

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.

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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.

Employers must appoint and provide their staff access to at least one PRSA provider, however they do not have to contribute to this.

There are two types of PRSA a Standard PRSA and a Non-Standard PRSA.

Standard PRSA

This pension is where the charges on each contribution must not exceed 5% and the annual management charges are capped at 1%.

Non-Standard PRSA

This pension is where charges are not capped and hence are generally higher than Standard PRSAs. Those choosing Non Standard PRSAs generally do so because they are offered access to more funds and on going investment advice

All Financials pensions plans:

Company pensions
A Company Pension is set up under a Trust by a company to provide retirement benefits for those included within it.

Company pensions
Executive pensions
Executive Pension Plans are taken out by Company Directors or Employers to provide for the Retirement of executives and key employees.

Executive pensions
Retirement bonds
So you have left your job for another or you have been made redundant and you are not eligible for early retirement.

Retirement bonds

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