About PRSAs – Personal Retirement Savings Accounts
A PRSA pension is a savings account that is used to grow a nest egg for your income in retirement. It enables you to make affordable and regular contributions into your account over long periods of time, which is intended to provide you with a lump sum on retirement.
It is also important to know the long term nature of the PRSA pension plan and the situation regarding tax relief. PRSAs by their nature are essentially a contract between you and the provider and take the form of an investment account into which you regularly make deposits.
If you are an employee and you are currently contributing to a PRSA pension, you can change employment and continue to use the same PRSA. You can also switch from one PRSA to another should you so wish.
Our Advice
We recommend that you allow us to advise you on the alternative options available, such as a Personal Pension or Company Pension plan, before making any long term decisions to contribute to a PRSA pension.