Types of pensions

PRSA Pension

A Personal Retirement Savings Account (PRSA) is a type of personal pension policy. The most common form of personal pension is a PRSA. It helps you to save for retirement on your own terms.

A PRSA is owned by yourself. Both you and your employer can make contributions to a PRSA whenever you want and stop making contributions at any time, however under current Revenue rules there may be Benefit in Kind tax charge on employer contributions to a PRSA.

PRSA is for everyone, regardless of employment type and status. You can take out a PRSA if you're self-employed, or working for a company.

You can claim income tax relief on contributions to a PRSA, up to certain limits. And if your retirement fund grows, the growth is also tax-free.

You can draw a tax-free cash sum at retirement. When you retire, you can currently take up to 25% of the value of your pension policy as a tax-free lump sum.

If you move jobs, or even take a career break, you can take your PRSA with you.