Personal Retirement Savings Account

A PRSA is a Personal Retirement Savings Account is a savings account for your retirement.

What is a PRSA?

A PRSA is a Personal Retirement Savings Account is a savings account for your retirement. It is an investment account; you can invest your savings in various funds – don’t worry I can help you decide on which fund is best suited to you.

You can take out a PRSA if you are a part-time or casual employee, a highly paid professional, self-employed, a homemaker, a carer, a jobseeker, a contractor, an employer, an employee or a partner in a partnership.

You can make regular payments or lump sum payments to your PRSA, and these are usually tax deductible.

You don’t pay tax on any investment gains.

PRSAs are available to you regardless of your job or employment status.

You can take out a Personal Retirement Savings Account with an authorised Personal Retirement Savings Account provider such as Zurich, New Ireland, Aviva, Irish Life.

Advantages of a Personal Retirement Savings Account 

  1. You have flexibility to increase your contributions 
  2. You can make a one-off lump sum contribution
  3. Fund choice: you choose your fund (I can help you here by giving you guidance depending on your appetite for risk)
  4. It’s tax efficient 

Retirement Options For Personal Retirement Savings Account 

What options do I have when I retire?

First, after you have taken any of the tax-free cash that you are allowed to draw, the balance of the money will be used to provide you with a pension.

This can be arranged by using the money to buy what is called an ‘annuity’ – or investing it in an ‘approved retirement fund’.

OPTION 1
25% tax free lump sum and the balance in invested in an Approved Retirement Fund (ARF)

 

OPTION 2
25% Tax Free Lump Sum and the balance to an annuity

 

Gwen Clarke Financial Services Ltd’s team of experts offers a wide range of services, including investments, pensions, corporate pensions, mortgages, and life protection. We understand that each of our clients has unique financial needs, which is why we tailor our services to meet your specific requirements. Our goal is to help you achieve your financial goals by providing you with personalized advice and guidance every step of the way. Whether you’re looking to invest for the future, secure a mortgage, or protect your loved ones, we can help. Contact us today to learn more about our services and how we can assist you in getting a Personal Retirement Savings Account PRSA and in securing your financial future!

Frequently Asked Questions about Personal Retirement Savings Account

Can I cash in my Personal Retirement Savings account early if I need funds?
No. you can only take from this once you reach pensionable age.
You may look at a regular saver if you are looking to set up a saver for funds in the future.
What If I am made redundant and I cant pay into this pension?
You can always put a stop on premiums for the time being until you are back working.
Can I increase the amount which I am paying into?
Yes, you can increase the amount at any time you can even make a lump sum contribution.
Can I leave any funds to my children?
Yes, you can. I would recommend that you have a will made and have request that any funds are left to your children.