Personal Retirement Savings Account (PRSA)

What is a Personal Retirement Savings Account (PRSA)

A Personal Retirement Savings Account (PRSA) is a long-term, tax-efficient investment vehicle designed to help individuals save for their retirement. PRSAs are available to both employees and self-employed individuals, offering a flexible and portable means to accumulate retirement savings independently of an employer-sponsored pension scheme. PRSAs are provided by authorized financial institutions, such as banks, insurance companies, or investment firms, and are subject to the rules and regulations of the pension industry. The primary goal of a PRSA is to grow the individual’s retirement savings over time, eventually providing a regular income during retirement. Actively managing a PRSA is crucial to ensure the optimal growth of retirement funds and to mitigate the risks associated with investment fluctuations.




Advantages of a PRSA



PRSAs offer a wide range of investment options, allowing individuals to tailor their investment portfolio according to their risk appetite and financial goals. Contributions can be made on a regular or ad-hoc basis, and the amounts can be adjusted as the individual’s financial circumstances change.



PRSAs are held in the individual’s name and can be easily transferred between pension providers, enabling individuals to switch to better-performing funds or lower-cost providers without incurring any penalties. PRSAs can also be carried from one employer to another, ensuring continuity in retirement savings even as career paths change.


Tax relief

Contributions made to a PRSA are eligible for tax relief at the individual’s marginal rate, subject to annual limits. This tax relief effectively reduces the cost of saving for retirement, making it more financially feasible for individuals to build their retirement nest egg.


Access to funds

PRSA holders can access their funds upon reaching the age of 60 or earlier, under specific circumstances such as serious illness or permanent disability. The funds can be used to purchase an annuity or invest in an Approved Retirement Fund (ARF), providing a regular income during retirement.

Arrange a Free Pension Review with Peter Brown

If you would like to explore the various pension opportunities available you can avail of a free financial review with Peter Brown. This is a “No Obligation” review of your existing investments and pension arrangements to establish if there are any untapped opportunities that could improve your financial position.


Pensions can also seem daunting.

  • How much should I/ can I contribute?
  • What are my options when I retire, tax free lump sums etc.?

Our experts compare all pensions options when calculating your pension plan, thus ensuring you are advised of the best available for your circumstances.

Whether you are pre or post retirement, we can advise on your best investment options.

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