A PRSA (Personal Retirement Savings Account) provides everyone with the opportunity to plan wisely for their retirement and it’s designed to suit all types of people – those who do not have access to a pension scheme through work and those who are self employed.

A Personal Retirement Savings Account (PRSA) is different to a Personal Pension because your employer can also make contributions.

The PRSA allows individuals to make tax efficient savings for their retirement and provides a range of investment options. The contributions to a PRSA can be made by the individual, their employer, or a combination of both.

Advantages of a PRSA

  • Tax reliefTax reliefGet tax relief on your PRSA contributions; plus any investment growth of your PRSA is tax-free.
  • FlexibleFlexibleYou're in control: you decide how often and how much you want to contribute to your PRSA.
  • PortablePortableIf you move jobs, or even take a career break, you can take your PRSA with you.

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What is a Personal Retirement Bond?

A Personal Retirement Bond is an individually owned pension policy which can be taken out by a member of an occupational pension scheme on leaving employment, leaving the pension scheme or on scheme wind up.

The value of the member’s pension fund at that time is transferred to a Personal Retirement Bond to provide retirement benefits in line with the rules of the transferring occupational pension scheme. A Personal Retirement Bond can only accept transfers related to the same employment and no ongoing contributions are permitted.



Advantages of PRB

  • ChoicesChoicesYou may have more fund choice.
  • AccessibilityAccessibilityYou can access funds from a PRB from the age of 50.
  • FlexibilityFlexibilityBy keeping pensions separate it can give you more flexibility around when you access your pensions when you want to retire.

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