A Personal Pension Plan is a type of individual retirement savings plan that allows you to set aside money for your future retirement. Personal pension plans are separate from employer-sponsored pension plans and offer you greater control over your retirement savings.
Contributions to a personal pension plan can be made by the individual, either regularly or as a lump sum, and are invested to grow, tax free, over time. At retirement, you can take a lump sum of 25% of your fund to a maximum of €200,000.
The remainder of your fund can then be invested in an Annuity or an Approved Retirement Fund (ARF).
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A PRSA is very similar to a Personal Pension Plan. The main difference is that contributions can be made by you personally, your employer or a combination of both.
A PRSA 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.
