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).
Tax reliefGet tax relief on your contributions; plus, any investment growth is tax-free.FlexibleYou're in control: you decide how often and how much you want to contribute to your plan.If you have a question, or would like to know more about our services, please make an enquiry through our contact form or call us for a free consultation: 08724 07995. Either way, we would love to talk with you.
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.
Tax reliefGet tax relief on your PRSA contributions; plus any investment growth of your PRSA is tax-free.FlexibleYou're in control: you decide how often and how much you want to contribute to your PRSA.PortableIf you move jobs, or even take a career break, you can take your PRSA with you.