Personal Retirement Savings Accounts (PRSA’s) are another type of private pension that are managed for you by a life insurance or investment company. If you are earning an income but are unable or not entitled to join a Group Pension plan, or if you are self-employed, then you can start either a PRSA or Personal Pension Plan.
PRSA’s give you the freedom to decide how much you want to contribute, and where your contributions are invested. However, bear in mind that the older you are when you start, then the more money you will need to contribute to reach your target.
PRSAs come with very attractive retirement and tax benefits:
- You enjoy tax relief on the contributions you make
- The growth of your investment is tax free
- You can take 25% of the fund as a tax-free lump sum upon retirement.
Euro Wealth Financial can offer a variety PRSA plan’s that caters for both regular and single contributions. You have a choice of a wide variety of Investment Funds from different fund managers. The PRSA can also be used alongside a company pension to make Additional Voluntary Contributions. Euro Wealth Financial can give you more information about PRSA’s.