PRSAs
What is a PRSA ? It is a form of Pension.
What does PRSA stand for ? Personal Retirement Savings Account
Who is eligible to take out a PRSA ? Everyone - Directors , employees , self employed and even those who are not earning an Income such as Homemakers
What are the advantages of a PRSA ? Contributions are deductible against tax up to 41% and for employees are also deductible against PRSI and Health Levy up to 49%-subject to limits
For an employee earning €40,000 : this is the equivalent of a Government contribution of 88% on top of your contribution
For self employed earning €40,000 : this is the equivalent of a Government contribution of 69% on top of your contribution
PRSA's are very flexible : you can reduce, increase and even freeze contributions from one month to the next - what suits you today may not suit you next year and PRSA's accommodate this without penalty
PRSA's are portable : they can be carried from one job to the next : or from self employment to employment and vice versa
No exit Penalties should you decide to transfer your fund in to another fund at any time in the future
Charges are capped by law : cannot exceed 5% of initial premium into the Pension and 1% annual management fee by the Pension Manager
Choice of Investment funds : including the Default Strategy - which manages risk on your fund to take account of your age profile so that as you grow older, a more prudent strategy kicks in
What more can you ask for ?
