Executive PRSA

A flexible retirement savings option, for company executives and owner directors, including their employed spouses.

Corporate Pensions

Executive PRSA

An Executive PRSA which is owned by you personally and not by your company, allows your company to fund the pension without BIK implications, or funding limits relating to your salary.

Executive PRSA Client

Corporate Pensions

Executive PRSA

An Executive Personal Retirement Savings Account or Directors PRSA can be the best choice for certain limited company owners since the Finance Bill 2022 resulting in the removal of benefit-in-kind (BIK) restrictions on company paid contributions.

An employer can now contribute as much as they want into here own PRSA, once the total pension fund accumulated remains under the €2.15 million pension threshold.

This pension planning option is particularly attractive to Business Owners who draw a modest salary, but have built up cash reserves in the company.

PRSA Benefits

Corporate Pensions

Bespoke Portfolios

As a pensions broker, we compare the market for the best pension products and provide the broadest range of investment fund options. The advice process also include ESG and investment risk assessment, based on your own personal preference.

We offer multi-asset diversification, but also allow a choice of passive and active management, with as a mix of fund manager strategies by way of a bespoke portfolio design.

Personal Pension Benefits at retirement

Corporate Pensions

Retirement Benefits

A company may make whatever contributions are necessary to build up a pension fund subject to a maximum fund value of €2.15m (for allowable tax-relief).

Come retirement, when you’re ready to take your benefits, your options are to take a tax-free lump sum and buy an annuity which is a paycheque for life or having taken your lump sum to reinvest the balance in an approved retirement fund, known as an ARF and make income withdrawals from that.

1. Tax Free Cash

You can draw a tax-free lump sum based on your salary and service to a maximum of 1.5 times final remuneration where you have more than 20 years of service or you can take a lump sum based on 25% of the value of the pension pot. A limit of €500,000 applies to the tax-free lump, with the first €200,000 is tax-free and the balance up to €500,000 is taxed at 20%.

2. Vested Option

Option to leave benefits unclaimed and continuing to remain invested up to age 75.

3. Annuity Option

An annuity pays a retirement income for the rest of your life in exchange for the balance of your pension pot at retirement.

4. ARF Option

An ARF allows you to retain your pension pot at retirement, subject to minimum withdrawals, and can be passed on to your family on death.

Questions & Answers

Executive PRSA - FAQ's

All you need to know in regards to your executive PRSA.

An Executive PRSA offers a highly tax-efficient way of extracting cash for your own benefit or for that of company executives from a limited company. It does not include the Trustee oversight of an traditional Executive Pension Plan (EPP), but also excludes a monthly policy fee.

Yes, all private pension holders are still entitled to the State pension in addition. The current State Social Welfare Pension is only: €248.30 per week. The contributory pension starts at age 66 and the non-contributory not until age 67. Executive pension plan benefits can be taken from age 50 onwards and will not reduce your State pension benefits.

No a PRSA is held in your own name, so does not require a Trustee appointment.

An executive pension plan provides full tax relief on contributions, as well as tax-free fund growth and a tax-free lump payment option come retirement. This means;

  1. Company-funded executive pensions effectively receive 52% PAYE relief, plus corporation tax relief @12.5%!
  2. There is no DIRT or capital gains tax on investment growth.
  3. After taking up to 200,000 tax-free on drawdown, you can choose to reinvest the balance and only have to pay a lower rate tax (currently 20%) on withdrawals.

Under current legislation your company can contribute as much as they wish on behalf of any salaried employee, provided they do not a pension pot from all current and previous sources in excess of 2.15m.

The maximum contributions that can be paid to your Scheme by you and/or your employer will depend on your personal circumstances including company service and salary.

Subject to the above, there is no limit to how much you can contribute but tax relief on personal contributions is restricted. Only contributions paid by you will be considered for the purposes of determining maximum contribution limits for tax relief purposes, which equate to a % of net relevant earnings (annual salary) and increase with age starting from 15% under age 30.

Employers can pay regular or single contributions to their executive PRSA. An Executive PRSA can also accept transfers from other Executive pensions as well as previous group schemes – these would usually be paid as electronic fund transfers from other institutions.

Employers can pay a single contribution at any time into an executive pension. This can be done instead of, or as well as, paying regular monthly or annual contributions.

Senior employees and non-executive directors can make regular contributions on the same basis as their employer with the combined contributions payable through company payroll. They can also make one-off lump sum payments within Revenue Limits via EFT.

If you die prior to retirement, the full PRSA value payable as lump sum to estate. No requirement to transfer any part of the funds to an ARF.

Under a PRSA, you can now retire from age 50, on termination of the current related employment.

If you have to stop working due to serious ill-health, you can take your pension benefits earlier than these stated ages!

Once you have taken your 25% tax-free, you can choose to reinvest the balance in an ARF (investing in funds for tax-free growth as before) and make regular and ad hoc withdrawals to provide an income.


Our Google Reviews

Our client feedback through reviews.

Cillian Dickson
Superb choice
Read More
Looking after my executive pension plan, One Quote provide superb choice and value with online access and annual reviews to keep track. They represent a solid choice of broker.
Paul Hollins
Read More
I have my Executive Pension with One Quote and choose them based on investment fund choice, flexibility, competitive charges and service. Very happy to recommend.
Simon Finnegan
Great Support
Read More
One Quote took the time to understand my needs as a contractor and explained my options in detail. I chose them based on the detail provided, low-cost, service and flexibility.
Christine Coffey
Friendly service
Read More
As a company owner, I have One Quote looking after my pension planning needs. Their service is prompt, friendly and very cost competitive. I have no hesitation in recommending them.

Get in touch

Let's Talk

Schedule your free consultation right now.