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. 

Its particularly suited to the owners of limited companies, who have cash surplus in the company bank account, but may be restricted by Revenue funding limits set under a Master Trust – Executive Pension Plan.

For new plans a PRSA often carries lower charges to an EPP and should have equivalent fund choice provided it is a non-standard PRSA contract.

We work with all leading PRSA providers in the Irish market, e.g. Zurich, New Ireland, Aviva, Irish Life, Standard Life etc, and enjoy access to over 23 separate fund managers.

An AMC, which typically amounts to 1.25% PA, with 100% allocation on all regular and lump sum contributions. This covers set-up and our long-term investment advice and administration support.

Working with us means that you pay:

• No set-up fees
• No investment allocation charges
• No renewal commission
• No policy fee.

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

An Executive PRSA provides full tax relief on contributions, as well as tax-free growth, and a tax-free lump sum come retirement.

This means:

1. Company-funded Executive PRSAs effectively receive 52% PAYE relief, plus corporation tax relief against profits@12.5%

2.There is no DIRT or capital gains tax on investment growth.

3. Up to 25% of your eventual PSRA retirement pot can be taken as cash, with the first €200,000 completely tax free.

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, which 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.

Yes, all private pension holders are still entitled to the State pension in addition.

If you die prior to retirement, your full Executive PRSA value is payable as lump sum to estate. There is no requirement to transfer any part of the funds to an ARF and there is no inheritance tax liability between spouses.

Under an Executive PRSA, you can now draw your pension plan benefits from age 50, however, if you have to stop working due to serious ill-health, you can take your pension benefits earlier.

We grant 24/7 online access to your PRSA account and will also receive annual benefits statement through the post, together with a one to one review.

You can contribute and then draw down your retirement benefits from your PRSA up to age 75.

Where a PRSA holder has not commenced taking retirement benefits and has reached their 75th birthday, Revenue will treat the PRSA as vested and at that point the benefits can no longer be accessed by the PRSA holder.

A vested PRSA is treated for tax purposes as the equivalent of an ARF. This means that an imputed distribution of 4% pa will apply to the PRSA and those that hold ARFs and vested PRSAs with a combined value in excess of €2m will pay an imputed distribution of 6% pa. On death, the vested PRSA will be treated in an identical manner to an ARF as it will form part of a deceased’s estate.