PRSA’s – Personal Retirement Savings Accounts

PRSA’s – Advantages:

• PAYE contribution tax-relief.
• Flexibility to alter or stop and start contributions.
• Tax-free investment growth.
• Fully job portable.

Standard PRSA – 100% Investment

Execution Only Standard PRSA – Option 1

Under this option, there is no 5% contribution charge, so you always get 100% investment with a 1% base plan AMC, together with the choice of a default investment strategy, that automatically reduces investment risk with age, or you can make your own selection from a wide range of PRSA provider funds.

This offer is also available for payroll deduction (employer-sponsored PRSA) arrangements where the debits are taken from the employer rather than your own bank account, in which case your employer must complete a PRSA letter of appointment and direct debit mandate.

Once off Direct Fee – Nil Commission

Own bank account: €500.00 once-off set-up direct fee.

Through Payroll: €950.00 per member once-off direct set-up fee.

• 1.00% Provider AMC
• 100% investment allocation
• Wide choice of investment funds
• Annual benefit statements
• 24/7 Online access
• Free fund switches

Consultation & Application Process

1. Online application return.
2. Payment of Invoice.
3. Online document release including tax relief certificate.

Note:
This option does not investment advice at set-up. It does include 24/7 online access, and direct provider access, with any requests for our assistance or advice thereafter, charged directly direct fee.

PRSA AVCs due to the nature of the additional advice is strictly only made available under option 2 – Retained Advisory.

Standard PRSA – Reduced Contribution Charge

Standard PRSA – Retained Advisory – Option 2

Standard PRSA’s – No Fee – Retained Advisory.

Under this option, the contribution charge can range from 2.0% to 3.0%, reducing the more you invest, with a 1% plan AMC. We do this by taking a reduced commission with no direct fee. This option is also made available to employer-sponsored/salary deduction Group PRSA arrangements with a minimum membership of 5 employees.

• 1.00% AMC
• Up to 98.00% investment allocation
• Choice of PRSA Providers
• Widest choice of investment funds
• Annual benefit statements
• Monthly or annual regular contributions
• Variable lump sum contributions accepted

Consultation & Application Process

1. Online personal risk profiling.
2. ESG – Sustainability preference screening.
3. Detailed fund performance comparative to assist with selection.
4. Online application return.
5. Online document release including tax relief certificate.

Note:
This option includes investment advice at set-up, 24/7 online access, annual broker reviews, and retained service and advice.

Other Private Pension Options

Private Pensions

If you are long-term, self-employed with your own business a Personal Pension plan may provide the best alternative low-cost retirement planning solution, with AMC’s of 1% PA, 100% investment allocation, and retained broker support.

For more information about Personal Pensions please visit our self-employed pensions guide.

For self-employed contractors and or others operating as limited companies, an Executive Pension Plan will offer additional benefits, for more information see our executive pension guide.

Pension Investment Videos

Options at Retirement

Your PRSA Retirement Options

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 ARF and make income withdrawals from that.

Cash Lump Sum

You can draw a lump sum based on 25% of the value of the pension pot.

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.

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.

Reviewing Existing PRSA’s

Existing PRSA Switches – Cost Reduction

If you already have a PRSA in place, you need to be sure of 3 things:

1. That the underlying investments are in line with your attitude to investment risk
2. That the charges are reasonable and transparent

Many PRSA’s are been overcharged by inbuilt plan costs, including:

1. Investment Contribution Charges
2. Ongoing Adviser Commissions
3. Excessive Non-standard Fund Manager Fee’s

If you’re in any way unsure about your PRSA charges, then you should consider talking to One Quote about a cost saving pension review.