Low Cost PRSA

A PRSA is a personal retirement savings account best suited to the self-employed, employees without an employer pension scheme and those wishing to make additional voluntary contribuions to enhance the benefits provided under their employers pension scheme. They are flexible, portable, cost-efficient and offer great tax breaks.

prsa Pension Plans play-video
Executive Pension top-tips
Executive Pension


PRSA top-tips

  1. The average person retiring tomorrow aged 65 years has a life expectancy of between 20 years, that’s a significant amount of time to enjoy in retirement.
  2. It takes a long time to save for retirement and the earlier a person starts the better.
  3. Taking stock of your existing pension can reduce investment charges and allow greater control over your benefits come retirement.

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 career portable.
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The 2 PRSA Types

1. Standard, with a maximum annual fund management charge (AMC) of 1%, but somewhat limited investment fund options.

2. Non-Standard, where the AMC will be higher than 1% PA to account for broader investment fund choice.

In addition to the annual fund management charge (AMC) which is levied against your fund value, PRSA’s also normally carry a contribution charge which taken on payments as they are invested in your PRSA, with a typical charge of 5% deducted against each payment.

Low Cost PRSA Service

Low Cost PRSA Offerings

To avail of our low-cost PRSA solutions, you can choose between a fee or no fee option. Both service options include:

  • Free Personal Consultation.
  • 24/7 Online Plan Access.
  • Free Fund Switches.
  • Free Annual Benefit Statements.
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Standard PRSA – No Contribution Charge

Standard PRSA – Option 1

We offer a choice of Standard PRSA’s from a range of leading providers including Zurich, New Ireland, Aviva, and Irish Life.

Under this option, there is no 5% contribution charge, so you always get 100% investment with a 1% AMC.

We do this by taking no advisor commission but my charging you a once-off direct set-up fee, which includes initial investment advice of €320.00, subject to the conditions set out below:

Conditions:
1. Regular contributions must be made on a monthly basis.
2. A maximum contribution of €200 PM applies.
3. Does no allow for lump-sum contributions.

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Standard PRSA – Reduced Contribution Charge

Standard PRSA – Option 2

We offer a choice of Standard PRSA’s from a range of leading providers including Zurich, New Ireland, Aviva, and Irish Life.

Under this option, the contribution charge can range from 2% to 3.5% with a 1% AMC.

We do this by taking a reduced commission and no direct fee, with both initial and ongoing investment advice included.

Note:
This option allows for both regular and lump sum contributions.

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Other Private Pension Options

Private Pensions

If you are long-term, self-employed a Personal Pension plan may provide the best alternative low-cost retirement planning solution, with AMC’s from 0.75% PA and 100% investment allocation!

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

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PRSA Retirement Benefits

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-stanard 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.