Standard Personal Retirement Savings Account (PRSA)
PRSA are part of the governments move towards a more flexible pensions environment. Whether you are self employed, employed, unemployed or already receiving benefits under a PRSA you can make contributions to PRSAs. You can contribute to your PRSA by payroll deduction from your wages or by direct debit from your bank account. You can contribute as low as €300 per annum to your PRSA and you can draw on your PRSA at anytime between 60 and 75.
There are no limits to the benefits that can be gained from a PRSA. When you retire 25% of your total fund can be taken tax free with the balance being used to purchase a taxable pension for life or invested in an Approved Retirement Fund, which you can draw on during retirement.
What are the benefits of a PRSA?
There are no limits to the benefits that can be gained from a PRSA. When you retire 25% of your total fund can be taken tax free with the balance being used to purchase a taxable pension for life or invested in an Approved Retirement Fund, which you can draw on during retirement.
What are the benefits of a PRSA?
- Tax Relief – Generous Income Tax Relief on your PRSA contribution.
- Tax-Free Growth – Under current legislation the money you contribute is allowed to grow tax-free.
- Tax-Free Lump Sum – 25% of your fund may be taken tax free at retirement subject to an overall tax free lump sum limit of €200,000 as at July 2011.
- Flexibility and Portability – your PRSA can move with you if you change employment
- Cost Efficient – save what you can afford to, knowing you can change the amount of your contributions at any time, to suit your personal circumstances.
- Investment Choice – we have a range of funds to choose from, so you can pick the option that’s right for you.
- Post Retirement Flexibility – you may be entitled to avail of the ARF option upon retirement.
Neiland Financial Services Ltd, Carrig House, Roche's Road, Wexford, Y35 X06K- T: 053 9146592 | F: 053 9152090 | W: www.nfs.ie
Neiland Financial Services Limited T/A Neiland Financial Services, Ace Mortgage Solutions is regulated by the Central Bank of Ireland.
Directors: Kenneth Neiland & Margaret Neiland
Registered information: Company No. 440364 Registered Office: Carrig House, Roche’s Road, Wexford, Y35 X06K
Neiland Financial Services Limited T/A Neiland Financial Services, Ace Mortgage Solutions is regulated by the Central Bank of Ireland.
Directors: Kenneth Neiland & Margaret Neiland
Registered information: Company No. 440364 Registered Office: Carrig House, Roche’s Road, Wexford, Y35 X06K
