Self Employed

Personal Retirement Savings Accounts (PRSAs)
A pension plan can be simply described as a very tax efficient savings scheme which will build into a lump sum available to you when you retire. The money you invest grows tax free within the pension fund, and when you decide to retire you can take 25% of the value of the fund in a tax free cash lump sum. The balance of the fund is used to provide you with an income during your retirement years. You decide how much to contribute to your pension plan.

How does a PRSA work?

• You make the contributions that you can afford. You can change, stop and restart these contributions as you choose
• Your contributions are invested in the fund or investment funds of your choice.
• Your PRSA savings will grow tax free until you retire..
• When you retire, your savings are used to provide for your retirement.

Who can take out a PRSA?
Every adult under age 75 may take out a PRSA

Contributions
You can either invest regular contributions or one-off contributions at any stage. Most people choose regular contributions because it is easier and smoothes out the cost.

Retirement - when can the benefit be taken
You can normally take take a benefit from a PRSA when aged between 60 and 75.

Retirement - what benefits can be taken
On retirement you can choose to take up to 25% of your fund as a tax free lump sum from a non AVC PRSA. The balance of the fund then acts as a regular taxable, income for the rest of your life.

Tax relief
Below is some information about how your PRSA is treated for tax purposes. You should remember that this information is based on current tax law, and cannot be guaranteed throughout your policy. Under current tax law, your PRSA contributions qualify for tax relief. You can contribute as much as you choose, but you can only claim tax relief within Revenue limits.

Warning: The value of your investment may go down as well as up.

Warning: This product may be affected by changes in currency exchange rates.

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