Introduction & Guidelines for PRSA’s
A PRSA is a Personal Retirement Savings Account.
It is designed to be portable and allows you to take it with you as you move from job to job and some features are as follows:
Employer/s can contribute to your PRSA.
Tax relief can be claimed on your own contribution.
Investment growth is tax free.
Tax Free Lump Sums are available
You decide how much to contribute.
PRSA’s can be stopped and restarted with no additional cost.
Who Should Have A PRSA
The decision on who should have one depends on a number of factors, for example;
If employed, is there a defined benefit scheme available in the company?
If employed, is there a defined contribution scheme in the company?
If yes to the above, is it possible to make an Additional Voluntary Contributions (AVC’s)?
Are there any other existing Personal Pension plans currently in force?
Are there any previous company or personal pension plans?
PRSA & Next Steps with Vista Financial Planning Team
Including all of the above questions, there is a need to understand the investment strategy, risk profiling, the best type of PRSA and ensure commitment to the premium payable for the long term.
We take our time to understand all of your answers and your needs. We make recommendations and will explain whether or not a PRSA is the right and best choice for your pension and retirement planning.