Personal Retirement Savings Account (PRSA)
A Personal Retirement Savings Account (PRSA) is a long‑term, flexible savings account helping you save in a way which suits your retirement needs, by investing in our range of funds regardless of your employment status.
You can increase your benefits on retirement by making Additional Voluntary Contributions (AVCs) through a PRSA AVC policy.
To help you understand more about PRSAs, we’ve answered some frequently asked questions about PRSAs. You can also read some media coverage in relation to PRSAs, pensions and funds in the latest news section of our website.
Is a PRSA suitable for you?
| A PRSA might suit you if: | A PRSA might not suit you if: |
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Have a minimum of €25 per month or €300 per annum available to save. Have a one-off lump sum contribution and/ or transfer payment from your current/ previous pension scheme. |
Are looking to contribute less than €25 per month or €300 per annum. |
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Are a company director or employee - with contributions payable to both you and your employer. Are self-employed or not a member of a company pension scheme. Are a member of an occupational pension scheme and want to set up an additional voluntary contribution (AVC) through a PRSA. Are a member of a occupational pension scheme that is winding up or you are leaving a scheme. Are unemployed but would like to make contributions to a pension scheme. |
Are currently a member of an occupational pension scheme which you are not leaving, the scheme is not winding up, or you are not looking to pay Additional Voluntary Contributions (AVCs). |
| Are happy with our PRSA fund choices and charges and accept that the value of your fund can fall as well as rise. |
Are not happy with our PRSA fund choices and charges available. Are not happy to take on risk to generate returns. |
How a Royal London PRSA works
Control
Gives you personal control of your pension.
Choice
Let’s you choose how to invest from our range of funds.
Growth
Any growth your investments make is tax-free.
Flexibility
You can increase , decrease, stop, restart and even pause your regular contributions without penalty.
You can also make a one off contribution(s) and your PRSA will accept transfers form other pension arrangements.
Contributing, Investing, Benefitting
- Contributions - You and your employer in some cases can make contributions. Your previous pension benefits may also be transferred into your PRSA.
- Investment and Growth - When setting up a PRSA, an important step is choosing how best to invest your money based on your retirement goals and the level of risk you are willing to take. With Royal London Ireland, you’ll have access to a wide range of funds, with varying degrees of risk. We’re sure you’ll find a solution that works for you.
- Making the best of your pension - As you approach retirement, you can decide how you’d like to benefit from your PRSA. Subject to taxation rules at that time, you may decide to receive part of it as a cash lump sum and invest the remaining amount in an Annuity or Approved Retirement Fund (ARF) or leave the balance in your PRSA and withdraw taxable income (this is called a Vested PRSA).
Your Financial Broker can help you with these decisions and help you to make the best choice to suit your personal situation.
Investing for your retirement
These days, you have more choice than ever about how to invest the money you’re putting away for your retirement. Although choice is a good thing, it can make it harder to pick the option that’s best for you.
At Royal London Ireland we'll try to make this as clear and easy to understand as possible.
More about our Personal Retirement Savings Account
Product Brochure
A guide to our Personal Retirement Savings account.
ValueShare Brochure
A potential boost to your pension product policy.
Fund Guide
Learn more about our funds with this helpful guide.
Take some advice
We’re big believers in the value of impartial advice to help you enjoy the best possible retirement outcomes. So, if you’re looking to make the most of your pension savings, we’d recommend talking to a Financial Broker.
If you don't already have one, you can find one here.
Ring our Dublin team
for more information:
01 429 3333
Monday to Friday: 8am - 6pm
We recommend discussing your retirement options with your Financial Broker.
They’ll be able to look at your individual circumstances and give you a personal recommendation on how to get the most from your pension savings.
Our Helping Hand service
Helping Hand gives one-to-one personal support from your own dedicated nurse from RedArc who can help you and your family cope with the devastating effects that illness or bereavement can have.
More about Helping Hand
| Warning: The value of your investment may go down as well as up. |
| Warning: If you invest in this product you may lose some or all of the money you invest. |
| Warning: The income you get from this investment may go down as well as up. |
| Warning: These products may be affected by changes in currency exchange rates. |