FAQ

A Personal Retirement Savings Account (PRSA) is a long-term, flexible savings
account helping you save in a way which suits your retirement needs regardless of employment status.
• You can make single and/or regular contributions and pay in transfer payments from other pension arrangements.
• You can stop, restart, increase or decrease your contributions at any time to suit your needs.

You need to consider your employment status and whether you currently have a pension policy in place.

If you are self-employed or a company director, a PRSA may be an appropriate way to save for your retirement.

If you are an employee, as a first step, you’ll need to find out if there is a good occupational pension scheme available to you through your job. If not, and you want to save for your retirement, then a PRSA may suit your retirement needs.

If you already have a pension arrangement in place, you may need to make additional provisions or top-up your benefits by making Additional Voluntary Contributions (AVCs). No matter what your individual needs, we would always recommend talking to a Financial Broker who can advise you based on your personal circumstances.

Once you’ve put money into a PRSA you can withdraw it when you reach at least age 60. There are some exceptions where you can draw down your benefits early;
• Have retired early from employment or you are in an occupation with a retirement age below age 60, and you are not working elsewhere as an employee or in self-employment.
• Benefits can be taken at any stage due to ill health if you are permanently incapable physically or mentally of carrying out your own occupation.

A PRSA is a way of helping you provide for your retirement by saving now. It allows you to create a pension fund for you when you retire, through flexible contribution options and a choice of investments.

The policy is issued in your own name. You have the flexibility to choose what assets you invest in.

Your Financial Broker can help you access the full range of funds available from Royal London Ireland.

You can contribute to a PRSA if you are:
• Between the ages of 18 and 75 (70 for AVCs).
• Self-employed, employed, on a career break or unemployed.
• Employed and already a member of your employer’s pension scheme – you can use a PRSA to make additional voluntary contributions (AVCs).

When you start your PRSA you choose the age from which you would like to take your retirement benefits. This is known as your “chosen retirement age.”

You will normally be able to take retirement benefits from your PRSA at any time between 60 and 75.

If you die before you retire, the value of your PRSA (on the date we are told of your death) becomes available to your estate.