Additional Personal Pension Types

Additional Personal Pension types/structures such as Personal Pension and Buy Out Bond can be found below:

PRSA - Personal Retirement Savings Account

A Personal Retirement Savings Account is another type of Personal Pension suitable for employed individuals that do not have access to a company pension arrangement.

All employers must offer a facility to their employees, whereby they have reasonable access to at least one PRSA provider.

- Do You Have a PRSA?

- Has Your Employer Spoken You About This?

- Do You Need Assistance With This?

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Benefits of a PRSA - Personal Retirement Savings Account

  • The contributor will get tax relief at his/her higher income tax rate of either 20% or 40%.
  • The contributor can contribute on a monthly basis by personal direct debit or intermittently by means of a lump sum contribution to avail of tax relief, as per current revenue guidelines.
  • ** Last year’s Finance Bill had a proposal accepted removing BIK on employer PRSA contributions. This means that scope for employer contributions into a PRSA was massively increased to a maximum of €2 million for a recipient with no other pension benefits. This is a huge opportunity for cash rich companies to invest company profit tax efficiently into favoured investments, i.e. pension property, platform trading of shares, funds, ETF, life insurance investment.**
  • The growth in the fund will be completely tax free.
  • You can access 25% of your fund tax free anytime from age 60. Maximum tax free lump sums is limited to €200,000 per person.
  • If you join an company pension scheme, you can transfer 100% of your PRSA into the scheme.
  • Your employer may contribute into you PRSA to further enhance the growth of your retirement fund. Employee contributions are however limited by age related limited, ranging from 15%-40% of salary.
  • In event of untimely death pre-retirement, PRSA benefits are paid in full to your next of kin.
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How to Get Started

Are you covered? Do you want to ensure you’re receiving the most out of your PRSA? Follow the steps below to get started with Mark Cahill Financial Services.

Step 1: Contact Us

Contact us and Speak to Mark Cahill.

Step 2: Information

Provide us with some information on your current situation and what you're looking for.

Step 3: Advice & Next Steps

We will provide you with advice and next steps to get started.

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