EUI Has now launched its own Personal Retirement Savings Account (PRSA) which since the transposition of IORP II into Irish law is now the number one vehicle for clients seeking to manage their own pension. A PRSA is a flexible, cost-effective pension plan, allowing you to take control over your investments. You can invest in a wide range of asset classes in a tax-efficient manner, regardless of your future or current employment status. This gives you flexibility on how you receive benefits at retirement benefits at retirement.
Some of the benefits of a PRSA are:
- You have complete control over your investment strategy.
- You can select from a wide variety of investment options and providers
- A PRSA is flexible and can change to suit your circumstances, your employment, income and risk appetite.
- A PRSA can accept transfers from existing pension funds at no charge. You have the potential to hold all your pension arrangements in one source.
- You or your employer may contribute to your PRSA. Your employer’s contribution is no longer treated as a Benefit in Kind following the 2022 Finance Act.
- Your PRSA assets grow free of both capital gains tax and income tax.
- You can plan how your eventual retirement benefits are taken, in order to suit your needs. For example, you may take a portion of your benefits as a lump sum and/or set up an Approved Retirement Fund to keep your investments in low-cost environment.
