| Product Description |
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| A PRSA (Personal Retirement Savings Account) is a special type of savings account that enables people to provide themselves with retirement benefits in a highly effective way. |
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| Who can have a PRSA? |
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| You can - provided that you are under age 75. PRSA's are not dependent on your job or employment status. So you can take out a PRSA, regardless of whether you are in full-time, part-time or casual employment, self-employed, a partner or in a partnership, a jobseeker, a homemaker or a carer. |
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| What are the key benefits of a PRSA? |
1. It is a 'portable' arrangement - so you can take it with you (whether you are working for others or for yourself) from job to job throughout your working life.
2. It is adaptable to your financial requirements - so you can increase, reduce, suspend or stop your contribution at any time without incurring any charge or penalty for doing so.
3. It is highly flexible - so you will have a choice of ways in which to take your benefits at retirement.
4. To help you maximise your benefits, you are even allowed o continue paying contributions (up to age 75, if you wish) even after you have started to draw your benefits. |
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| Tax Advantages |
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| The great thing about saving for retirement is that the taxman gives you a really good deal. |
| 1. | Your personal contributions into your PRSA are not taxed. The table below sets out the limits. | | 2. | The investment growth that your fund achieves is also free of tax. | | 3. | Although you do pay tax on your retirement income, you will get a tax-free lump sum. |
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| How much can I invest? |
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| Age | Limits | | Up to 29 years | 15% of net relevant earnings* | | 30 to 39 years | 20% of net relevant earnings* | | 40 to 49 years | 25% of net relevant earnings* | | 50 to 54 years | 30%** of net relevant earnings* | | 55 to 59 years | 35% of net relevant earnings* | | 60 years plus | 40% of net relevant earnings* |
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*Subject to maximum earnings of €262,382 p.a. under current legislation.
** The 30% limit applies, regardless of age, to certain categories of person that typically retire earlier than usual, such as athletes, jockeys, etc. |
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| How do I know how my PRSA is performing? |
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| All insurance companies are obliged to issue you wth an annual statement showing how your PRSA is performing and illustrating the benefits that it is likely to provide when you retire. Cregan Kelly Financial Services will include this statement in an annual report giving you full up-to-date details on your pension and making recommendations for the following year. We will give fund values to you at any moment to ensure that you are kept fully aware of how your pension is performing. |
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| Options |
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 | It is possible to stop paying into the PRSA fund at any time until you are ready to contribute again. |
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| You can make a lump sum contribution to your PRSA fund at any stage. |
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| There is an option to automatically increase contributions each year so that inflation doesn't erode the value of these over time. |
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| You can move your pension contributions between the available range of investment funds at any time. |
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| Contributions |
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| Minimum contribution: €10 for any payment by electronic transfer (including direct debit), €50 for payment received by any other means. |
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| If you are in a company scheme, you can elect to make further tax-deductible contributions through an Additional Voluntary Contribution (AVC) PRSA. |
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 If you would like to arrange a pension consultation with one of our financial advisors, please click here. |
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