PRSA Pension
Take advantage of a financially flexible and tax-efficient retirement savings scheme.
Personal Retirement Savings Accounts with GSB Capital Ireland
Planning for retirement might seem like a distant priority, but the earlier you start, the more impressive your pension pot will be. Here at GSB Capital Ireland, our experienced team will be happy to walk you through PRSA pensions, a versatile and tax-efficient retirement savings plan available to anyone living or working in Ireland. Some of our team members are affiliated with the CISI and LIA and well equipped to provide expert advice and answer any PRSA pension questions you will have.
Whether you’re self-employed, working part-time or simply exploring retirement options, a PRSA gives you the freedom and flexibility to build your pension on your own terms. To get started on this enticing pension, let GSB Capital Ireland’s retirement planning experts help you today.
Benefits of the PRSA Pension Scheme
A PRSA Pension offers several key advantages that make it one of the most accessible and appealing pension options available in Ireland.
Tax Relief
One of the main attractions of a PRSA in Ireland is that it can offer massive tax relief on your contributions. For instance, depending on your income, you can receive a tax relief of up to 40% on what you contribute. Apply this to someone who contributes €300 a month (in the higher income bracket), and the actual cost is only €180. This level of relief can accelerate your savings and ensure you build a larger retirement fund in less time.
Flexible Investment
Pension flexibility cannot be underrated, and a Personal Retirement Savings Account in Ireland is about as flexible as a pension can be. You can stop, start and adjust your PRSA contributions whenever you like, and there are no penalties for doing so. A PRSA is especially appealing if you’re self-employed, working as a freelancer or have a fluctuating income.
Portability
Changing jobs, sectors or looking to take a few months off work? Whatever the move, a PRSA pension will move with you, continuously growing no matter where your career takes you. Its portability makes a PRSA an attractive option in today’s ever–evolving work environment.
Who Can Take Out a PRSA in Ireland?
The good news is that almost everyone can!
A personal retirement savings account is designed to be accessible for everyone, regardless of employment status.
- Employees: If you’re a full-time employee, you can contribute on top of your workplace pension, or if your employer doesn’t offer one.
- Self-Employed & Freelancers: A PRSA is an ideal solution for building retirement savings independently.
- Unemployed & Homemakers: You can still contribute and benefit from tax relief, provided you have taxable income.
Contribution Limits
If you are a business owner, you can contribute 100% of your gross salary into a PRSA as an Employer contribution. Employee contribution limits depend on your age and are expressed as a percentage of your gross taxable earnings.
For instance:
- Under 30: 15%
- 30–39: 20%
- 40–49: 25%
- 50–54: 30%
- 55–59: 35%
- 60+: 40%
These percentages are set against an annual earnings limit of €115,000 for tax relief purposes. So if you earn in excess of this only your relevant age percentage of €115,000 can be used for tax relief.
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Trusted Expertise
Meet the Experts Behind Your Financial Future
Senior Financial Advisor
Sam is a Qualified Financial Advisor with an MSc in Finance and membership in the Institute of Bankers. He uses retail banking and risk expertise to create strategies aligned with GSB’s values and evolving market trends.
Senior Financial Advisor
Shaunna is a Certified Financial Adviser in Ireland and an LIA member. She creates tailored strategies for clients worldwide, embracing innovation and staying current with trends, reflecting her commitment to clients.
Senior Financial Advisor
Ben is a Financial Accountant and fully qualified International Financial Planner. With experience in Banking and Wealth Management, he helps clients navigate all areas of financial planning.
How to Set Up a PRSA Pension Plan
At GSB Capital Ireland, we make the PRSA setup process straightforward and transparent while keeping it aligned with your financial goals:
Book a free consultation with one of our financial planning specialists here at GSB Ireland. We’ll assess your current financial position and long-term objectives.
Based on your unique situation, we’ll recommend the most suitable PRSA structure and provider.
We’ll guide you through the paperwork and help you set up your PRSA, including selecting funds and setting your contribution level.
As your circumstances change, we’re on hand to review, adjust, or optimise your plan at any stage.
Take the first step by visiting our Contact Page to schedule an initial consultation.
PRSA Pension FAQs
You will be able to access your PRSA from the age of 60. There is an option of early access from the age of 50 if you decide to retire early. In certain circumstances, if you are terminally ill, you are able to access your PRSA at any age. On retirement, you can take up to 25% of your fund as a tax-free lump sum, with the remainder kept in the PRSA, used to purchase an annuity or transferred into an ARF (Approved Retirement Fund).
PRSA fees vary depending on the provider and type of plan. Generally, there are two types of fees:
- Annual management charges: Typically, between 1–1.5% of your fund’s value.
- Less commonly you may pay an up front fee on your monthly payments as well. This is mostly being phased out and not something GSB Capital Ireland offers to clients. We only suggest policies with 100% allocations, so all your contribution is invested..
One of the main advantages of a PRSA pension scheme is that it offers tax-efficient savings, helping you make the most of your contributions. It is also flexible and portable, meaning you can take it with you if your circumstances change. Additionally, PRSAs are regulated by the Pensions Authority, providing a level of oversight and security. Another benefit is that there is no need to be part of an employer scheme to participate.
However, there are also some disadvantages to consider when deciding if a personal retirement savings account is the right choice for you as there is an investment risk involved. Like other pensions, your fund value can go down as well as up. Furthermore, some PRSA providers may charge high fees, so it’s important to seek independent advice to ensure you’re getting the best value. Our team at GSB Ireland would be happy to explain your options and help you choose the right structure for your own individual needs.
A PRSA is a type of pension, but it differs from traditional occupational schemes. PRSA pension schemes are individual contracts, so they’re not tied to your employer. This makes them far more portable and flexible. Traditional pensions may offer higher employer contributions but are often less adaptable and may come with more restrictions.
PRSAs are especially useful for self-employed individuals or employees without access to a workplace pension.
Not in the way you might think. PRSAs are designed for long-term retirement savings, so you can’t withdraw funds early unless in specific circumstances like serious illness or early retirement at age 50+. Cashing in your PRSA entirely before retirement age is not allowed under current regulations.
If you’re considering early access or exploring retirement flexibility, our team can advise you on your options.
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