Personal Retirement Savings Accounts with GSB Capital Ireland
Planning for retirement might seem like a distant priority, but the earlier you start, the better your outcome. A PRSA Pension is a versatile and tax-efficient retirement savings plan available to anyone living or working in Ireland. 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.
Here at GSB Capital Ireland, our experienced team will be happy to walk you through how PRSAs work, who they’re for, and why they could be the right fit for your financial future. Some of our team members are qualified in Ireland and some overseas markets and are members of the CISI and LIA. Find practical guidance on setup, benefits, and frequently asked questions. And if you’re interested in taking the next step, then the GSB team is here to help.
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 biggest incentives of a PRSA is the generous tax relief on contributions. Depending on your income, you can receive tax relief of up to 40% on the amount you contribute which makes this an incredibly efficient way to save. For example, if you contribute €300 a month and you’re in the higher income bracket, the actual cost to you could be just €180. These savings can make a significant impact over time and help you build a larger retirement pot without stretching your monthly budget.
Flexible Investment
Unlike traditional pension plans, a PRSA is designed with flexibility in mind. You can stop, start, or change your contributions at any time. There are no penalties for adjusting them should your circumstances change. Those who are self-employed, work as freelancers or have fluctuating income, find this solution ideal.
Portability
A PRSA is completely portable, meaning you can bring it with you if you change jobs, industries, or even take a break from work. Your pension savings stay with you, growing over time no matter where your career takes you. This portability makes PRSAs particularly attractive in today’s fast-changing 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: You can contribute in addition to 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.
Contact Us For A Free Initial Consultation
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.
AVC 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.
What Truly Sets Us Apart
We’re client-centric
We pride ourselves on creating deep connections with our clients by investing as much time as necessary to get to know you and understand your needs. At GSB Ireland, we believe that the only way to help you achieve your financial goals is by fostering a long-term relationship.
We’re conscientious
We take a holistic approach to investment. We support you every step of the way by planning and executing purpose-led long-term investment strategies ⏤ helping you navigate times of uncertainty and challenging market conditions to achieve lasting financial success.
We’re committed
We’re passionate about what we do and deliver market-leading, sustainable returns. We’re disrupting financial services by combining cost-effective, passive strategy with an unhindered commitment to environmental, social and governance (ESG) principles. We invest well by doing good.
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