The Self-employed and persons in non-pensionable employment can arrange their pension via a Personal Pension or a Personal Retirement Savings Account (PRSA).
Anyone over 18 can start a personal pension plan but your employer normally can’t contribute to it.
Tax relief is allowed on pension plan contributions within Revenue limits.
Investment growth is also tax-free
Personal pensions are flexible – you decide how much to contribute to your pension plan and you can stop and restart pension contributions at any time.
A PRSA is a Personal Retirement Savings Account.
It’s a portable retirement account so you can take your PRSA with you when you change job
Your employer can contribute to your PRSA, unlike a personal pension plan where employer can’t make contributions.
Tax relief within Revenue limits is also allowed on PRSA contributions.
Any investment growth on your PRSA is also tax-free.
A PRSA is flexible – you decide how much to contribute to your PRSA and you can stop and restart PRSA contributions at any time.
You can also take your PRSA with you when you move jobs.