Corporate PRSA
A corporate PRSA is a pension plan set up by an employer for the benefit of their employees. An employer is not required to contribute to the fund however they may do so. An employer is required to set up a PRSA plan for their employees where:
- no occupational pension scheme is in place for employees; or
- a waiting period of more than six months applies before employees can join the occupational pension scheme; or
- there is no facility for employees to make Additional Voluntary Contributions (AVC’s) to top up retirement benefits.
Individual PRSA
An individual PRSA is an individual pension set up by self employed individuals and individuals in employment who are not eligible to join an occupational pension scheme. Tax relief is available for contributions to PRSA’s.
AVC PRSA
An AVC PRSA is an individual pension set up by individuals who are members of their employer’s occupational pension scheme but who wish to enhance their retirement benefits by making additional contributions.
Grant Thornton Financial Counselling Limited is the Financial Planning arm of the Grant Thornton practice in Ireland and has offices in Dublin and in Limerick.
Grant Thornton Financial Counselling Limited is regulated by The Central Bank of Ireland. Registered office: 24-26 City Quay, Dublin 2. Company registration no. 102489.
Grant Thornton is authorised by The Institute of Chartered Accountants in Ireland to conduct investment business under the Investment Intermediaries Act 1995.