PRSA Advice Ireland

Clear advice on starting, reviewing or transferring a PRSA

A Personal Retirement Savings Account, commonly known as a PRSA, is a flexible type of personal pension available in Ireland.

A PRSA can be used by employees, self employed people, company directors and people who are not currently working. It remains in your name and is not tied to one particular employer.

At Dooley Insurance Group, we provide professional PRSA advice to help you understand how a PRSA works, how much you may need to contribute, where your pension will be invested and what your retirement options may be.

Whether you are starting your first PRSA, reviewing an existing plan, considering an employer contribution or transferring another pension, our financial advisers will explain the options available through our agency appointments.

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What is a PRSA?

A PRSA is a Personal Retirement Savings Account used to save and invest money for retirement.

You can make regular or once off contributions to a PRSA. Depending on your circumstances, your employer may also contribute.

The money is invested in pension funds selected according to your retirement timeframe, financial circumstances and attitude to investment risk.

Your PRSA remains in your name if you change jobs, become self employed or stop working. You may be able to continue contributing to the same PRSA, subject to the terms of the arrangement and applicable pension rules.

Who can start a PRSA in Ireland?

A PRSA may be available to:

• Employees
• Self employed individuals
• Sole traders
• Contractors
• Company directors
• Business owners
• People without an occupational pension
• People who already have a workplace pension
• People using a PRSA for Additional Voluntary Contributions
• People who are not currently working

The fact that a PRSA is widely available does not mean that every PRSA is the same.

Providers, charges, investment funds, contribution structures and retirement options can differ. These details should be reviewed before selecting a PRSA.

How does a PRSA work?

You decide how much you want to contribute, subject to the terms of the PRSA and applicable tax rules.

Your contributions are then invested in one or more pension funds. The value of your PRSA can rise or fall depending on contributions, investment performance, withdrawals at retirement and the charges applied.

A PRSA is designed for retirement planning and should be treated as a long term investment.

When establishing a PRSA, you will need to consider:

• Your current age
• Your intended retirement age
• Your income
• How much you can afford to contribute
• Existing pension benefits
• Your preferred level of investment risk
• The length of time before retirement
• Fund charges
• Provider charges
• Whether an employer will contribute
• Your expected retirement income

A PRSA should be selected as part of a wider retirement plan rather than based on one feature or fund performance alone.

Standard and Non Standard PRSAs

There are two broad types of PRSA available in Ireland.

Standard PRSA

A Standard PRSA operates within prescribed rules relating to charges and investment options.

It is designed to provide a more straightforward pension arrangement with limits on the charges that can be applied.

Non Standard PRSA

A Non Standard PRSA may provide access to a wider range of investment options. The charges are not subject to the same limits as a Standard PRSA and may be higher.

A wider investment choice does not automatically make a Non Standard PRSA more suitable.

The correct option will depend on your investment experience, contribution level, attitude to risk, retirement plans and the level of flexibility required.

Our advisers will explain the differences before making any recommendation.

Starting a PRSA

Starting a PRSA begins with understanding what you want the pension to achieve.

We will discuss your income, existing pensions, current financial commitments and intended retirement age. This allows us to estimate what level of contribution may be realistic and what investment approach could be appropriate.

We will then explain:

• The PRSA providers available through our agency appointments
• The investment funds available
• The level of investment risk involved
• Initial and ongoing charges
• Regular contribution options
• Once off contribution options
• Employer contribution options
• Potential tax relief
• Access and retirement conditions
• What happens if you change employment

The objective is to arrange a PRSA that is understandable, affordable and connected to a clear retirement goal.

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How much should I contribute to a PRSA?

The amount you should contribute depends on your income, age, existing pension value, retirement age and target retirement income.

There is no single contribution level that is right for everyone.

A meaningful PRSA contribution should take account of:

• What you can afford today
• How many years remain before retirement
• Whether an employer is contributing
• Other pension benefits
• The lifestyle you want in retirement
• The level of income your current arrangements may provide

We can assess your existing position and prepare a more realistic contribution target based on your personal circumstances.

PRSA tax relief in Ireland

Personal contributions to a qualifying PRSA may be eligible for income tax relief, subject to Revenue rules.

The maximum contribution on which an individual can claim relief is determined by an age related percentage of relevant earnings and an annual earnings limit.

The current age related limits are:

Revenue currently applies a maximum annual earnings figure when calculating personal pension tax relief. The limits and tax treatment may change, so current Revenue guidance and your individual position should be checked before making a contribution.

Tax relief is not the same as a direct contribution from the State. The value of the relief available will depend on the amount contributed, your taxable income and the rate of income tax you pay.

USC and PRSI relief generally do not apply to personal pension contributions.

Employer contributions to a PRSA

An employer may contribute to an employee’s PRSA.

Employer contributions can form an important part of an employee’s overall remuneration and retirement planning. However, current Revenue limits and tax rules must be considered before a company makes a substantial contribution.

From 1 January 2025, Revenue applies an employer contribution limit to PRSAs based on the employee’s relevant earnings. Contributions above the applicable limit may create tax consequences for the employee and restrictions for the employer.

Any employer considering a significant PRSA contribution should obtain appropriate financial and tax advice before proceeding.

At Dooleys, we can explain the PRSA options available and work alongside the company’s accountant or tax adviser where required.

PRSA advice for self employed people

A PRSA can provide a flexible pension option for someone who is self employed.

When you work for yourself, there may be no employer arranging or contributing to a pension on your behalf. You are responsible for deciding how much to contribute and ensuring the pension remains aligned with your retirement plans.

We help self employed people consider:

• Regular PRSA contributions
• Once off contributions
• Contributions based on variable income
• Potential income tax relief
• Investment fund selection
• PRSA charges
• Retirement projections
• Existing personal pensions
• Business and personal cash flow
• The impact of starting later in life

The right contribution should support your future without placing unrealistic pressure on your current finances.

PRSA advice for company directors

A company may be able to contribute to a director’s PRSA, subject to current pension and tax rules.

For company directors, PRSA planning should be considered alongside salary, company profitability, existing pension arrangements and long term plans for the business.

Our financial advisers can help directors understand:

• Personal and employer PRSA contributions
• Existing director pension arrangements
• Current Revenue limits
• Investment options
• Charges
• Retirement funding targets
• Intended retirement age
• Business exit planning
• Personal financial protection

PRSA advice for company directors should be coordinated with professional accounting and tax advice where necessary.

PRSA Additional Voluntary Contributions

A PRSA may be used to make Additional Voluntary Contributions, commonly known as AVCs, where someone wants to supplement the benefits available through an occupational pension scheme.

AVCs may allow an employee to increase their retirement savings where the existing workplace pension is unlikely to provide the desired retirement income.

Before arranging a PRSA AVC, we review:

• The existing occupational pension
• Current employee contributions
• Employer contributions
• Projected pension benefits
• Revenue contribution limits
• Years remaining until retirement
• Investment risk
• Charges
• Available options within the existing scheme

Tax relief on PRSA AVC contributions is subject to the relevant age related percentage limits and must take account of other personal pension contributions.

Reviewing an existing PRSA

A PRSA should be reviewed regularly.

The fund selected when the PRSA was started may no longer reflect your age, circumstances or retirement plans. Your income may have increased, your contribution level may have remained unchanged or the level of investment risk may no longer be appropriate.

A PRSA review examines:

• Current PRSA value
• Regular contributions
• Employer contributions
• Fund performance
• Investment allocation
• Level of risk
• Policy charges
• Projected retirement value
• Retirement date
• Other pensions and assets

Following the review, we will explain whether the PRSA appears to remain aligned with your objectives and whether any changes should be considered.

Review Your Existing PRSA

Transferring a PRSA

You may be able to transfer a PRSA to another PRSA provider or into another permitted pension arrangement.

A transfer may be considered where:

• Charges are no longer competitive
• Investment options are limited
• Service levels are poor
• The current fund no longer suits your needs
• You want to consolidate pension arrangements
• Your employment circumstances have changed

A transfer should not proceed until the existing and proposed arrangements have been compared.

We assess the charges, investment options, policy conditions, potential benefits and risks before discussing whether a transfer may be appropriate.

Past investment performance is not a reliable reason on its own to transfer a PRSA.

PRSA or personal pension

A PRSA and a personal pension are both used to build retirement savings, but they are structured differently.

A PRSA is widely available and can generally continue if you change employment. It may also accept employer contributions and transfers from certain other pension arrangements.

A personal pension is generally used by self employed individuals or people with income from a non pensionable employment.

The most appropriate option depends on:

• Employment status
• Income
• Employer contributions
• Required investment choice
• Charges
• Existing pension benefits
• Retirement objectives
• Need for flexibility

We will explain the differences and assess which arrangement may be more suitable for your circumstances.

PRSA or MyFutureFund auto enrolment

MyFutureFund, Ireland’s automatic enrolment retirement savings system, began operating in January 2026.

It is intended for qualifying employees who are not already contributing to a workplace or personal pension arrangement through payroll.

A PRSA and MyFutureFund are not the same.

A PRSA provides individual control over the provider and investment options available within the selected arrangement. Contributions and potential tax relief operate under the applicable pension and Revenue rules.

MyFutureFund has its own eligibility criteria, contribution structure and State top up system.

The more appropriate arrangement will depend on your employment, income, employer contributions and retirement objectives. Employees should understand the differences before changing or stopping an existing pension arrangement.

What happens to a PRSA when you change jobs?

A PRSA belongs to you rather than your employer.

If you change jobs, you may be able to continue contributing to the same PRSA. Your new employer may also be able to contribute, subject to their agreement and the applicable rules.

If the new employer provides an occupational pension scheme, you may have the option to join that scheme and review what should happen to the existing PRSA.

Changing jobs is a good time to review your complete pension position.

What happens to a PRSA at retirement?

When you reach retirement, the options available will depend on the PRSA, your age, personal circumstances and the pension rules applying at that time.

Your options may include:

• Taking an allowable retirement lump sum
• Transferring qualifying funds to an Approved Retirement Fund
• Purchasing an annuity
• Taking a taxable withdrawal where permitted
• Using a combination of available options

The correct decision will depend on the income you need, your other assets, tax position, attitude to investment risk and provision for your family.

Retirement options should be reviewed before any PRSA benefits are accessed.

Why choose Dooley Insurance Group for PRSA advice?

Dooley Insurance Group has supported individuals, families and Irish businesses since 1957.

Our financial services team provides advice across PRSAs, personal pensions, occupational pensions, retirement planning, investments and financial protection.

Our financial services team includes Conor Swan, QFA, RPA and SIA, Director, and David Renwick, Senior Financial Consultant.

With offices in Naas, County Kildare and Edenderry, County Offaly, we provide PRSA advice to clients locally and throughout Ireland.

PRSA questions

What does PRSA stand for?

PRSA stands for Personal Retirement Savings Account. It is a personal pension arrangement used to save and invest for retirement.

Who can open a PRSA?

Employees, self employed individuals, company directors and people who are not currently working may be able to open a PRSA.

Can my employer contribute to my PRSA?

Yes. An employer may contribute to an employee’s PRSA, subject to current Revenue limits and tax rules.

Can I have a PRSA if I already have a workplace pension?

You may be able to use a PRSA for Additional Voluntary Contributions or other permitted retirement planning purposes, depending on your circumstances.

Can I stop or change my PRSA contributions?

PRSAs generally provide flexibility to increase, reduce, stop or restart contributions, subject to the provider’s terms and applicable notice requirements.

Can I transfer an old pension into a PRSA?

Certain pension benefits may be transferable into a PRSA. The available options and restrictions depend on the type of pension and your circumstances.

Is a PRSA suitable for self employed people?

A PRSA may be suitable for a self employed person who wants to build retirement savings. The correct arrangement will depend on income, contribution plans, charges and investment preferences.

How often should I review my PRSA?

A PRSA should generally be reviewed each year and whenever your income, employment, family circumstances or retirement plans change.

Can I claim tax relief on PRSA contributions?

Personal contributions to a qualifying PRSA may receive income tax relief, subject to age related limits, an annual earnings limit and current Revenue rules.

Is a PRSA guaranteed?

The value of a PRSA is not normally guaranteed unless a specific guarantee applies. Its value can rise or fall depending on contributions, investment performance and charges.

What is the difference between a Standard and Non Standard PRSA?

A Standard PRSA has prescribed limits on charges and investment options. A Non Standard PRSA may offer a wider investment range but is not subject to the same charge limits.

Can I access a PRSA before retirement?

Access is restricted and depends on your age, employment circumstances and the rules applying to the PRSA. Early access is only available in certain situations.

Arrange a PRSA consultation

A PRSA can be a valuable part of your retirement planning, but the provider, investment fund, charges and contribution structure all matter.

Whether you are opening your first PRSA, reviewing an existing plan, considering an employer contribution or preparing for retirement, Dooley Insurance Group can help you understand your options.

Contact our financial services team to arrange a PRSA consultation.

The information on this page is general and does not constitute personal financial, legal or tax advice. Pension rules, contribution limits, tax treatment and product availability may change. Recommendations can only be provided following an assessment of your individual circumstances and the products available through our agency appointments.

Dooley Insurances Ltd t/a Dooley Insurance & Mortgage Brokers and Dooley Insurance Group is regulated by the Central Bank of Ireland.