Retirement Planning - Personal Retirement Savings Account (PRSA)

A Personal Retirement Savings Account (PRSA) is similar to a Personal Pension in terms of limits and how much you can contribute based on your age and relevant earnings to obtain tax relief (see below). However, a PRSA is the most flexible structure of all pensions for a number of reasons. They are available to all, regardless of employment. Both you and your employer can contribute to it on your behalf and obtain relevant tax reliefs. You can also move your PRSA with you if you change employment.

Portion of relevant earnings allowed for tax relief:
Under 30 years old:   15% of Relevant Earnings
30 – 39 years old:      20% of Relevant Earnings
40 – 49 years old:      25% of Relevant Earnings
50 – 54 years old:      30% of Relevant Earnings
55 – 59 years old:      35% of Relevant Earnings
60 years old & over:   40% of Relevant Earnings
There is an earnings cap of €115,000 per annum regardless of age.

I have dealt with David for many years as a bank customer & was delighted to be able to avail of his services again at Kinsella Financial. David has always provided a professional & thorough service leaving me with peace of mind of my finances.

Suzanne O'Rourke. Branch Manager of Laois Social Welfare.
January 2017