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.
In February of this year I engaged the services of David from Kinsella Financial regarding obtaining a mortgage. I genuinely cannot thank David enough for all he has done, he understood right from the start how important purchasing my first home was
Gary Martin, OCM Security & Electrical Services, Tullamore.
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