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Personal Retirement Savings Account
What is a Personal Retirement Savings Account Pension?
A Personal Retirement Savings Account (PRSA) is designed to be a flexible pension allowing you to save for your retirement as you wish. You can change the level of your contributions anytime and if you change job your PRSA can be transferred to your new employer.
Tax Relief
Depending on your level of income, tax-relief will either be at 20% or 40%.
Age | Amount which qualifies for tax relief |
|---|---|
Under 30 years | 15% of net relevant earnings |
30 to 39 years | 20% |
40 to 49 years | 25% |
50 to 54 years | 30% |
55 to 59 years | 35% |
When you retire
You can take 25% of your PRSA fund as a tax free lump sum, up to a maximum of €200,000. The remainder of your PRSA fund can then be used to purchase an Annuity or invest in an Approved Retirement Fund.
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