PRSAs
Personal Retirement Savings Accounts
PRSAs are a way for people who are not members of company pension schemes to save for retirement.
It is hoped PRSAs will increase the proportion of the Irish workforce with a private pension from 50% to 70%. A review of PRSAs took place in 2006.
From the 15th of September 2003, employers who do not offer a pension, or who exclude employees with more than 6 months' service, must select at least one standard PRSA and deduct contributions from payroll at employees' request.
State Pensions
Qualified Pay Related Social Insurance (PRSI) contributors are entitled to a contributory retirement pension (if they have retired by age 66) or an old age pension (payable from age 66). A surviving spouse's pension is payable if a qualified contributor dies, either before or after retirement. Pensions consist of a personal entitlement and dependants' allowances (allowances for adult dependants are means tested).
Dr Gary Ellison t/a Ellison Financial Consultants is regulated by the Central Bank of Ireland.