TechTalk: Recent changes for PRSAs and State Pensions
In this edition of TechTalk we look at changes to the PRSA (Personal Retirement Savings Account) contract, changes to the State Pension (Contributory) and how these changes may have an impact on payments from your clients Vested-PRSAs and ARFs (Approved Retirement Funds).
From a pension perspective, one of the major changes in the Finance Bill 2023 was in relation to PRSAs. With effect from 1 January 2024 the current maximum age of 75 has now been removed and assets can remain in a Vested-PRSA beyond age 75 – and, crucially, a Vested-PRSA is now accessible after age 75.
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