If you want a portable retirement account which you can take with you when you change job, you can choose from one of our range of flexible PRSA pension plans. A PRSA is a personally owned pension that lets you save for retirement on your own terms: you decide how often and how much you want to contribute.
What is a PRSA pension?
A PRSA is a personally owned pension that lets you save for retirement on your own terms. You can contribute to it whenever you want and stop making contributions at any time.
Who is the product for?
A PRSA is for everyone, regardless of employment status. You can take out a PRSA if you're self-employed, or working for a company.
Tax relief
You can claim income tax relief on contributions to a PRSA, up to certain limits. And if your retirement fund grows, the growth is also tax-free. When you retire you can - subject to certain limits - take a lump sum, some of which may be tax-free.
Product features
Tax relief: Get tax relief on your PRSA contributions; plus any investment growth of your PRSA is tax-free.
Flexible: You're in control: you decide how often and how much you want to contribute to your PRSA.
Portable: If you move jobs, or even take a career break, you can take your PRSA with you.
Our Pension Calculators can help you decide how much you can afford to save.
Contributions
Your tax-free contribution limits depend on your age and how much you earn:
| Age range | Maximum contribution by age |
|---|---|
| Up to 29 | 15% of net relevant earnings * |
| 30-39 | 20% |
| 40-49 | 25% |
| 50-54 | 30% |
| 55-59 | 35% |
| 60 + | 40% |
* These are percentages of your earnings up to €115,000. If you're a professional athlete, your limit will be 30% of earnings, regardless of your age.
After you retire
On retirement, you can take a tax-free lump sum of 25% of your fund, up to a maximum of €200,000.
The remainder of your fund can then be invested in an Annuity or Approved (Minimum) Retirement Fund A(M)RF.
If you have taken out a PRSA to make Additional Voluntary Contributions, you must take your benefits from your PRSA in the same way as you take the benefits from the main scheme.
The information contained herein is based on Zurich Life's understanding of current Revenue practice as at January 2024 and may change in the future.