"PRSAs help those without a company pension to save for retirement, but how do you find the one most suited to your needs?"
"PRSAs are primarily intended for three groups of people: self-employed individuals, employees in non-pensionable employment and employees in pensionable employment who are making additional voluntary contributions (AVCs)."
"That said, irrespective of your employment status, it's very likely that you could benefit from having a PRSA."
Personal Retirement Savings Accounts (PRSAs) enable individuals without access to a company pension to accumulate retirement savings through regular contributions. PRSAs are mainly intended for self-employed people, employees in non-pensionable roles, and employees making additional voluntary contributions (AVCs) within pensionable employment. PRSAs offer portability and flexibility in contributions and investment choices, making them suitable across different employment situations. Most individuals can derive benefits from holding a PRSA regardless of their employment status. Key considerations when selecting a PRSA include contribution levels, fee structures, investment options, tax relief implications, and long-term retirement goals.
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