Personal Retirement Saving Accounts (PRSAs)

Background

The Pensions (Amendment) Act 2002 requires the Institute to have a Personal Retirement Savings Account (PRSA) in place for staff who are not in a  pensionable position – or whose pensionable status is currently under review.  With this in mind, the Institute has appointed Cornmarket Financial Service as our designated PRSA provider. If it later transpires that any such staff are not excluded, it will be open to them, in accordance with the rules of the PRSA Scheme, to transfer the PRSA assets to the Education Sector Superannuation Scheme.

Personal Retirement Savings Accounts (PRSA's)

A PRSA is a contract between an individual and the authorised PRSA provider in the form of an investment account that can be used to save for retirement.  Contributions made are tax deductible, are for your benefit, and are owned by you throughout your life.  It is very important to plan your retirement finances effectively and this new type of private pension plan gives staff a valuable opportunity to do so. You can pay as much as you wish into your PRSA and your contribution will be taken directly from your salary and paid to an Eagle Star/Zurich PRSA on your behalf on a monthly basis. This will ensure that you can avail of the valuable tax relief on contributions immediately (Rates of Tax Relief).

If you would like further information on PRSAs or wish to arrange a meeting with Cornmarket’s Financial Planning Advisor, please contact the Pensions Section of the Human Resources Department for details.

For further information on the Institutes obligations as an employer please see Circular Letter Pen13/03: Personal Retirement Savings Accounts (PRSAs) Employers' Obligations - Pen 13/03

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