Personal Retirement Savings Account

Personal Retirement Savings Account The ITC PRSA (Personal Retirement Savings Account) is a flexible, cost-effective pension plan. We offer a non-standard PRSA that allows you to take control of both the investments and costs associated with your retirement.

You can now use your pension to invest in a wide range of asset classes in a tax-efficient manner, regardless of your future or current employment status. This gives you flexibility on how you receive benefits at retirement.

Who can have an ITC PRSA?

Anybody can have an ITC PRSA (Personal Retirement Savings Account).

What are the benefits of the ITC PRSA?

  • You have complete control over your investment strategy.
  • You can select from a wide variety of investment options and providers.
  • The ITC PRSA is flexible and can change to suit your circumstances, your employment, income and risk appetite.
  • The ITC PRSA can accept transfers from existing pension funds at no charge.You have the potential to hold all your pension arrangements in one source.
  • The costs of your PRSA are fully transparent.
  • Your assets are held in a trust completely segregated from our assets, other clients’ assets and your company/employer’s assets.
  • You can enjoy tax relief at your highest rate of tax on any personal contributions made (subject to Revenue limits).
  • You or your employer may contribute to your PRSA. Your employer’s contribution is treated as Benefit in Kind (i.e. as taxable income) and added to your personal contribution for the purposes of determining potential tax relief.
  • Your PRSA assets grow free of both capital gains tax and income tax.
  • You can plan how your eventual retirement benefits are taken, in order to reduce your tax liability. For example, you may take a portion of your benefits as a tax-free lump sum and/or set up an Approved Retirement Fund to keep your investments in a tax-efficient environment.

Next steps

  1. Contact us or your Financial Advisor.
  2. To download the PRSA brochure and application pack please visit Product Downloads
  3. For further details, take a look at our FAQs.