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.

The ITC PRSA can 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.

ITC offers 3 PRSAs - ITC PRSA 1, ITC PRSA 2 and ITC PRSA 3, which are identical. They only differ by the level of service offered by the financial advisor in relation to each.  Accordingly, the 3 PRSAs vary by the annual management charge levied.

Who can have an ITC PRSA?

Anybody can have an ITC PRSA. 

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.
  • The ITC PRSA offers good creditor protection of your retirement savings.
  • 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 no longer treated as a Benefit in Kind following the 2022 Finance Act.
  • 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 suit your needs. For example, you may take a portion of your benefits as a lump sum and/or set up an Approved Retirement Fund to keep your investments in low-cost environment.

Next steps

  1. Submit a callback request or contact your Financial Advisor.
  2. To download the PRSA brochure please visit Product Downloads
  3. For further details, take a look at our FAQs.