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 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 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.