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.