Pension products

Personal Retirement Savings Accounts (PRSAs)

A PRSA is a personal pension product which can be funded by both you and your employer. This product is not specific to a single employment. You can change employments and continue to use the same PRSA. If your employer does not offer an occupational pension scheme, they must provide you with access to at least one standard PRSA.

You can take benefits from a PRSA from age 60. The PRSA holder may draw down funds from their PRSA as they wish. A PRSA is deemed to vest when the holder reaches age 75, but drawdowns are still allowable after this occurs. A vested PRSA becomes subject to the imputed distribution regime. This applies an annual notional distribution from the fund each year. This means that a fixed percentage of the fund is deemed to be drawn down annually, regardless of whether or not it was actually taken.

For further information on PRSAs, please see Pension Manual Chapter 24. For further information on what a vested PRSAs is and the imputed distribution regime, please see Pension Manual Chapter 28.

You can find the Death-in-service rules for PRSAs in Pension Manual Chapter 24.

You should direct all queries related to your PRSAs to the policy provider(s).

Next: Retirement Annuity Contracts (RACs)