If you are self employed you have the option of starting a Personal Pension or a PRSA.

What is a Personal Pension plan?

A Personal Pension is a form of investment designed to help you build up savings in a tax efficient manner for your retirement.

What is a PRSA pension?

A PRSA is a Personal Retirement Savings Account with all the tax benefits of a pension.

It is a portable retirement account so you can take your PRSA with you if you decide to change job.

Benefits of Personal Pensions and PRSA's

Tax relief

• Your personal pension/PRSA contributions receive tax relief (subject to Revenue limits and dependent on your age - see table below).
• Investment growth is also tax-free.

Flexibility

• You decide how much to contribute to your Personal Pension or your PRSA.
• You can stop and restart pension/PRSA contributions at no extra cost.

The maximum income you can claim relief on is capped at €150,000.

At retirement

You are entitled to 25% of the fund which you have built up payable as a tax free lump sum. The balance can be used to provide an income in retirement by purchasing an Annuity or alternatively it can be placed in an Approved Retirement Fund (ARF).

One of our independent financial advisers will help you decide which option is most suitable to your individual needs and circumstances. Call us today on 01 639 5536 or Email info@brennanpi.ie

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