PRSA: At a glance
PRSA: An Overview
A non-standard Personal Retirement Savings Account (PRSA) is a tax-efficient, flexible pension plan set up by you to save for your retirement. Our non-standard PRSA gives you complete control over the investment of your pension scheme.
You are the beneficial owner of the PRSA. You give instructions as to where you want your pension money invested. We recommend that you consult your financial broker before making any investment decision.
Wealth Options Ltd are the PRSA provider. We will administer the PRSA on your behalf and will take your instructions as to where you want to invest your money. We will provide all the legal documentation required to set up the PRSA and will provide all on going services e.g. annual accounting, annual Statement of Reasonable Projection and valuations etc. Wealth Options Ltd will also set up and administer the exempt unit trust which will hold your PRSA investment on your behalf.
How does a PRSA work?
With a Wealth Options PRSA you can control the frequency and level of the contributions that you wish to make.
PRSA contributions can be made monthly by cheque or on a single premium basis. Single premium contributions can be made by cheque or electronic fund transfer. The contribution amount can be amended at any time and contributions can also be ceased but Wealth Options Ltd will need to be notified if either of these circumstances are to occur.
In addition, once-off contributions can be made at any time by yourself and/or your employer on your behalf. Such flexibility allows you to constantly control how much you would like contribute to your PRSA, without any penalty.
With a Wealth Options Ltd non-standard PRSA you will be permitted to invest in a greater variety of investment options than a standard PRSA. Our PRSA allows you to control where the assets are invested. If you do not select an investment option for your PRSA, the Default Investment Strategy will apply.
Here are some examples of what investments can be made by your PRSA:
- Approved property
- Property syndicates
- Shares in private companies (subject to limits)
- Quoted equities on recognised worldwide stock exchanges
- Gilts, bonds and fixed interest stocks
- Investment trusts
- Unit trusts
- Insurance company funds
- Bank and building society deposits
- Offshore managed funds
- Loan notes
These are not exhaustive lists but give you an indication of the flexibility and range of your investment choice under a PRSA. With some of the investments there are specific Revenue rules which you can discuss with your financial broker.
We introduced our self-administered PRSAs to cater for customers who want to control their own post retirement pension funds. With a Wealth Options self-administered PRSA the client, with the help of their financial broker, can take complete control of their fund and can decide where they wish to invest their money.
It is the vast experience and knowledge of both our management and business development team that enabled us to become market leaders in the Irish financial industry. All the principals are professionally qualified. All business development and administration team members are required to complete professional qualifications in order to ensure our teams have the knowledge and expertise to the highest quality of service to brokers.