PRSAs
Flexible, portable pensions for employees and the self-employed, that stay with you whatever you do next.
What a PRSA is
A PRSA, or Personal Retirement Savings Account, is a personal pension you own, designed to be simple, flexible and portable. You can start, stop, raise or lower contributions without penalty, and the account moves with you between jobs and between periods of employment and self-employment. It is one of the most widely used pension types in Ireland and is often the right home for people who value flexibility.
There are two versions: a Standard PRSA with capped charges and a set fund range, and a Non-Standard PRSA with wider fund choice and potentially higher charges. For most savers the Standard PRSA does the job. Employers can also pay into a PRSA on your behalf, which has become a useful planning tool in its own right.
Who it is for
- Employees whose workplace has no occupational scheme
- Self-employed people and contractors who want a straightforward own-name pension
- People who change jobs often and want a plan that comes with them
- Employers who want to contribute for staff without running a full scheme
How it works
You open the account, choose your funds with your adviser and set a contribution you are comfortable with. Payments are flexible, so you can adjust them as your income changes and add lump sums when you can. The fund grows tax-free. At retirement, usually from age 60, you take your tax-free lump sum and move the balance to an income for life or an Approved Retirement Fund.
The tax relief
Your own PRSA contributions receive income tax relief at your marginal rate, within the same age-related limits and the €115,000 earnings cap that apply to personal pensions. Employer contributions to a PRSA are treated differently: they are tax-relieved for the company and free of benefit in kind for you up to 100% of your salary in the year, with anything above that treated as a taxable benefit. Used within that limit, an employer PRSA contribution is an efficient way for a company to fund an individual’s pension.
What does a pension contribution actually cost me?
Pension contributions get income tax relief at your marginal rate, which means the amount leaving your pocket is smaller than the amount landing in your fund. Enter your age, your earnings and what you pay in each month, and this shows the age-related limit that applies to you, the relief you get, and what the contribution really costs you after it. If you have room left over, it tells you that too. Bring the figure to us and we will set a contribution that uses the relief without overshooting it.
Pension tax relief calculator
How much of your earnings you can claim relief on, and what a contribution actually costs you after relief.
Fill in the fields above and press Calculate.
Why talk to BDS
PRSAs look simple, but the choice between Standard and Non-Standard, the fund selection and the employer-contribution rules all affect the outcome. We match you to the right version, keep the charges honest by comparing across providers, and make sure any employer contributions stay inside the tax-efficient limit.
Common questions
A Standard PRSA has capped charges and a set fund range. A Non-Standard PRSA offers wider fund choice, sometimes at a higher cost. We advise which suits you.
Yes, and up to 100% of your salary it is tax-relieved for them and free of benefit in kind for you. Above that, the excess is taxable.
It depends. A PRSA wins on flexibility and portability; a scheme can allow larger employer funding. We compare both for your situation.
Often yes, and consolidating can cut charges and simplify things. We check whether a transfer is in your interest first.
Other kinds of pension
Personal pensions
Company pensions
AVCs
Executive pensions
Important information
Contribution limits, tax relief rates and thresholds are set by Revenue and apply to the 2026 tax year. They can change in future Budgets and Finance Acts, and the right approach depends on your own circumstances. The examples are illustrations, not projections of what you would receive.
David Sheahan Insurance & Investments Ltd t/a BDS Financial is regulated by the Central Bank of Ireland. Reg. no. 115813. Offices in Limerick, Dublin and Galway.
This content is general information and is not financial advice. The value of investments can fall as well as rise.
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