Davy PRSA

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If you are self-employed or in non-pensionable employment, you have the option of setting up a Personal Retirement Savings Account ('PRSA') into which contributions can be paid and/or transfers from existing pension arrangements can be made. 

If you are a member of your company’s pension scheme, you have the option of setting up an AVC PRSA into which Additional Voluntary Contributions ('AVC') can be paid and/or transfers from existing AVC pension arrangements can be made.

What is a PRSA?

A PRSA is a personally held, tax efficient defined contribution investment account designed to enable you to save for retirement in a flexible manner.

  • It can be set up to receive contributions paid by you and/or your employer:
    • Contributions paid by you and/or your employer will qualify for income tax relief (within certain limits)
  • Tax-free investment returns:
    • No Capital Gains Tax when you sell your assets 
    • No Exit Tax when you exit a third party investment fund
    • No Income Tax on dividends or coupon payments
  • Flexible benefits at retirement, which include: 
    • A once-off tax-free lump sum (within certain limits) and either
      • Retain the balance of your funds in the PRSA making taxable withdrawals*
      • Transfer the remaining funds to an Approved Retirement Fund (ARF)
      • Purchase an annuity for you or for your spouse in the event of your death
      • A combination of the above

*From age 60, an imputed distribution regime applies to ‘Vested’ PRSAs, i.e. PRSAs from which lump sum benefits have already been draw. The rate of the imputed distribution which applies will be determined by reference to the aggregate value of the assets in an individual’s Vested PRSA(s) and/or ARF(s) on 30th November each year.

  • 5% for aggregated Vested PRSAs and ARFs less than €2 million.
  • 6% for aggregated Vested PRSAs and ARFs greater than €2 million.

The Davy PRSA Service: 


Click here to learn more about the risks that prospective investors should consider prior to making a decision to invest in a pension or retirement product.
 

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Warning: The information contained herein does not purport to be comprehensive, all inclusive or to contain all the information that a prospective investor might reasonably require in considering pension products. It is strictly for information purposes only and must be read in conjunction with the product brochures. This information does not constitute advice or a recommendation in any way. It does not take into account the knowledge and experience, investment objectives or financial situation of any particular person. The information contained herein is based on our understanding of current Irish tax legislation and Revenue guidelines. Prospective investors are advised to make their own independent commercial assessment of the information contained and obtain independent professional advice (including inter alia legal, financial and tax advice) suitable to their own individual circumstances, before making an investment decision, and only make such decisions on the basis of their own objectives, experience and resources.

J&E Davy, trading as Davy, is regulated by the Central Bank of Ireland. Davy is a member of the Irish Stock Exchange, the London Stock Exchange and Euronext. For branches in the UK, Davy is authorised by the Central Bank of Ireland and subject to limited regulation by the Financial Services Authority. Details about the extent of our regulation by the Financial Services Authority are available from us on request.

Davy acts as Pensioneer Trustee to Self-Administered Schemes. Davy is a PRSA provider and a Qualified Fund Manager to ARFs.

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