Overview:
A Personal Retirement Savings Account (PRSA) is a type of long-term personal pension plan. It is like an investment account that is designed to let you save for retirement in a flexible way.
Board obligations:
- For employees who do not have access to a Department pension scheme or the SPSPS or wish to make AVCs, the board is required by law to provide access to at least one Standard PRSA.
- The school doesn’t have a PRSA provider appointed that needs to be done. You can contact your bank about setting them up as a PRSA provider (or alternatively an insurance or investment firm).
- Once that is in place you should facilitate any employee in setting up a PRSA. They should then provide the instructions to you to process this through the payroll.
Further Guidance
The Pensions Authority have provided a guide with information on personal retirement savings accounts (PRSAs) for consumers and employers.