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 an employer or Department of Education pension scheme, the board is required by law to provide access to at least one Standard PRSA.
- Where 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.