What is the Private Pension (PRSA) with Zurich like in Ireland?

At Horizons, we are dedicated to supporting your long-term financial well-being. To help you plan for a secure retirement, we offer access to a Personal Retirement Savings Account (PRSA) with Zurich. This guide explains how a PRSA works and the benefits it offers, ensuring you have a flexible and efficient way to save for your future.


What is a PRSA?

A PRSA is a personal pension plan designed to be flexible, portable, and cost-effective. It’s available to everyone, regardless of employment status, allowing you to manage your retirement savings easily and effectively.


Key Features of a PRSA

Flexibility

  • Contributions: You have the freedom to make regular contributions to your PRSA. Additionally, you can adjust these contributions or take a payment holiday without facing penalties, making it easier to manage your pension based on your financial situation.


Portability

  • Job Changes: If you change jobs, your PRSA remains with you. This ensures that your retirement savings continue to grow, regardless of any changes in your employment status.


Types of PRSAs

  • Standard PRSA: This option features capped charges that are regulated by legislation, providing predictable and controlled costs.
  • Non-Standard PRSA: Offers access to a broader range of investment funds, though it may come with higher charges compared to the Standard PRSA.


Benefits of a PRSA

Tax Relief

  • Contribution Benefits: Contributions to your PRSA are eligible for tax relief, which reduces your taxable income, helping you to save more efficiently for retirement.


Tax-Free Growth

  • Investment Growth: The growth of your investments within the PRSA is tax-free, allowing your retirement funds to accumulate more effectively over time.


Contribution Flexibility

  • Adjustments: You can start, stop, or adjust your contributions at any time, providing the flexibility to align your pension savings with your current financial goals.


A PRSA with Zurich offers Horizons employees a powerful tool for securing their financial future. With flexibility, portability, and significant tax advantages, it’s a pension solution designed to adapt to your needs and help you achieve your retirement goals. For more information or to start your PRSA, please consult with our HR department or contact Zurich directly.

Was this article helpful?

That’s Great!

Thank you for your feedback

Sorry! We couldn't be helpful

Thank you for your feedback

Let us know how can we improve this article!

Select at least one of the reasons
CAPTCHA verification is required.

Feedback sent

We appreciate your effort and will try to fix the article