A PRSA is an excellent method of planning for income in your retirement, particularly for people who currently do not have pension planning in place. Making the decision to use a PRSA requires a a very detailed analysis of your financial situation, current pension planning, if any, your employment status and attitude to risk. We provide advice on PRSA’s and we would strongly advise that before making any decision we would meet to discuss in detail, the points outlined below.
What Is
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Should You Have A PRSA?We would need to meet and discuss the following points and these information would help in shaping our recommendations.Is there an existing pension scheme available in your job? If you already have a good pension arrangement, you may not need to make any additional provision. Do you already have a defined benefit scheme? You may not need to make any further pension provisions.Do have a defined contribution scheme? If yes, a PRSA would need careful consideration. |
How to invest in A PRSA?Standard PRSA’s invest only in pooled funds where the risk is spread across a large number and variety of investments. Non-Standard PRSAs can offer wider investment choices. We would need to be sure that you understand the investment choices and the reasons why you should opt for them.You should also be sure that you can afford the monthly payment suggested and that this is the most effective payment for tax relief purposes. |
