Personal Retirement Savings Accounts (PRSAs) A consumer and employers guide to PRSAs

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1 Persoal Retiremet Savigs Accouts (PRSAs) A cosumer ad employers guide to PRSAs

2 The Pesios Authority Verschoyle House 28/30 Lower Mout Street Dubli 2 Tel: (01) Locall: Fax: (01) Web: We have made every effort to esure that this iformatio booklet is correct, however o liability whatsoever is accepted by the Pesios Authority, its servats or agets for ay errors or omissios i the iformatio cotaied i this booklet or for ay loss occasioed to ay perso actig or refraiig from actig as a result of ay statemet i this booklet. Copyright the Pesios Authority. All rights reserved.

3 PRSAs A cosumer ad employers guide The Pesios Authority is a statutory body set up uder the Pesios Act, The Authority regulates, occupatioal pesio schemes, trust RACs ad Persoal Retiremet Savigs Accouts i Irelad. The Pesios Authority s missio is to support a sustaiable pesios system that will provide adequate ad reliable pesios for retired ad older people ad that achieves wide coverage. We aim to achieve this by: 1. Safeguardig the iterests of occupatioal pesio scheme members ad Persoal Retiremet Savigs Accout (PRSA) holders through effective regulatio 2. Providig relevat iformatio ad guidace to the public ad those ivolved with pesios 3. Developig policy proposals ad supportig the Miister for ad Departmet of Social Protectio ad other govermet departmets through high quality policy advice ad techical support. 1

4 PRSAs A cosumer ad employers guide Cotets 1. Itroductio 7 2. PRSA basics 8 What is a PRSA? 8 What are the beefits of a PRSA? 8 Who ca take out a PRSA? 8 Ca I hold a separate persoal pesio ad a PRSA at the same time? 9 If I am a member of a occupatioal pesio scheme, ca I take out a PRSA? 9 Who cotributes to my PRSA? 9 Is my PRSA risk free or backed by ay Govermet guaratee? 9 3. PRSA providers ad products 10 What is a PRSA provider? 10 Who regulates PRSAs? 10 Where ca I fid a list of authorised PRSA providers ad approved PRSA products? 10 What types of PRSA are available? 10 Ca PRSA products be suspeded or withdraw? 11 What happes if my PRSA product is suspeded or withdraw? 11 2

5 PRSAs A cosumer ad employers guide 4. Employers obligatios to provide access to a PRSA 12 Which employers must offer PRSAs? 12 Does a employer have to cotribute to PRSAs o behalf of their employees? 12 What must a employer do to provide access to a Stadard PRSA? 12 If a employer has a small workforce of less tha five employees, is access to a Stadard PRSA still ecessary? 13 If a employer has a umber of part-time, fixed-term cotract ad seasoal employees, is access to a Stadard PRSA for these employees still ecessary? 13 Does a employer have to provide access to a PRSA eve though there is a occupatioal pesio scheme i place? 14 What about additioal volutary cotributios (AVCs)? 14 If a employer eters ito a cotract with a PRSA provider, must their employees who wat a PRSA take it out with that provider? 14 Does a employer have to give ay advice to employees i relatio to PRSAs? 14 Does a employer have ay resposibility for the ivestmet performace of PRSAs? 14 Does the o-the-spot fie regime apply to employers? 5. Gettig my PRSA 16 Where ca I get a PRSA? 16 Where do I get my PRSA documets? 16 Do I eed to hold o to my PRSA documets? 17 Ca I cacel my PRSA after sigig a cotract with a provider? 18 3

6 PRSAs A cosumer ad employers guide 6. Cotributig to my PRSA 19 Is there a miimum amout that I must cotribute to my PRSA? 19 Is there a maximum amout that I ca cotribute to my PRSA? 19 Must I make regular cotributios? 19 How ca I pay my cotributios? 19 How flexible ca my cotributios be? 20 What happes if I do t pay my cotributios? 20 Are there ay rewards or bouses if I pay my cotributios? 20 What happes if I chage jobs? 20 What must a employer do with their employees PRSA cotributios? 21 What iformatio must a employer give regardig PRSA cotributios? 21 Ca I trasfer occupatioal pesio scheme beefits to a PRSA? 21 Are there disclosure requiremets cocerig trasfers from occupatioal pesio schemes to PRSAs? 22 Ca refuds from occupatioal pesio schemes be trasferred to PRSAs? PRSA tax reliefs 23 How much tax relief do I get o my cotributios to a PRSA? 23 Ca employees claim tax relief o their PRSA cotributios? 24 What about additioal volutary cotributios paid to a PRSA? 24 How does this work? 24 4 Does a employer get tax relief o ay cotributios they make to a employee s PRSA? 24 Does a employer get PRSI relief o ay cotributios a employee makes to a PRSA? 25 Are PRSA ivestmets taxed? 25 Is there a maximum amout of pesio fud that ca be built up? 25

7 PRSAs A cosumer ad employers guide 8. Ivestig my PRSA 26 What happes to my cotributios oce they are put ito my PRSA? 26 I what types of assets will my PRSA ivest? 26 Who decides how I ivest my PRSA? 26 What is a default ivestmet strategy? 26 Should aythig ifluece the choice of ivestmet fuds for my PRSA? 27 What level of risk is associated with my PRSA? 27 Ca I chage or switch betwee ivestmet fuds after I sig the cotract with my PRSA provider? 27 How do I kow how well my ivestmet fud is performig? Gettig my PRSA beefits 28 Whe ca I take a icome from my PRSA? 28 What documetatio do I eed to get my PRSA beefits? 28 What will my PRSA fud cosist of at retiremet? 28 What optios do I have at retiremet? 28 Do I have to take all my PRSA beefits at retiremet? 29 What happes if I die before I retire? 29 What happes if I die after I start to take my PRSA beefits? 30 Ca I trasfer my PRSA fud to aother pesio arragemet if I chage jobs? PRSA charges 31 What are the charges for Stadard PRSAs? 31 What are the charges for o-stadard PRSAs? 31 Ca my PRSA provider chage its charges? 31 What services do ot icur charges? 32 5

8 PRSAs A cosumer ad employers guide 11. Complaits 33 What if I have a complait about my PRSA? 33 How do I kow who to cotact? Quick tips o PRSAs Examples 37 Glossary of terms 39 Appedix 1 PRSA documets 41 Appedix 2 Useful addresses 44 6

9 PRSAs A cosumer ad employers guide 1. Itroductio This booklet is a guide o usig Persoal Retiremet Savigs Accouts (PRSAs) to save for retiremet. The booklet provides useful iformatio for cosumers ad employers. Persoal Retiremet Savigs Accouts (PRSAs) are geerally low-cost, easy-access, private pesio savigs accouts. They are desiged to give people a flexible way to save for retiremet, to be owed by idividuals (regardless of employmet status) ad to be trasferable from job to job. They are available from a variety of providers. What does that mea? Do t be cofused by pesios jargo. See the Glossary for defiitios of terms i italics. If employers do ot operate a occupatioal pesio scheme or if certai restrictios apply to their scheme, by law they must esure that their employees have access to at least oe Stadard PRSA. This booklet shows you how to research, apply for ad moitor your PRSA. We hope it helps you to uderstad PRSAs ad make iformed choices about your pesio optios. This booklet describes employers legal obligatios with regard to PRSAs. It icludes may frequetly asked questios that should help employers to uderstad their resposibilities i this regard. 7

10 PRSAs A cosumer ad employers guide 2. PRSA basics What is a PRSA? A PRSA is a persoal pesio pla that you take out with a authorised PRSA provider. It is like a ivestmet accout that you use to save for your retiremet. You ca make regular cotributios to your PRSA, ad these are tax deductible withi certai limits. A PRSA provides beefits at retiremet based o the amout of cotributios paid ad the ivestmet returs eared o those cotributios. What are the beefits of a PRSA? PRSAs are flexible; you ca icrease, decrease or stop your cotributios at ay time without ay charge or pealty. PRSAs are portable; you ca carry your PRSA from job to job or trasfer it to aother PRSA provider without ay charge or pealty. PRSAs give you more choices at retiremet; for example, you ca cotiue makig cotributios after you retire, while also receivig a pesio icome. As a PRSA holder, you will receive regular iformatio to allow you to moitor its performace ad its suitability to your eeds. PRSA cotributios are eligible for tax relief, withi certai limits. Who ca take out a PRSA? PRSAs are available to you regardless of your job or employmet status. You ca get a PRSA if you are a part-time or casual employee, a highly paid professioal, self-employed, a homemaker, a carer, a jobseeker, a cotractor, a employer, a employee or a parter i a partership. 8

11 PRSAs A cosumer ad employers guide You ca cotiue to cotribute to a PRSA after you retire, as log as you are ot aged 75 or over. Ca I hold a separate persoal pesio ad a PRSA at the same time? Yes, but the cotributios to both are added together whe calculatig your maximum tax relief, which is depedet o your age. If I am a member of a occupatioal pesio scheme, ca I take out a PRSA? Yes, a member of a employer-sposored pesio scheme may also take out a PRSA. Who cotributes to my PRSA? You cotribute to your PRSA. If you are a employee, your employer may also cotribute but is ot obliged to do so. Is my PRSA risk free or backed by ay Govermet guaratee? No, your PRSA is ot risk free or backed by ay Govermet guaratee. Like other persoal pesios, your PRSA is a ivestmet accout that provides for your retiremet. This meas that the value of your PRSA ca icrease or decrease, depedig o the performace of your PRSA s ivestmet fuds. 9

12 PRSAs A cosumer ad employers guide 3. PRSA providers ad products What is a PRSA provider? Ivestmet firms, isurace compaies ad credit istitutios may apply to the Pesios Authority to become a authorised PRSA provider. Who regulates PRSAs? The Pesios Authority ad the Reveue Commissioers are joitly resposible for approvig PRSA products. The Pesios Authority supervises the activities of PRSA providers i relatio to their approved products ad moitors compliace with PRSA legislatio. The Cetral Bak of Irelad is resposible for the prudetial supervisio of PRSA providers ad the supervisio of the sales process of approved PRSA products. Where ca I fid a list of authorised PRSA providers ad approved PRSA products? A list of authorised PRSA providers ad approved PRSA products is available o the Pesios Authority website What types of PRSA are available? There are two types of PRSA a Stadard PRSA ad a o-stadard PRSA. The mai differeces betwee them are the charges ad ivestmet optios. 10 Stadard PRSA A Stadard PRSA has maximum charges of 5% o the cotributios paid ad 1% a year o your PRSA fud value. Apart from temporary cash holdigs, Stadard PRSAs ca oly be used to ivest i pooled fuds, also kow as maaged fuds. A Stadard PRSA may ot be marketed or sold if purchasig it is coditioal o also buyig some other product, such as life assurace.

13 PRSAs A cosumer ad employers guide No-Stadard PRSA A o-stadard PRSA does ot have maximum limits o charges ad allows ivestmets i fuds other tha pooled fuds. Ca PRSA products be suspeded or withdraw? Yes, the Pesios Authority, i cosultatio with the Reveue Commissioers, ca susped or withdraw a PRSA product if a PRSA provider requests it has stopped tradig for more tha six moths, or has failed to meet its statutory obligatios. What happes if my PRSA product is suspeded or withdraw? Your PRSA provider must write to you iformig you that its product is beig suspeded or withdraw. If the product is withdraw, the PRSA provider must immediately arrage to trasfer your PRSA assets to aother provider. You will cotiue to pay ito your PRSA as ormal, but through the ew provider. The Pesios Authority must publish a otice of a product s withdrawal i at least oe atioal ewspaper withi 28 days of the withdrawal. 11

14 PRSAs A cosumer ad employers guide 4. Employers obligatios to provide access to a PRSA Which employers must offer PRSAs? Sice 2003, all employers are required to eter a cotract with a PRSA provider to provide access to at least oe Stadard PRSA for all excluded employees. A employee is cosidered a excluded employee if their employer does ot offer a occupatioal pesio scheme, or they are icluded i a occupatioal pesio scheme for deathi-service beefits oly, or they are ot eligible to joi the compay s occupatioal pesio scheme or will ot become eligible to joi the scheme withi six moths from the date they bega work there, or they are icluded i a occupatioal pesio scheme that does ot permit the paymet of additioal volutary cotributios (AVCs) by the members. Does a employer have to cotribute to PRSAs o behalf of their employees? Employers may cotribute to employees PRSAs, but are ot obliged to do so. What must a employer do to provide access to a Stadard PRSA? A employer must eter ito a cotract with a PRSA provider. There is o charge for doig this 12

15 PRSAs A cosumer ad employers guide otify excluded employees that they have a right to cotribute to a Stadard PRSA allow the PRSA provider or itermediary reasoable access to excluded employees at their workplace allow reasoable paid leave of absece, subject to work requiremets, so that excluded employees ca set up a Stadard PRSA make deductios from payroll at the request of employees ad remit these to the PRSA provider (employers caot charge for deductig ad remittig cotributios) advise employees i writig (ormally o their payslip) at least oce a moth of their total cotributio icludig the employer s cotributio, if ay. If a employer has a small workforce of less tha five employees, is access to a Stadard PRSA still ecessary? Yes, all employers, regardless of the size of their workforce, must provide access to a Stadard PRSA if those employees fall ito the category of excluded employees. If a employer has a umber of part-time, fixed-term cotract ad seasoal employees, is access to a Stadard PRSA for these employees still ecessary? Yes, all employees, whatever their status, must be give access to a Stadard PRSA if they fall ito the category of excluded employees. 13

16 PRSAs A cosumer ad employers guide Does a employer have to provide access to a PRSA eve though there is a occupatioal pesio scheme i place? No, provided all employees icludig full-time, part-time, seasoal, temporary, cotract or casual employees are eligible to joi the scheme for pesio beefits withi six moths of joiig employmet ad the scheme permits the paymet of additioal volutary cotributios (AVCs). Eve if there is oly oe excluded employee, the employer must provide him or her with access to a Stadard PRSA. What about additioal volutary cotributios (AVCs)? If a employer has a occupatioal pesio scheme that does ot allow employees to make AVCs, they must make a Stadard PRSA available, either as part of the existig occupatioal pesio scheme (this requires a amedmet to the scheme rules) or as a separate AVC scheme. If a employer eters ito a cotract with a PRSA provider, must their employees who wat a PRSA take it out with that provider? No, a employee ca go to ay authorised PRSA provider, but a employer is ot obliged to make deductios from payroll for that employee. If a employee goes to aother provider, they make their PRSA cotributios directly, by direct debit or cheque. Does a employer have to give ay advice to employees i relatio to PRSAs? No, but the employer must allow their PRSA provider or itermediary reasoable access to their employees to brief them o PRSAs. 14

17 PRSAs A cosumer ad employers guide Does a employer have ay resposibility for the ivestmet performace of PRSAs? If your employer provides you with access to a Stadard PRSA, your employer is ot resposible for the ivestmet performace of your PRSA. Does the o-the-spot fie regime apply to employers? Yes, employers may be subject to a o-the-spot fie if (a) they fail to respod to a request by the Pesios Authority to furish iformatio about their provisio of access to a Stadard PRSA for excluded employees ad (b) they do ot provide at least a mothly statemet to employees showig employee cotributios deducted ad employer cotributios paid i the previous moth. The Pesios Authority has published a employer checklist to help employers esure that they do ot cotravee ay of the specified provisios subject to the fies regime. The Pesios Authority Trustee ad Employer Checklists: O-the-spot fies is available o the Authority s website 15

18 PRSAs A cosumer ad employers guide 5. Gettig my PRSA Where ca I get a PRSA? To get your PRSA, you must eter ito a cotract with a authorised PRSA provider. Authorised PRSA providers ca iclude ivestmet firms, isurace compaies ad credit istitutios. You ca get a list of authorised PRSA providers ad approved PRSA products o the Pesios Authority s website ad request the relevat brochures from the various PRSA providers. There is o charge for sigig up with a PRSA provider. If your employer provides access to a PRSA, you could cotact your employer for more iformatio. PRSAs are also available idirectly through agets, typically isurace brokers or fiacial advisers authorised to sell PRSA products o behalf of the PRSA providers. Where do I get my PRSA documets? Your PRSA provider provides you with your documets. If you do ot receive all of the documets outlied below, you should cotact your provider ad request them. The documets are listed below ad described i more detail i Appedix 1. Applicatio form to apply for a PRSA Cotract outlies the terms ad coditios of your PRSA Coolig off otice cacellatio withi 30 days Prelimiary disclosure certificate sample beefits that ca reasoably be expected from a PRSA Statemet of Reasoable Projectio projectio outliig the beefits that you ca reasoably expect from your PRSA, based o certai assumptios 16

19 PRSAs A cosumer ad employers guide PRSA certificate outlies the cotributios you have agreed to pay ad the cotributio method you will use Ivestmet report the ivestmet performace of the fuds i which your PRSA is ivested Statemet of accout outlies the cotributios paid ito your PRSA ad the trasfer value of your PRSA at the date of the statemet Certificate of compariso if you are a member of a occupatioal pesio scheme ad are trasferrig your beefits ito a PRSA Disclosure declaratio if your ew PRSA will replace a existig PRSA cotract or a Retiremet Auity Cotract No-Stadard PRSA declaratio if you are ivestig i a o-stadard PRSA Do I eed to hold o to my PRSA documets? Yes, you should retai all PRSA documets for your ow records ad as evidece of your cotributios. You will eed the cotract ad the PRSA certificate to draw a pesio icome from your PRSA. If you are self-employed or payig cotributios directly ito your PRSA, you will eed the PRSA certificate ad a statemet of accout to avail of tax relief. You should also let a solicitor, fried or relative kow where you keep your PRSA documets i case you become seriously ill or die. 17

20 PRSAs A cosumer ad employers guide Ca I cacel my PRSA after sigig a cotract with a provider? After you sig a PRSA cotract, you have a coolig-off period of 30 days from the date you are give the statemet of reasoable protectio. Durig this time, you ca cacel your PRSA. If you cacel withi the coolig-off period, you ormally get a full refud of cotributios you made to your PRSA. You may be charged if you paid sigle cotributios ad a loss icurred as a result of ivestmet market volatility durig the coolig-off period. 18

21 PRSAs A cosumer ad employers guide 6. Cotributig to my PRSA Is there a miimum amout that I must cotribute to my PRSA? Yes, but PRSA providers caot impose a miimum cotributio to your PRSA greater tha: (a) 300 per aum, ad (b) 10 per electroic trasactio, or (c) 50 per trasactio for other methods of paymet. Is there a maximum amout that I ca cotribute to my PRSA? You ca cotribute as much as you like to your PRSA, as log as you meet the miimum cotributio levels. However, the amout of tax relief you ca get o cotributios depeds o your age ad earigs. Must I make regular cotributios? No, you do ot have to make regular cotributios to your PRSA. However, if you are arragig your PRSA through a employer s scheme, you will usually make mothly paymets. If you are payig directly ito your PRSA, most PRSA providers allow you to pay mothly, quarterly, half-yearly ad yearly. Some PRSA providers allow you to pay weekly. You ca also make additioal top-up cotributios to a PRSA at ay time. How ca I pay my cotributios? This is at the discretio of your PRSA provider. Most PRSA providers accept regular cotributios by direct debit, ad lump-sum paymets or trasfers by cheque. If you are a employee, your employer may arrage to deduct your mothly cotributios from your salary ad remit these o your behalf. 19

22 PRSAs A cosumer ad employers guide How flexible ca my cotributios be? You are free to stop, start, icrease ad decrease your cotributios at ay time, although your PRSA provider may require prior otice of a chage. You caot be charged for chagig, stoppig or restartig your cotributios. Most PRSA providers have a idexatio optio that allows you to icrease your regular cotributios i lie with iflatio each year. What happes if I do t pay my cotributios? You ca stop your cotributios at ay time without beig charged or pealised for doig so. However, this will reduce the pesio beefits you may expect at retiremet. If you do ot pay cotributios for two years or more ad the value of your PRSA fud is 650 or less, your PRSA provider ca termiate your PRSA ad give you a refud of the value of your accout. Your PRSA provider must give you three moths writte otice before termiatig your PRSA. Are there ay rewards or bouses if I pay my cotributios? Some PRSA providers apply bous uits or lower charges if your cotributios are over a certai level, you cosistetly meet your mothly cotributios, or you retire at the date iitially specified whe you siged your cotract. If you ivest part or all of your PRSA i certai fuds, you may also receive bouses o ad after retiremet. What happes if I chage jobs? If your ew job allows you to become a member of a occupatioal pesio scheme, you may trasfer your PRSA ito that scheme. Alteratively, if your ew job is ot pesioable or you become self-employed, you ca cotiue to cotribute to your PRSA. 20

23 PRSAs A cosumer ad employers guide What must a employer do with their employees PRSA cotributios? A employer must, if requested, deduct employees cotributios from payroll ad sed them, alog with ay employer cotributios, to the PRSA provider withi 21 days of the ed of the moth i which the cotributios were deducted. A employer caot make ay deductio from this paymet. What iformatio must a employer give regardig PRSA cotributios? A employer must advise their employees ad the PRSA provider i writig at least oce per moth of the total amout deducted from the employee s salary ad, if appropriate, the total amout paid by the employer o behalf of their employees i the precedig moth. A employer ca do this usig whatever salary documetatio is ormally provided to their employees (for example, a payroll slip). Ca I trasfer occupatioal pesio scheme beefits to a PRSA? You ca oly trasfer your occupatioal pesio scheme beefits to a PRSA if you have bee a member of the scheme for 15 years or less, ad the scheme is beig woud up or you are chagig job. You caot trasfer your occupatioal pesio scheme beefits to a PRSA if you have bee a member of the scheme for more tha 15 years. If you have paid AVCs to a occupatioal pesio scheme, those may be trasferred to a PRSA ad the above rules do ot apply. 21

24 PRSAs A cosumer ad employers guide Are there disclosure requiremets cocerig trasfers from occupatioal pesio schemes to PRSAs? Yes, trasfers caot be accepted by PRSA providers uless the member has bee give a certificate comparig potetial beefits from the occupatioal pesio scheme ad the PRSA, ad a writte statemet as to why a trasfer to a PRSA would or would ot be i their iterest. There is o discretio i the legislatio to waive this requiremet for a certificate of compariso. However, it is exempted i the followig cases: where the trasfer value is uder 10,000, or represets a refud of cotributios, or the accrued beefits to a member whose employmet related to the occupatioal pesio scheme is less tha 2 years ad who has o preserved beefit, or where the scheme is i wid up. The above requiremet also applies to trasfers from AVCs to PRSAs. Ca refuds from occupatioal pesio schemes be trasferred to PRSAs? Employees who are etitled to a refud of cotributios o leavig a job ca trasfer the cotributios to a PRSA without a tax charge istead of takig the refud. 22

25 PRSAs A cosumer ad employers guide 7. PRSA tax reliefs How much tax relief do I get o my cotributios to a PRSA? The amout of tax relief you ca get depeds o your age. Age Cotributio Limits % of Net Relevat Earigs Uder 30 15% % % % % 60 or over 40% If you are a sports perso or a professioal who usually retires at a earlier age tha the orm, you ca get tax relief o 30% of your et relevat earigs regardless of your age. Relief is give at your margial (higher) tax rate, but there is o relief i respect of PRSI ad the Uiversal Social Charge. For everyoe, there is a maximum aual amout of earigs for which tax relief is give. I 2012, this was 115,000. This figure is adjusted from time to time by the Miister for Fiace. If you make cotributios, but do ot get tax relief o them because you exceed the tax relief limits or are ot workig, you ca apply for tax relief o these cotributios i the future. A taxpayer is etitled to tax relief o a cotributio of 1,525 eve if this exceeds the ormal icome-based limit. Ca employees claim tax relief o their PRSA cotributios? Yes, employee cotributios paid to a PRSA are subject to tax relief o the same basis as outlied above. 23

26 PRSAs A cosumer ad employers guide What about additioal volutary cotributios paid to a PRSA? Employees i occupatioal pesio schemes may pay AVCs ito a PRSA. The ormal limits for tax relief purposes, as described above, apply to the total employee cotributio. Ay cotributios a employee pays to a occupatioal pesio scheme eed to be take ito accout whe determiig the amout of PRSA cotributios eligible for tax relief. How does this work? Whe a employer deducts qualifyig PRSA cotributios from employees, the et-pay arragemet will apply. This meas that tax ad PRSI will be calculated o employees wages or salaries et of PRSA cotributios. A employer will be able to operate the et-pay basis as log as they hold a PRSA et-pay certificate. Does a employer get tax relief o ay cotributios they make to a employee s PRSA? Yes, cotributios paid by employers are fully deductible for corporatio tax purposes. Cotributios paid by the employer are treated as a beefit-i-kid. Employees are etitled to icome tax relief o these cotributios subject to the limits o the relief outlied above, but there is o relief i respect of PRSI ad the Uiversal Social Charge. Does a employer get PRSI relief o ay cotributios a employee makes to a PRSA? No, cotributios paid by employees are ot deductible for employer PRSI purposes. 24

27 PRSAs A cosumer ad employers guide Are PRSA ivestmets taxed? No, tax is ot charged o the ivestmet icome or capital gais eared by PRSAs. However, icome tax may be levied o pesio beefits take from a PRSA after retiremet. The Miister for Fiace itroduced a temporary Pesios Levy of 0.6% of o-vested PRSA fud assets, payable for each of the 4 years Is there a maximum amout of pesio fud that ca be built up? Idividuals have a maximum lifetime limit o the amout of their retiremet beefits from all sources (except State pesios). The limit (kow as the Stadard Fud Threshold (SFT)) is curretly (2012) 2,300,000, 25% of which (i.e. 575,000) is the maximum amout a idividual ca take i cash lump sums. If a idividual exceeds the lifetime limit o the amout of their retiremet beefit (ad had ot previously applied to Reveue for a higher persoal limit), the excess value is taxed up-frot at the top rate of icome tax ad may, i additio, be subject to icome tax i paymet. More iformatio o the tax rules relatig to PRSAs is available o the Reveue website 25

28 PRSAs A cosumer ad employers guide 8. Ivestig my PRSA What happes to my cotributios oce they are put ito my PRSA? Your PRSA cotributios are ivested i a rage of fuds. The value of your PRSA ca icrease or decrease, depedig o the performace of these fuds. I what types of assets will my PRSA ivest? Your PRSA fud is typically ivested i compay shares (equities), bods issued by govermets (sovereig bods), bods issued by compaies (corporate bods), property ad cash. Your PRSA provider must give you iformatio i relatio to the types of assets i which your PRSA is ivested. Who decides how I ivest my PRSA? You do. It is your PRSA fud ad you choose the type of fuds to be ivested i ad the strategy to be followed. All PRSAs must have a default ivestmet strategy. If you choose ot to make a active ivestmet decisio your PRSA fud will be ivested i accordace with the default ivestmet strategy. Your PRSA provider will also give you a choice of ivestmet fuds outside this strategy ad you ca choose to ivest i ay of those istead. What is a default ivestmet strategy? A default ivestmet strategy is the automatic strategy that is applied to your PRSA uless you specify otherwise i writig. It ivolves ivestig i a collectio of ivestmet fuds that is expected to meet your retiremet savigs expectatios. The default ivestmet strategy for each idividual PRSA is based o geeral good ivestmet practice i savig for retiremet. Although it is ot risk free, it is desiged to reduce the level of risk of your ivestmets. 26

29 PRSAs A cosumer ad employers guide Should aythig ifluece the choice of ivestmet fuds for my PRSA? You (ad your ivestmet adviser, if applicable) should cosider how log it will be util you retire, how much you expect i pesio icome ad how much risk you are prepared to take i relatio to your ivestmet. Geerally, as you approach retiremet, your ivestmet i higher-risk fuds should decrease. What level of risk is associated with my PRSA? The level of risk associated with your PRSA will deped o the type of ivestmet strategy you choose. This is why it is importat to decide o the level of risk you are comfortable with whe takig out your PRSA. I the default ivestmet strategy, most of your PRSA fud is likely to be ivested i higher-risk fuds i the early-to-mid years of your workig life, movig to middle-risk fuds i later years ad lower-risk fuds as you ear retiremet. Ca I chage or switch betwee ivestmet fuds after I sig the cotract with my PRSA provider? Yes, you ca trasfer betwee fuds or move future cotributios ito a differet fud. Some PRSA providers require a miimum balace i your PRSA before you ca trasfer betwee fuds. There may also be a limit o the umber of times a year you ca switch betwee fuds without charge. How do I kow how well my ivestmet fud is performig? Every six moths, your PRSA provider must sed you a ivestmet report that outlies the performace of the fuds i your PRSA. 27

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