PRSAs (Personal Retirement Savings Account)

Pension Terminology

PRSA – Personal Retirement Savings Account (which is a type of pension).

Risk Level – Each fund has a risk level attached to it which is a guide how risky the fund is, a higher number mean a higher risk and a lower number means a lower risk. The scale is generally 1 to 7.

Tax Relief – Is a tax deduction on your pension contributions. It is an incentive to encourage people to save into their pensions.

Contribution – These are the payments you pay into the pensions fund they can be made in lump sums or recurring.

What is a PRSA?

A PRSA is an account you can use to save for your retirement. You can make lump or recurring payments into a PRSA, and these are usually tax deductible. A PRSA can be invested into different types of funds with different risk levels (higher risk means a better chance of high returns but a higher chance of losing your money and lower risk means lower returns but less chance of the fund decreasing.)

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