You can contribute to it whenever you want and stop making contributions at any time. you change job, therefore a PRSA can be seen to be more flexible than the traditional personal pension plan. Your employer can contribute to your PRSA, unlike a personal pension plan where employers can’t make contributions.
The benefits of a PRSA pension are:
- Tax relief on PRSA contributions
- Any investment growth on your PRSA is tax-free
- Flexibility – you decide how much to contribute to your PRSA
- Take your PRSA with you when you move jobs
- Stop and restart PRSA contributions at no extra cost
- Additional Voluntary Contributions (AVCs)
If you are a member of an occupational pension scheme, then you may be in a position to improve the benefits you receive on retirement by making AVCs through a PRSA.