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Financial Planning

PRSA Standard

A straight forward pension that offers you value for money

What is PRSA standard?

PRSA Standard stands for Personal Retirement Savings Account. It helps you build up a fund for your retirement. PRSA Standard is an easy to understand pension plan which puts you in control while offering you a good choice of funds.

PRSA Standard offers you value for money, giving you a straightforward pension solution with competitive charges. Whether you are an employee, self employed or between jobs, a PRSA helps you save for retirement. If your employment status changes or you move to a new employer, you may be able to bring your PRSA with you. You can also use your PRSA to add to the pension benefits already available from your job.

The need to knows

  • This product has a choice of eight funds, including five Pension Portfolio Funds which aim to provide you with  a suitable fund choice.
  • It is based on the Dynamic Share to Cash ( DSC ) model, which uses a multi-factor approach to identifying long-term stock market trends and movements.
  • You can choose between making regular contributions, adding a one-off lump sum at any stage or paying contributions separately. 
  • You can  take a break in payments if you need to.
  • Every six months Irish Life will send you a statement of account and an investment report to let you know how your pension is doing.
  • Once a year you will receive a more detailed statement (called a statement of reasonable projection) to help you continually assess your retirement plans.
  • With Irish Life’s online services you can keep track of your plan online, or even switch your funds, free of charge at a time that suits you. 

Suitability Snapshot

We have set out some important points for you to consider to help you decide if this plan is suitable for you. If you are in doubt, you should contact your Ulster Bank Financial Planning Manager

PRSA Standard might suit you if you:

 are looking for a long term investment plan to provide for your retirement

 don't need access to your money before age 60 (or until you retire)

are happy with the charges on this plan

are happy with the choice of funds available and understand that the value of your investment could fall as well as rise.
would like to take advantage of the tax relief available on pension contributions.You understand that when you retire, your pension benefits (after the retirement lump sum) are taxed as income.

PRSA Standard might not suit you if you:

do not need a plan to provide for your retirement

need access to your investment before you retire (age 60)

want a plan which offers more funds but may have higher charges as a result 

are not happy with the choice of funds available

you are currently paying income tax and cannot take advantage of the tax relief available on pensions contributions

Warning

Keep track of your money

You can check details of your plan online by visiting the Irish Life website www.irishlife.ie and logging into My Online Services. You will need a personal identification number (PIN), which you would have received when you started your plan. If you have lost your PIN or need a new one, contact our customer service team on 01 704 10 10