# PRSA advice needed.



## L.T.P. (21 May 2013)

Hi all,

I don't have a pension plan at present and my employer doesn't offer one.

I'd like to get started and was thinking of an Irish Life Clear PRSA

I'd like the option to be able to take a break from payments if circumstances dictated or to increase/decrease payments.

Can anyone suggest an alternative product or advice "For" or "Against" the Clear PRSA?

Thanks in advance


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## ClearFinance (21 May 2013)

Hi ltp
What employment are you currently in.does your employer offer one prsa where they are obliged to facilitate a deduction at source facility for tax relief?


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## L.T.P. (22 May 2013)

ClearFinance said:


> Hi ltp
> What employment are you currently in.does your employer offer one prsa where they are obliged to facilitate a deduction at source facility for tax relief?


 
Hi there,

I work for a small I.T. consultancy firm, permanent, last 7 years.

Employer doesn't offer any form of pension plan or PRSA, even though he should.


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## Smoneen (22 May 2013)

As you are in non pensionable employment you have the option of a PRSA or a personal pension. There are two types of PRSAs, std PRSAs & non std PRSAS. The std PRSA has restriction on charges & limited funds available, while the non std PRSA has a wider fund choice but charges can also be higher. Often you will find that you can get a better allocation & annual mgt charge on a personal pension basis while getting access to a wider range of funds. It's probably best that you speak with an independent advisor who can go through your options with you & give you options as to what options are available in the market.


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## ClearFinance (23 May 2013)

Hi LTP

Your employer is legally obliged to offer at least one standard PRSA option with the deduction at source facility so your tax relief can be applied at source. They are not obliged to contribute at present although this may change in the coming years. As per smoneen's comments above, if you are not happy with the chosen PRSA provider that your employer offers you are free to go to the market and look for a personal pension or a PRSA. This will mean your tax relief will be claimed back in one lump sum as you are will not have deduction at source. Like I said previously your employer is obliged to nominate a prsa provider.


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## L.T.P. (29 May 2013)

Hi all,

Thanks for your help, next step is an appointment with an Independent Financial Advisor I think!


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