# Who can open PRSAs? Can people in the Public Service open PRSA's?



## Bosco (29 Jun 2003)

Who can open PRSAs?

I am working in the Public Service at the moment. I was told people who work in the Public service cannot open PRSAs. Is this true?


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## ClubMan (29 Jun 2003)

I don't think that this is the case. Who told you that?


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## Bosco (29 Jun 2003)

*PRSAs*

A crowd came imto the office last week. They said that it was not open to people in the public service to open PRSAs.

Their charges were 25% commission in Year 1 and 4% thereafter.

This seemed very high.


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## ClubMan (30 Jun 2003)

*Re: PRSAs*

At first glance those charges are exhorbitant in my opinion. Feel free to name and shame! One of the pension experts can probably answer your question about public servants and PRSAs. I think it might be possible for AVCs only or something like that but I don't know for sure and the [broken link removed] doesn't seem to clarify.


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## MyAdviser (2 Jul 2003)

*Access to PRSA's*

Most public servants have access to a pensions scheme already and once it meets the requirements re access then there is no obligation to set up a PRSA for staff. (as far as I know). That said, many parts of the civil service are setting up AVC PRSA's, probably to encourage their use.

The charges mentioned are easily beaten - for example any PRSA in Ireland which pays commission to brokers can be accessed for 100 euro up front and all you have to pay is the annual 1% charge. You save the 5% entry cost for the life of the PRSA.

I hope this helps.

Regards Michael Kiernan
Authorised Adviser and Discount Broker
www.myadviser.ie


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