PRSI to PRSA

[--boon--]

Hi,

A friend of mine was telling me that instead of paying your PRSI (and getting nothing for it) that you can start putting this money directly into a PRSA instead...

Is this correct?

And can it be back dated?

 

[LDFerguson]

Your friend is incorrect in saying that you get nothing for your PRSI contributions.

You can claim PRSI relief for contributions you make to a PRSA. But you can't decide to replace one with the other.

 

[ClubMan]

Your friend is incorrect in saying that you get nothing for your PRSI contributions.

From www.welfare.ie:

PRSI Information
PRSI Rates

You can claim PRSI relief for contributions you make to a PRSA. But you can't decide to replace one with the other.

See here:

Claiming PRSI relief on standalone PRSA contribution

For pension contributions made via payroll you normally get this (and tax) relief at source automatically.