Pension Options for Employees

If you are employed, you are entitled by law to have access to some form of pension plan through your job. Many companies provide their staff with an employer or occupational pension plan. If you company does not have one, by law your employer must offer you a standard PRSA.

Occupational Pension Plans

An employer or occupational pension plan is one that is set up by an employer to provide pension and other benefits for employees. With this type of plan your employer must make a contribution. However there is no statutory minimum that they must pay. If your employer offers you a Standard PRSA, they are not required by law to make any contribution. However they may choose to do so and this may be part of your terms of employment.


PRSA stands for ‘Personal Retirement Savings Account’. Essentially, a PRSA is a simple and more flexible pension. A PRSA makes it easier to save for retirement because it offers value for money, flexibility and convenience. A PRSA pension helps you save for retirement, and if your employment status changes or you move to a new employer, you may be able to bring your PRSA with you.

Personal Pension

In the event that either of the above are not available or are not suitable for you, you may invest in a Personal Pension Plan wherein you still gain the tax benefits directly and also maintain more personal control over the manner in which your contributions are invested.

Warning: The value of your investment may go down as well as up.
Warning: If you invest in this product you may lose some or all of the money you invested.
Warning: If you invest in this product you will not have access to your money until age 60 and/or you retire.