Pension/ PRSA

Coolock Artane Credit Union is delighted to offer PRSAs to our members with Le Cheile consulting and the service is provided by Canada Life. The Le Cheile PRSA have been specifically designed for Credit Union members.

What is a PRSA pension?

A PRSA (Personal Retirement Savings Account) is a flexible, portable, low cost, tax efficient, transparent pension that anyone can take out, regardless or their employment status. You can make tax-free contributions to it, you can take it with you if you change jobs or you can start or stop making contributions at any time. On retirement, the proceeds of your PRSA can be used to provide you with a guaranteed income for life.

Your savings in your PRSA will be invested for you and, when you retire, they will be used to provide for you and your family.

Why do I need a Pension/PRSA?

People are living longer and leading more active lives in retirement. As a result, it’s more important than ever for you to think about where your income will come from when you retire. If you are entitled to the state pension, when you retire, you could face a drop in income of 70%. The State Pension alone will provide you with a basic level of retirement income of €11,611 for a single person per annum.*

When planning for retirement you will need to decide whether this is enough to live on in retirement, nobody wants to see their income fall too low when they retire therefore you need to plan ahead and consider where your additional income will come from. One of the best ways of increasing your income at retirement is to take out a pension plan using a company pension or a personal pension plan such as a PRSA (Personal Retirement Savings Account) at an early age in your working life.   

What are the benefits of taking out a PRSA & is it affordable?

There are a many benefits;

• Secure your future income, by providing you and your family with a guaranteed income in your retirement years. 
• Taking out a PRSA is very affordable, if you are working and earning an income, there are generous tax benefits on your contributions. Investing €100 of your income into a PRSA will cost you only €80 after tax relief at the standard rate of 20% and only €59 at 41%.
• Tax-free investment growth; with most other investment plans you have to pay tax at 23% on any growth you earn. Investment gains on PRSAs are tax free.
• Tax-free cash when you retire, you can take 25% of your accumulated fund tax free and you are permitted to draw down these benefits from age 60. The remainder can be used to provide you and your family with a long term income.

How to I find out more or apply for a PRSA?

For more information on PRSA's check out the PRSA Guide. It's never to early to start a pension; Protect your future & your families future and take out a pension today...

For an interest card click here or visit either Credit Union office in Northside or Artane. Alternatively, contact Canada Life’s Credit Union Direct Service at 2102098 and quote Coolock Artane Credit Union. .

*Figures quoted from 2007