Personal Retirement Savings Account (PRSA)

Segment has put in place a PRSA Facility with Irish Life Assurance Plc.

This is an Individual Retirement Savings Plan, owned by you, the employee.Segment provides a salary deduction facility for you to make contributions to this PRSA. You can receive tax relief on your contributions which can be up to 40% of your gross annual salary (subject to a salary cap of €115K per anum) based on the below age brackets:

 

AGE                          EARNINGS

Under 30                  15% of salary

30-39                        20% of salary

40-49                        25% of salary

50-54                        30% of salary

55-59                        35% of salary

60+                            40% of salary

You control the investment strategy. In addition to the Default Lifestyle Strategy there is a selection of funds to choose from including Managed, Equity, Bonds, Property and Cash Funds.

At retirement age you can avail of a 25% Tax Free Lump Sum of the total funds accumulated and use the balance to either purchase an Annuity Contract (which will provide a guaranteed level of income for life) or transfer the balance into an Approved Retirement Fund (ARF) providing continued tax free investment growth with taxable fund withdrawals.

For any questions in relation to the PRSA facility please contact our local advisors Glennon Employee Benefits.
  \ +353 (0) 1-7075880.