PRSA figures for first quarter 2005
Friday 6 May 2005: The Pensions Board today announced 1st quarter data for Personal Retirement Savings Accounts (PRSAs), received from all 10 PRSA providers to the end of March 2005.
The data shows that 50,796 PRSAs have now been taken out, comprising 40,102 Standard PRSAs and 10,694 non-Standard PRSAs, with a total asset value of €224.1m. At end of March 2005, 71,634 employers had signed up with a PRSA provider under the employer mandatory access requirements. The data also shows that 22,162 employees have taken out PRSAs through their employer.
Anne Maher, Chief Executive of the Pensions Board said: “At the request of the Minister for Social and Family Affairs, the Board is currently undertaking a National Pensions Review within which the trends of pension update and national pension coverage will be considered.”
The Board is also conducting a National Pensions Action Campaign next week (May 9 – 15) which will focus on encouraging people to take action around pensions.
PRSA figures at the end of March are attached.
The Pensions Board online calculator and pensions information is available all year on www.pensionsboard.ie.
Media Queries:
Mary Hutch
Head of Information and Training
The Pensions Board
Tel: (01) 6131900
Philip Dalton
Head of PRSA’s
The Pensions Board
Tel: (01) 6131900
Jackie Gallagher Q4 PR
Tel: (01) 4751444
(087) 237 1838
About PRSAs
A PRSA is a contract between an individual and an authorised PRSA provider in the form of an investment account that can be used to save for retirement. It is a personal pension plan where the contributions paid are tax deductible and the investment return is tax exempted. There are two types of PRSA – a Standard PRSA and a non- Standard PRSA.
About Mandatory Access – 15 September
All employers were required on 15 September 2003 to enter into a contract with a PRSA provider so that access to at least one Standard PRSA is available for all “excluded employees” on and from that date.
Excluded employees are:
- Employees of an employer who does not offer an occupational pension scheme, or
- Employees included in an occupational pension scheme for death in service benefits only, or
- Employees included in an occupational pension scheme that does not permit the payment of additional voluntary contributions, or
- Employees who are ineligible to join the occupational pension scheme and who will not, under the rules, become eligible to join the scheme for pension benefits within 6 months from the date they commenced employment.
About The Pensions Board
The Pensions Board is the statutory body set up to regulate occupational pension schemes and PRSAs and to advise the Minister for Social and Family Affairs, and through him, the Government, on overall pension policy development.
Public Information
The information Unit at the Pensions Board provides a wide range of pension information booklets free of charge and can be reached at the LoCall number 1890-65-65-65 and on www.pensionsboard.ie.
PRSA Figures at 31 March 2005
Cumulative Value of Assets €224,071,861.75
Total Number of PRSA Contracts Sold 50,796
- Standard 40,102
- non-Standard 10,694
Total Number of Employers who have designated a PRSA Provider 71,634
- number of these designations where contributions are being made 7,245
- number of PRSA contracts under the designations 22,162*
*This figure is included under the total number of PRSA contracts sold