PRSA figures for first quarter 2006
Friday, 5 May 2006: The Pensions Board today announced 1st quarter data for Personal Retirement Savings Accounts (PRSAs), received from all ten PRSA providers to the end of March 2006.
The data shows that 73,322 PRSAs have now been taken out, comprising 56,678 Standard PRSAs and 16,644 non-Standard PRSAs, with a total asset value of €522m. At end of March 2006, 77,667 employers had signed up with a PRSA provider under the employer mandatory access requirements. The data also shows that 29,433 employees have taken out PRSAs through their employer.
PRSA figures at the end of March are attached.
The Pensions Board online calculator and pensions information is available on www.pensionsboard.ie.
ENDS
Media queries:
Mary Hutch
Head of Information and Training
The Pensions Board
Tel: (01) 613 1900
Aongus Horgan
Assistant Head of Information and Training
The Pensions Board
Tel: (01) 613 1900
Jackie Gallagher Q4 PR
Tel: (01) 475 1444
Notes to Editors:
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
• employees included in an occupational pension scheme for death in service benefits only
• employees included in an occupational pension scheme that does not permit the payment of additional voluntary contributions
• 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 six 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 2006
Cumulative Value of Assets: €521,955,109.54
Total number of PRSA contracts sold: 73,322
- Standard: 56,678
- Non-Standard: 16,644
Total number of employers who have designated a PRSA Provider: 77,667
- number of these designations where contributions are being made: 9,251
- number of PRSA contracts under the designations: 29,433*
*This figure is included under the total number of PRSA contracts sold