PRSA figures for fourth quarter 2006

Friday 2 February 2007: The Pensions Board today announced 4th quarter data for Personal Retirement Savings Accounts (PRSAs), received from all 10 PRSA providers to the end of December 2006.

The data shows that 95,045 PRSAs have now been taken out, comprising 72,761 Standard PRSAs and 22,284 non-Standard PRSAs, with a total asset value of €835.28m. At end of December 2006, 80,463 employers had signed up with a PRSA provider under the employer mandatory access requirements. The data also shows that 35,285 employees have taken out PRSAs through their employer.

PRSA figures at the end of December 2006 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) 6131900

Aongus Horgan
Assistant Head of Information and Training
The Pensions Board
Tel: (01) 6131900

Mark Leech Q4 PR
Tel: (01) 4751444
087-9053679

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 – 15th September
All employers were required on 15th 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 December 2006

Cumulative Value of Assets €835,275,767.89
Total Number of PRSA Contracts Sold 95,045

• Standard 72,761
• non-Standard 22,284

Total Number of Employers who have designated a PRSA Provider 80,463

• number of these designations where contributions are being made 10,647

• number of PRSA contracts under the designations 35,285*

*This figure is included under the total number of PRSA contracts sold