Friday 2 November 2007: The Pensions Board today announced third quarter data for Personal Retirement Savings Accounts (PRSAs), received from all ten PRSA providers to the end of September 2007.
The data shows that 119,862 PRSAs have now been taken out, comprising 91,675 Standard PRSAs and 28,187 non-Standard PRSAs, with a total asset value of €1.12 billion. At end of September 2007, 83,361 employers had signed up with a PRSA provider under the employer mandatory access requirements. The data also shows that 42,926 employees have taken out PRSAs through their employer.
PRSA figures at the end of September are attached.
The Pensions Board online calculator and pensions information is available on www.pensionsboard.ie.
Head of Information Services
The Pensions Board
Tel: (01) 6131900
Q4 Public Relations
Tel: (01) 4751444 / (087) 237 1838
Notes to Editors:
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.
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 656565 and on www.pensionsboard.ie.
PRSA Figures at 30 September 2007
Cumulative value of assets: €1,122,028,336.41
Total number of PRSA contracts sold: 119,862
- Standard: 91,675
- non-Standard: 28,187
Total Number of Employers who have designated a PRSA Provider: 83,361
- Number of these designations where contributions are being made: 12,304
- Number of PRSA contracts under the designations: 42,926*
*This figure is included under the total number of PRSA contracts sold