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Malahide, Howth, Swords – Secure Your Future

Executive Pensions in Ireland: PRSA or Master Trust?​

Choosing between a PRSA and a Master Trust depends largely on your career stage and goals. PRSAs offer flexibility and a straightforward estate benefit; Master Trusts come into their own when you want to fund for past service with a large, backdated contribution. Both are valid, tax-efficient ways for business owners and directors in Ireland to build a retirement fund — the right one depends on your age, your shareholding, and what you want to happen to the fund if you’re not there to see it.

Personal Retirement Savings Accounts (PRSAs)

A personal retirement contract held in your own name, with no trustees — the company contributes directly into a PRSA you own and control.

Pros

  • Flexibility to phase retirement: you can hold more than one PRSA and draw down each at a different time, rather than crystallising the whole fund in one go.
  • Full death benefit to your estate: if you die before drawing benefits, the entire fund value passes directly to your estate, with no trustee involved.
  • Broader investment range: PRSAs sit outside the occupational scheme/IORP II investment rules, so some providers offer a wider range of assets than a typical Master Trust fund range.
  • No trustees: the pension provider manages the contract directly, so there’s no trustee board or governance layer to deal with.
  • No benefit-in-kind charge on employer contributions, in line with the rest of the standard rate.

Cons

  • Employer contribution cap: since January 2025, employer PRSA contributions are capped at 100% of your salary for the year. Anything above that is treated as a benefit-in-kind and isn’t deductible for the company.
  • No funding for past service: a PRSA can’t take your years of service into account the way an occupational scheme can, so there’s no way to “catch up” for years you weren’t contributing.
  • Smaller tax-free lump sum: generally capped at 25% of the fund (subject to the same €200,000 lifetime cap), rather than the salary-and-service calculation available through an occupational scheme.
  • No discretionary trust: because the fund passes directly to your estate, it doesn’t get the inheritance tax flexibility that a trustee-discretion payout can offer.
  • Standard access age of 60, or 50 if you’ve retired from the employment the PRSA is linked to.

Master Trusts

An occupational pension scheme held under trust, with day-to-day governance run by a professional master trust provider rather than the company itself.

Pros

  • Funds past service: contributions can be calculated using your salary and years of service, so if you’re in your 50s and have under-funded your pension to date, a Master Trust can support a much larger backdated contribution than a PRSA could.
  • Larger potential tax-free lump sum: members with 20+ years’ service can generally take up to 1.5 times final salary tax-free (subject to the same overall €200,000 / €300,000 lifetime caps), versus the 25%-of-fund limit on a PRSA.
  • Professional governance: a single trustee board takes on the regulatory compliance burden, including IORP II, on the employer’s behalf.
  • Earlier access in some cases: if you give up your shareholding in the company, it’s sometimes possible to draw benefits from age 50.
  • Suits a wider scheme: works well if you want to bring other staff into the same arrangement alongside the executive benefit.
  •  

Cons

  • Capped death-in-service lump sum: typically limited to four times final salary plus a refund of contributions; anything beyond that has to provide an annuity or fund an Approved Retirement Fund for dependants rather than passing as a simple lump sum.
  • Limited investment choice: confined to the fund range the master trust provider offers, and subject to IORP II investment rules.
  • More complex funding calculation: maximum contributions factor in salary, service, and any retained benefits, which takes more work to assess than a straightforward PRSA contribution.





The Takeaway

If you’re earlier in your career, want simplicity, or want certainty over what happens to the fund on death, a PRSA is usually the better fit. If you’re in your 50s with capacity to make a large backdated contribution, or want the bigger tax-free lump sum an occupational scheme can offer, a Master Trust is likely to do more for you. Either way, the right structure depends on your age, your company’s profits, your shareholding, and your plans for the fund — worth talking through before you commit to one.

What Customers Have To Say

Testimonials

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Declan Sheridan profile picture
Declan Sheridan
43 days ago
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Great advice from Oisin with tangible outcomes , quickly increasing in the value of investments.
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Javad Hosseinian profile picture
Javad Hosseinian
44 days ago
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I've just had my annual pension review with Oisín, and once again it confirmed why I trust him with both my personal pension and my company's pension through JH Compliance Consultancy. What I appreciate most is his straightforward, no-nonsense approach. He explains everything clearly, gives honest advice, and focuses on what's genuinely in my best interests rather than trying to sell products. Every meeting is well prepared, informative, and leaves me confident that my pension planning is on the right track. If you're looking for a knowledgeable, trustworthy financial advisor who keeps things simple and practical, I can highly recommend Oisín. An absolute pleasure to deal with.
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Anne Healy profile picture
Anne Healy
52 days ago
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Oisín is currently my financial advisor, and I’ve found him to be professional, knowledgeable, and highly responsive. He takes the time to explain the options available, answers any questions promptly, and provides regular check-ins to ensure I stay informed about my investments. I have been very happy with the level of service, communication, and support he has provided throughout the process.
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Camilo Girón profile picture
Camilo Girón
58 days ago
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Oisín has been incredibly helpful, knowledgeable, and professional throughout the process. He took the time to explain everything clearly and made what could have been a complicated experience feel straightforward. I wouldn’t hesitate to recommend him to anyone looking for trusted financial advice.
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Trevor Cunniffe profile picture
Trevor Cunniffe
87 days ago
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I have recently worked with Oisin and his colleague Courtney with regard to a number of old pensions I had linked to different previous jobs. They were extremely helpful and very responsive to all of my questions. I got almost immediate feedback for all of my queries. The length of time it took to get lump sum payments was much quicker than expected. The same is true for how long it took them to set up my retirement bonds/ARFs. I would highly recommend them to anyone who is thinking of accessing their pensions.
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Chris McFerran profile picture
Chris McFerran
119 days ago
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I reached out to Oisin about moving a pension from previous employer, as well as other investment advice. He has been excellent from the very first communication, and would highly recommend.
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Pat Carroll profile picture
Pat Carroll
164 days ago
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I recently worked with Oisin Gerathy at Secure Your Future to get my pension properly organised, and I couldn’t be happier with the service. Everything was explained clearly, and the whole process was handled in a very professional and straightforward way. A special thank you to Courtney, who was incredibly helpful throughout – always responsive, patient, and willing to go the extra mile to make sure I understood my options and felt confident in the decisions being made. I would highly recommend Oisin and the team at Secure Your Future to anyone looking for reliable and knowledgeable advice on pensions and long-term financial planning.
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Simon Bockett profile picture
Simon Bockett
226 days ago
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Oisin listens and always delivers. He is quite simply the best QFA I have ever consulted. Adaptable, fully up to date with current pensions and financial advice. During our review session today he provided a great tip about a Dutch pension I am entitled to having worked in The Netherlands over 30 years ago. If you need any kind of financial and retirement planning guidance, give Oisin a call.
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Ger Flanagan profile picture
Ger Flanagan
230 days ago
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It was a pleasure to work with Oisin from start to finish. All guidance was clear and every question I asked was answered thoroughly. Never felt pressured at any stage whilst investing in a pension and he was extremely patient as I decided on what route to go down.
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Anne-Marie McSweeney profile picture
Anne-Marie McSweeney
234 days ago
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Really happy to recommend Oisin for any financial advice, particularly around planning for the future, pensions etc. and investments. He gave us excellent advice on investment options for a lump sum, that is yielding great rewards. In the medium to long term, this will help my husband and I to plan for a comfortable future, and to look after our 4 children as best we are able. Lovely, guy, great to check in, and sound, solid advice. 5 Stars
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William Brennan profile picture
William Brennan
281 days ago
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We have been looked after very well by Oisin over the last few years. Very knowledgeable and experienced and we would be very happy to recommend him to anyone seeking financial advice. William Brennan, Brennan Group (Legal, property, farming)
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Dignity4Patients
289 days ago
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Oisín recently guided us through evaluating and setting up a company pension scheme for our employees, and we cannot recommend him highly enough. From our first conversation, his professionalism and expertise were immediately apparent. He took what could have been a complicated, overwhelming process and made it genuinely straightforward. What stood out most was his exceptional responsiveness and his ability to explain every step in a clear, practical way, allowing us to make confident, well-informed decisions. His advice was not only sound but thoughtfully tailored to the needs of our business and our team. Oisín’s approachable manner and genuine commitment to helping us build a strong employee benefits offering made the entire experience seamless. He is an invaluable partner in navigating pension planning with clarity and confidence.
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Declan Fehily profile picture
Declan Fehily
302 days ago
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Oisin and his team helped me discover hidden fees in my pension. With access to Vanguard index funds, switching proved to be an excellent decision. I've been very satisfied with both the process and the customer service since making the move.
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David Sykes profile picture
David Sykes
304 days ago
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In the past year Oisin helped me to transfer my UK pension to Ireland and I also started a PRSA via Oisin. From start to finish, Oisin made the entire process simple; always on hand to answer any questions and offering expert advice on investment options for my personal and family circumstances. Oisin is professional, personable and knowledgeable; offering expert personalized advice. I would strongly recommend Oisin as a QFA for anyone looking to evaluate any aspect of their pension and investment options.
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Avril Butler profile picture
Avril Butler
312 days ago
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We've been working with Oisín for over 3 years now and have been very pleased with his service. He has provided excellent guidance on pensions and investments, and we're happy with the performance of our portfolio. I would highly recommend Oisin.
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Conor Barry profile picture
Conor Barry
313 days ago
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Oisin gave great advice and pointed me in the right direction for my pension.
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Darren profile picture
Darren
491 days ago
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I highly recommend Oisin as an exceptional Qualified Financial Advisor. Throughout our professional relationship, his responsiveness has been outstanding - always getting back to me quickly with the information and guidance I needed. Oisin provided excellent pension and protection advice tailored specifically to my financial situation. I particularly appreciated how he took the time to explain different options while ensuring I felt comfortable with my decisions. What sets Oisin apart is his genuine commitment to his clients' financial wellbeing. His friendly demeanor combined with his deep expertise makes him an invaluable partner in navigating financial planning decisions. If you're looking for a knowledgeable, responsive, and client-focused financial advisor, I would recommend Oisin without hesitation.
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Andrew Kenny profile picture
Andrew Kenny
581 days ago
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"Working with Oisin has been a game-changer in planning for my families future. He simplified the process, providing clear, step-by-step guidance on saving, investing, and maximizing my retirement income. Oisin's expertise made everything easy to understand, giving me confidence and peace of mind about my financial future. Highly recommend for anyone looking to retire with ease!"
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Donal Rodgers profile picture
Donal Rodgers
585 days ago
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Exceptional Service – Highly Recommend! Oisín provided outstanding support in helping me transfer my previous occupational pension, set up a new one, plan for educational savings, and arrange income protection. He made what could have been a complex process incredibly easy and stress-free. His friendly and knowledgeable approach made every step seamless, and I always felt confident that I was in safe hands. I highly recommend Oisín to anyone looking for expert financial advice with a personal touch. Donal Rodgers Client Director - Nexus Assurance
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Ray Boyle profile picture
Ray Boyle
645 days ago
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Oisin has given me excellent financial advice since I met him a year ago. He successfully moved my UK pension to Ireland and I rely on his ongoing sound advice in all financial matters.
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Adrian Reid profile picture
Adrian Reid
658 days ago
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I contacted Oisin to discuss a pension I had with my previous employer. He was very professional and helped me to move my pension. His advice was sound and honest. I would highly recommend him!
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Kevin Doran profile picture
Kevin Doran
659 days ago
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Very happy with my consultation, everything was explained well and I was very happy to continue with my pension plan. I would highly recommend contacting Oisin if you need financial advice
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Declan Daly profile picture
Declan Daly
660 days ago
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Excellent service, Oisin is experienced and knowledgeable, I would highly recommend
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Elaine McDonagh profile picture
Elaine McDonagh
660 days ago
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Great service!
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G K profile picture
G K
666 days ago
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Highly recommend Oisin as a Qualified Financial Advisor (QFA)! I moved my pension from the UK to his firm about 2 years ago and the performance in their index fund portfolio has been great. The transition was smooth and Oisin provided excellent guidance throughout the process. He took the time to understand my investment goals and risk profile, then suggested an excellent index fund In the 2 years since, I've been very pleased with the returns on my investments. The index funds have outperformed the UK market, allowing my pension to grow steadily. Oisin also proactively communicates updates and is always available to answer any questions I have. If you're looking for a QFA you can trust to manage your pension or other investments, I'd strongly suggest connecting with Oisin. His expertise, personal service, and consistent results speak for themselves.

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