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Business Owners – Wealth Management (Recent PRSA changes)

March 4, 2023

The Finance Act 2022 was enacted on 15 December 2022 with a change to the PRSA in Ireland.

The government’s goal is to make Pensions simpler to understand and this is a welcome change to PRSA’s in Ireland which comes in to effect on 1st January 2023.

Confirmation – Benefit in Kind for an employee has been removed for a PRSA.

This is huge for business owners, who can contribute as much as they want in any one year with just the stand fund threshold (2 million). Pervious to this business owners could contribute to an Executive pension but it has some limits.

Positive change for PRSA members – now have same tax treatment as occupational pension scheme members in relation to the employer contributions to their pension scheme.

Business owners paying in to a PRSA – only limits relate to the Lifetime Pension Fund Limit (Standard Fund Threshold, currently €2M)

Employer’s capacity to fund a significant contribution and the profits/corresponding tax that the Employer is paying.

There is many benefits with a PRSA compared to other Pension schemes in Ireland  

There is no need for additional trustees.
IIORPS II legislation does not apply.
Exit Penalties – No charge to move you pension elsewhere.

There is currently no funding test that is applied to an employer contribution to a PRSA (no upper limit in terms of funding).

PRSA’s are also suitable for a spouse, family members or any other employee.

Full death benefit paid to the estate.

This makes it easier for the end customer and less complicated than before.

Please get in contact today and move to this more tax efficient pension scheme.

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Oisin at Secure Your Future recently helped me with some savings and investment advice. I found him trustworthy, the advice provided to be independent and simple to understand. Happy to recommend him as an advisor for savings and investment advice.
Sean McKinleyAccountant - Castleknock
As a small Business owner I had spent most of my time working in the now and not planning my own personal future. I was recommended to reach out to Oisin and from first contact I found Oisin's approach to be extremely professional and knowledgeable with simplifying the process for me. i would highly recommend anyone looking to pre plan their future to contact Oisin.
Andrew KennySenior Project Engineer at PM Group
Last year we sought your services to advise us on planning for our financial security in retirement. Since that time we have had several meetings which were delivered in a straightforward manner and easy to follow. I would highly recommend Oisin and his team at Secure Your Future.
Kevin DoranOwner - The Denture Clinic
Oisin was very flexible and efficient with his services. We had an initial face to face consultation and then the process was completed remotely via email, text message, teams, and online document signature. Oisin was a pleasure to deal with and I'd be quick to recommend him to anybody looking for help with any aspect of their pension.
Gerard KennyHead of CQV - Ireland at PM Group

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