What is a PRSA?
- A PRSA is a Personal Retirement Savings Account, which is designed to make saving for your retirement as easy and flexible as possible.
- You have the option of setting up a PRSA into which contributions can be paid and/or transfers from existing pension arrangements can be made.
- If you are a member of your company's pension scheme, and would like to make additional retirement savings, you have the option of setting up an AVC PRSA into which additional voluntary contributions (AVC) can be paid.
- Fees and charges apply.
To find the pension that suits your needs, try our no obligation consultation.
Call us 01 614 3311
How a Davy Select PRSA can work for you
Tax-efficient saving for retirement
- A PRSA is a personally held, tax efficient investment account to help you save for retirement.
- Tax is paid once you reach retirement and start to draw down the pension benefits. Investment returns are tax free, and there is no capital gains tax when you sell your assets.
- There is also no exit tax when you leave a third party investment fund and no income tax on dividends or coupon payments.
- For more information read our FAQ.
Transferring your pension
- We can conduct a full review of your existing pension arrangements and provide you with details of your pension investments and transfer options.
- We will work with you in preparing the transfer paperwork to effect the transfer from your existing pension providers.
- Davy Select does not charge a transfer fee for the transfer of holdings from other firms. Please be aware that some firms charge exit fees and you should check these before you transfer.
Click here for more information.
- "QROPS" means qualifying recognised overseas pension scheme where individuals with United Kingdom (UK) pension rights who have or will become non UK resident for tax purposes can transfer their pension benefits out of the UK to a pension scheme in another jurisdiction that has been approved by HM Revenue & Customs (HMRC) in the UK.
- The Davy Select PRSA has been approved by the Office of the Revenue Commissioners, the Pensions Authority and has QROPS designation from HMRC in the UK.
Wide choice of retirement benefits
On retirement, choose from:
A one-off lump sum of up to 25% of the value of the assets and either.
- Retain the balance of your funds in the PRSA with the option of making taxable withdrawals.
- Transfer the remaining funds into an Approved Retirement Fund (ARF).
- Purchase an annuity.
- Purchase an annuity for your spouse in the event of your death.
- A combination of the above.
- Choose from over 10,000 investments including 700+ investment funds. You have access to a wide range of asset classes, including cash, bonds, equities and alternatives.
Warning: The value of your investment may go down as well as up.
Warning: If you invest in this product you may lose some or all of the money you invest.
Warning: If you invest in this product you will not have any access to your money until you retire.
Warning: This product may be affected by changes in currency exchange rates.
Some pension risks
You are responsible for making all of the investment decisions in relation to your pension. Your choices may not be the best options.
As a result, there is a risk that the pension scheme may be underfunded by you and/or the value may be insufficient at retirement so that your long-term retirement needs may not be met.
It is important that you seek independent professional advice prior to making any decisions which have tax, legal or other financial implications.
Learn more about some of the risks that prospective investors should consider prior to making a decision to invest in a pension or retirement product.
Warning: Information provided on the Davy Select website does not constitute investment advice as it does not take into account the investment objectives, knowledge and experience or financial situation of any particular person. You should ensure that you understand the risks associated with any investment prior to making an investment decision.
We are an established name, a trusted financial brand that has inspired confidence for nearly a century.
Choosing Davy Select, you’ll build on generations of award-winning services under the Davy banner.