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A Personal Retirement Savings Account (PRSA) is a type of long-term pension plan designed to help individuals save for retirement in a flexible way.
Aviva PRSA at a glance:
A range of investment solutions to meet the needs of different types of clients.
We offer a range of both regular and single premium contracts with flexible commission and pricing options
Help your clients save for their retirement if they are employed, self-employed or between jobs.
View key policy information and access online tools.
How does a PRSA work?
A PRSA is a flexible, long term pension plan where both the individual and their employer can make contributions which are then invested to grow the individual’s retirement savings. Contributions are tax deductible and can be adjusted over time. At retirement, a tax free lump sum is available with the balance being used to purchase an ARF or an Annuity.
| Contract Choice | 3 regular contribution and 6 single contribution products with a range of fund based and renewal options within these 9 core products. |
| Investments that work for you | Aviva is the best place to invest to safeguard your clients' retirement, whether they want a ready-made multi-asset solution or a tailored portfolio of funds which they have chosen with you. |
| My Future Lifestyle Strategy | Our choice of three lifestyle strategies (ARF, Annuity, and Cash) provide lower cost investments that automatically de-risk your clients' pension as they near retirement, tailored to their selection option at retirement, allowing a hands off approach in how their money is managed. |
| Flexible Contributions | Our plans can accept monthly contributions and/or single contributions from as little as €50. |
| Aviva Online Service Centre | With Aviva's Online Service Centre, your clients can see the value of their pension, the funds their pension is invested in and the amount invested in each fund. |
| Premium Service | Our outstanding service delivery model creates a straight-forward, smooth journey with Aviva, from setup through to retirement. |
Our Fund Options
Explore our investment products and solutions across asset classes
Funds
Aviva Investors
Funds
Property Funds
Funds
1 The following funds are not available across certain products:
Corporate Master Trust – not available: World Allocation Funds, Global Short Fixed Income Fund, AIMS Target Return Fund (Ireland), Physical Gold Fund, Global Leaders Equity Fund, Global Emerging Markets Equity Fund, Global Smaller Companies Equity Fund, Stewardship Ethical Fund, Global Equity ESG Passive Fund, European Equity ESG Passive Fund, and Emerging Markets Index Fund.
Approved Retirement Funds (ARF) – not available: Lifestyle Strategies
Savings & Investments – not available: Lifestyle Strategies and Self-Directed Investment Option (SDIO)
PRSA – not available: Self-Directed Investment Option (SDIO)
PRSA Single Premium Product and Charges Summary Option A
PRSA Single Premium Product and Charges Summary Option B
PRSA Single Premium Product and Charges Summary Option C
PRSA Single Premium Product and Charges Summary Option D
PRSA Single Premium Product and Charges Summary Option E
PRSA Single Premium Product and Charges Summary Option F
PRSA Single Premium Product and Charges Summary Option S
PRSA Regular Premium Product and Charges Summary Option B
PRSA Regular Premium Product and Charges Summary Option C
These documents should only be used when signing up a new member to an existing Group or Employer Sponsored PRSA Simple
These documents should only be used when signing up a new member to an existing Group or Employer Sponsored PRSA Select.
These documents should only be used when signing up a new member to an existing Group or Employer Sponsored PRSA Select.
All documents on this page are downloadable PDFs that brokers may save, retain and store to support CPC compliance and client record‑keeping.
Full details of the PRSA’s features, risks, target market & negative target market, charges (including third‑party charges), assumptions, and any guarantees or limitations are provided in the PRSA Financial Broker Guide and PRSA Customer Guide (PDF).
PRSA
PRSA
Tools
The easy way to start your client's retirement.
Requirements for common amendments on existing policies.
For the Aviva PRSA, the minimum age is 19 next birthday and the maximum age is 72 next birthday.
There’s no limit to the amount an individual can pay into their plan – and they can increase their contributions at any time – but tax relief is only available on amounts up to a certain level depending on their income, age and Revenue limits. This is set out in the table below:
| Age attained during the year | Tax relief limit |
| Under age 30 | 15% |
| 30 to 39 | 20% |
| 40 to 49 | 25% |
| 50 to 54 | 30% |
| 55 to 59 | 35% |
| Aged 60 and above | 40% |
Tax relief reduces the real cost of a pension. Customers do not have to pay tax on any money (which falls within the limits set out above) that they put into a PRSA. The tax they save is calculated at the highest rate of income tax that they pay (currently 20% or 40%). An example of how this works is set out below:
Monthly pension contribution = €100
Tax relief @ 40% = €40
Total net monthly cost = €60
Alternatively, if they pay income tax at the 20% rate, their tax relief will be €20 and their total net monthly cost will be €80.
How they get tax relief will depend on how contributions are paid to their PRSA.
If the contributions are deducted from their salary by their employer, the deduction will be made before PAYE is applied. Therefore, the tax relief will be effective immediately (at source).
If they pay the contribution directly to Aviva from their own bank account, they will need to make the necessary submissions to the Revenue in order to claim any tax relief due. We will issue your client with a PRSA Tax Certificate, a copy of which the Revenue may request as confirmation of the payment made to the PRSA.
Once they’ve put money into a PRSA, they can’t withdraw it until they reach their retirement age.
If they have to retire early because of ill health, they can take their benefits from their PRSA immediately.
If they die before they retire, we’ll pay the value of their Aviva PRSA to their estate. As with any inheritance, their beneficiaries may have to pay inheritance tax on any benefits we pay to them.
No. They can’t transfer the rights to their Aviva PRSA to a bank or another institution as security for a loan.
They can pay regular or single contributions to the Aviva PRSA. The Aviva PRSA can also accept transfers from other PRSAs (and any other relevant pensions). They can pay regular contributions by direct debit every month.
They can pay in a single contribution at anytime by electronic funds transfer. They can do this instead of, or as well as, paying regular contributions.
Yes. They can increase their contributions at any time. They can also reduce their contribution to the minimum allowed (which is €50 monthly or €600 yearly) or to take a break from making contributions if they want to.
However, don’t forget that reducing or stopping their contributions will affect the value of their pension fund when they retire.
Yes. When taking out an Aviva PRSA, you can choose to have contributions increase by 5% each year.
Our separate ‘Retirement Guide’ explains all of the various options that may be available to customers at retirement.
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Aviva Life & Pensions Ireland Designated Activity Company, is a private company limited by shares, registered in Ireland No. 165970. Registered office at Building 12, Cherrywood Business Park, Loughlinstown, Co. Dublin, D18 W2P5. Tel (01) 898 7950, www.aviva.ie
Aviva Life & Pensions Ireland Designated Activity Company, trading as Aviva Life & Pensions Ireland and Friends First, is regulated by the Central Bank of Ireland.
