Personal pension vs PRSA

S

Shaz

Registered User
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Pls excuse my ignorance. What is the difference between having a personal pension and having a PRSA?

I wish to put in the €7500 from my SSIA into a pension. I already have a company Defined Benefit Scheme but I do not want the money to in there. I want to be able to withdraw it in a year's time. So should it be a personal pension or a PRSA that I should be opening?
 
You cannot withdraw from any pension until you reach a certain age. You really want a high return deposit a/c with full access - I think Northern Rock would be one of the ones for something like that - some of the other financial institutes offer something simular to their ssia a/c holders.

Alot of informative threads already on this topic.
 
But then you won't get the €2,500 from the government!...
 
If it was as simple as that we would all be lodging €7500 of our ssia money for 1 year in order to get another €2500 from the government and then withdrawing it!
 
That 2500 from the government is a nonsense unless you're on the lower rate of income tax...it's not worth a damn
 
Exactly, and your money is tied up for a long number of years in the pension fund (depending on one's age)!
 
The 7500/2500 bonus is only a benefit if a) you pay tax only at 20%
or b) if you've already put in the maximum amount for your age group.
 
Andy Doof said:
The 7500/2500 bonus is only a benefit if a) you pay tax only at 20%
or b) if you've already put in the maximum amount for your age group.
Click to expand...
Most importantly c) you have to leave it in the pension fund and can't simply withdraw it after a year!
 
I thought the minister after announcing this pension thingy imposed the law that monies cannot be withdrawn until after 1 year.

If pensions cannot be withdrawn after a year why did he need to impose the law?
 
Shaz that rule was for people who are already past retirement age - such as a 65 year old...to stop them putting it in for ten days and getting the bonus (a 65 year old can retire straight away because of their age).
 
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