ISME calls for end to PRSAs in favour of SSIA-type pension

THE small business lobby represented by ISME has called on Government to scrap PRSAs (Personal Retirement Savings Accounts) and to introduce a State Group Pension Structure run by the National Treasury Management Agency.

This State scheme should provide incentives similar to the Special Savings Incentive Accounts (SSIA) initiative in order to encourage individuals to participate in a pension scheme.

Responding to threats by Anne Maher of the Pensions Board that PRSAs could be made compulsory on workers and employers, ISME said she was barking up the wrong tree.