Five financial firms lodge applications with Pensions Board for saving account products

AT least five financial institutions have lodged applications with the Pensions Board for PRSA products.

It is expected the first PRSA (Personal Retirement Savings Account) products will be approved by February of next year when they can be sold to the public.

A PRSA is a pension investment which can be used for long-term retirement provision by employees, self employed, homemakers, carers, unemployed and any other category of person and is mainly targeted at the 50% of workers who do not have pensions.