PRSAs a ‘total and complete disaster’

BUSINESS group ISME yesterday called the Government’s Personal Retirement Savings Accounts (PRSAs) a “total and complete disaster” that should be replaced.

It also called on the government to scrap proposals for mandatory pensions, which it said would wipe out small businesses by making it more expensive to hire workers.

ISME chief executive Mark Fielding said PRSAs, introduced two years ago to encourage those on low and medium incomes to take out personal pensions, were “a dangerous distraction” and had failed to provide easy access to pensions at a low cost.