Credit Union launches PRSA

Wexford Credit Union has launched a new Pension PRSA (Personal Retirement Savings Account) service exclusively for its members.

They can now set up a PRSA pension plan at their local Credit Union.

Wexford Credit Union is one of the first Irish League of Credit Unions (ILCU) members to make PRSA pensions available, following the partnership initiative between the ILCU and Eagle Star Life announced in March.

ILCU member credit unions are able to offer PRSAs to their members under this agreement.

The link-up followed demand for pensions among credit union members and the signing of a new regulation by the Finance Minister Brian Cowen.

Data released last month by the Pensions Board showed that the number of PRSAs being taken out had increased by 37% in 2006.