‘Change tax law to avoid penalising PRSA payers’

THE Government must get its priorities right and deliver on an important tax law change that is penalising some pension payers.

Director of client advice firm, advisors.ie, Karl Deeter, said that ‘personal retirement savings accounts’ or PRSAs were created in an attempt to get more people to save for their retirement. He said they were billed as a universal solution with fixed fees and low costs, along with flexibility.

“However a taxation issue that arose when the Universal Social Charge was introduced, puts people with PRSAs at a disadvantage to those in occupational schemes.