Regulator wants info campaign on PRSAs

The Irish Financial Services Regulator has urged employers to inform their workers about the Government’s PRSA (personal retirement savings account) scheme.

The scheme was introduced as an alternative to occupational pension arrangements.

From September 15, employers who do not have an occupational pension scheme will be obliged by law to give their employees access to a PRSA.

However, employers are not obliged to make any contribution to their employee’s PRSAs.

The Irish Financial Services Regulator said all Irish banks are currently providing free fact-sheets about PRSAs.