What you need to know
The PRSA is a long-term investment product that lets you create a pension fund for yourself when you retire. You can change the amount you contribute to it over time, and if you change employment, you can continue to use the same account. You can also switch from one PRSA to another at any time free of charge.
All employees working at least 20 hours a week are immediately eligible to participate in the PRSA.
How the PRSA works
The company matches your contribution to your PRSA plan, up to a maximum of 7% of your gross salary.
While there are no limits on the amount you can contribute, the government provides tax relief up to the following limits:
|Under 30 years of age||Up to 15% of earnings|
|30–39 years||Up to 20% of earnings|
|40–49 years||Up to 25% of earnings|
|50–54 years||Up to 30% of earnings|
|55–59 years||Up to 35% of earnings|
|60 years of age and older||Up to 40% of earnings|
PayPal’s contribution counts towards these limits. The maximum amount of salary that can be contributed to the PRSA is €115,000. Further details relating to the Standard Fund Threshold allowance for tax relief purposes are available at Irish Life.
- Mercer Fact Find form—allows Mercer, as the appointed Pension Consultant to the Plan, to assess your scope and suitability to join.
- Irish Life PRSA application form—member application form that formally adds you to the Plan. Be sure to choose your contribution amount and select your investment funds.
You choose your contribution level and the investment strategy or fund you want your contributions invested in. Ensure that your PPS number, staff number, and contact number is completed on the form.
Return completed forms to Mercer by emailing email@example.com or sending via Post to:
Mercer Financial Services Ltd
Once processed, your pre-tax contributions will be deducted from your pay cheque each pay period and deposited into your PRSA.
How can I change the amount of my contribution?
To change your contribution, email firstname.lastname@example.org to confirm the new contribution amount and the effective date of the change.
How can I cancel my PRSA?
To stop your PRSA contribution, email email@example.com, confirming the effective date for stopping your contributions. Mercer will notify the insurer, Irish Life, and payroll will stop the deductions at the next available payroll processing date.
Can I transfer my previous pension to PayPal's?
Yes, but there are certain conditions. Contact firstname.lastname@example.org for details.