A PRSA is a private pension plan that anyone can take out a PRSA, regardless of their employment status. It is essentially, a tax-efficient savings account set up by you to save for your retirement. A PRSA is extremely flexible: you (and your employer, if applicable) can gain tax relief on contributions to it; you can take it with you when you change jobs or employment and you can start, stop, increase or decrease your contributions at any stage.
There are two types of PRSAs available: a standard PRSA and a non-standard PRSA. The key difference between the standard and non-standard PRSA is: Standard PRSAs have a maximum fund management charge of 1% and a maximum contribution charge of 5% but have restrictions on the types of funds you can invest in; non standard PRSAs don’t have limits on charges but may have a wider choice of funds including guaranteed funds which may be attractive to you.