Call on the Government to Implement a €5 Million Public Awareness Campaign in Advance of Auto-Enrolment Rollout
August 22, 2024Important Changes In Relation To Employer Contributions To Personal Retirement Savings Accounts (PRSAs)
December 3, 2025
In advance of the budget, which is scheduled for next Tuesday, we wanted to make you aware, while nothing is confirmed yet, there’s a possibility that new restrictions on PRSA contribution limits might be introduced. If changes are announced, they’re likely to take effect immediately.
With that in mind, if any of your clients are considering making large contributions to their PRSA this year, it may be prudent to do so before the budget. This could help them avoid any potential new contribution limits.
To make things easier, we have included a quick summary of what’s needed for existing clients to make contributions to their existing QRSL PRSA.
Summary Chart - PRSA Contributions
Depending on the payment method of your client’s contribution, there might be some additional requirements. Don’t worry, the table below will guide you through it!
PRSA Contributions - Source of Funds
Setting up a new Non-Standard PRSA
If your client is thinking of setting up a new QRSL non-standard PRSA, please note the following is required:
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PRSA Application Form: Needs to be completed and signed by the client, broker, and trustee (if applicable).
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Unit Trust Application: Signed by the client.
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BOI Account Opening Mandate: Signed by the client.
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PRSA Investment Management Agreement: Signed by the client
Supporting Documents (for all clients):
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1 x Proof of Identity
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1 x Proof of PPS Number (PPSN)
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2 x Proof of Address
Additional (if relevant):
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Certificate of Benefit Comparison: Required if the transfer is from an Occupational Pension Scheme over €10,000 (not needed if leaving employment or the scheme is winding up, in which case a Winding Up Resolution will be required).
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Pension Transfer Request: Signed by the client (if applicable).
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Cheque for PRSA Deposit: Payable to 'Client's Name PRSA'.*
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Detailed Schedule of Assets: If transferring assets in specie; not needed for cash transfers.
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Investment Instruction & Declaration Form: For those looking to arrange investment immediately.
* Note that for any new PRSAs not yet set up, a cheque is the only form of payment available prior to the budget date until the PRSA is fully set up and bank account opened in due course. No contributions made via EFT can be accepted on such cases until this process is completed.
We’ve made all the necessary forms available on our website for your convenience: https://qrsl.ie/document-store/
If you have any questions or need help with anything, please reach out to your dedicated Business Development Manager or any member of the QRSL team. We’re here to assist and make sure everything goes smoothly.
Please note that the provision of this product or service by Quest Retirement Solutions Ltd does not require licensing, authorisation or registration by the Central Bank and, as a result, it is not covered by the Central Bank’s requirements designed to protect consumers or by a statutory compensation scheme.