The evolving role of PRSAs in retirement planning

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The Personal Retirement Savings Account (PRSA) has come a long way since its inception—and recent figures from the CSO highlight just how far. Total PRSA assets climbed to €18.3 billion in 2024, up from €11.9 billion the previous year—a 53.8% increase that speaks to a growing confidence in this flexible pension solution. 

Contributors rose by 13.6% to over 258,000 people, while non-standard PRSAs—those offering broader investment choice—have now outpaced standard PRSAs in terms of both assets and appeal. In fact, 70% of new PRSA contributors opted for non-standard plans in 2024, up from just 26% in 2019. 

PRSAs have become particularly relevant as the way we work continues to evolve. For a workforce increasingly characterised by career shifts, self-employment, and varied income streams, the PRSA offers portability and simplicity—a pension that moves with the individual. But for advisers, it’s not just the flexibility that matters. It’s the opportunity to create a lasting relationship with clients through a product that adapts alongside their financial needs over decades.
 

From product to planning partnership

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It’s the combination of the right structure and regular, meaningful advice that helps bridge the gap. Advisers have a crucial role to play here: reframing the PRSA not as a set-and-forget solution but as a living part of their client’s evolving retirement plan. Regular check-ins, contribution reviews, and second life planning can help keep clients engaged and on course.

The consolidation opportunity

In a fragmented pensions landscape, PRSAs can also serve as a consolidation solution. Executive Pension Plans (EPPs) are no longer open to new contributions and must be now wound up or transitioned due to IORP II requirements. Given that any one-member EPP established before 22 April 2021 must be wound up by April 2026 to avoid increased compliance and cost, it’s anticipated that over €10 billion of pension assets will change contracts ahead of this deadline. It’s a seismic transition for the market, and will open up meaningful opportunities for advisers to strengthen client relationships and bring clarity to complex, long-standing pension arrangements.

Bringing simplicity to the process

At Standard Life, we’ve also been looking at how we can support advisers in making PRSAs easier to manage day-to-day. Our new online Change Regular Contribution form for Synergy PRSAs and PRSA AVCs aims to cut down on delays and paperwork—allowing changes to be processed quickly and efficiently, so advisers can focus on conversations that matter, not administration.

The adviser’s role in retirement confidence

Ultimately, PRSAs are about more than just saving; they’re about giving clients flexibility and confidence in their financial future. Advisers play a vital role in that journey—from helping first-time savers get started to guiding more experienced investors on consolidating pensions or preparing for drawdown. 

As our research shows, regular, meaningful conversations can make all the difference. Advisers who build PRSAs into broader financial planning discussions aren’t just offering a product—they’re offering reassurance, perspective and partnership through life’s inevitable changes. 

In today’s world, where retirement feels both more complex and more uncertain, that kind of relationship has never been more valuable. 

For more information on the research referenced in this article, read Bringing retirement into focus 2024 or through your Business manager.

For practical guidance on how our Synergy PRSA solutions and Second Life tools can support your clients’ evolving needs – and your business – talk to your Business manager.