Synergy PRSA – evolving to support your clients and you
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. Changes to the pension landscape over recent years have made the PRSA a more appealing option to customers on their journey to and through retirement providing the opportunity to create a lasting relationship with clients through a product that adapts alongside their financial needs over decades.
With the Synergy PRSA, we’re focused on providing a retirement solution that offers:
- Simplicity – we’re streamlining processes with the Online Change Regular Contribution form now live for Synergy PRSAs and PRSA AVCs—reducing paperwork and speeding up service. This combined with our online applications and dedicated PRSA new business team supports a faster, more efficient service for you and your clients.
- Choice – varied range of investment options including the newly launched Standard Life Vanguard Global Small-Cap Index Fund, MyFolio, Global Index funds, ESG options, deposits, self-directed options, and our glidepath option Target Retirement Funds all available.
- Clear pricing – road-tested and adviser approved we have clearer pricing to suit how you do business. In recognition of the key role of the adviser we’ve introduced the payment of commission at the point of Vesting, and made enhancements to our bonus commission structure. Find out more in Product structures available on Synergy PRSA.
IORP II - An alternative solution for Synergy Executive Pension customers?
With the IORP II* deadline of 22 April 2026 looming for Synergy Executive Pensions started before April 2021, trustees must now decide on an alternative pension vehicle if they wish to avoid the costly burden fulfilling IORP II requirements will impose on the scheme, and ultimately the member.
A PRSA can now be used as a whole of life pension arrangement. This means an employee can save for retirement and then draw their retirement income, without the requirement to change products, simply by Vesting the PRSA.
Other reasons to consider a PRSA include:
- Tax-efficient death in service benefits: Payment of the full PRSA policy value to the employee’s estate, where an employee dies in service
- Single relationship solution: There’s no third-party involvement so decision making, reviews and retirement options are all conducted one-to-one between adviser and client
- Simpler funding calculations: Once the maximum yearly employer and employee contribution limits are followed, there are no complicated funding calculations like those under occupational schemes
- Flexible Retirement: The ability to draw down retirement benefits in stages, up to age 75, using multiple PRSAs
The PRSA is now the linchpin of retirement planning and we’re committed to delivering the best possible Synergy PRSA to cater to the needs of our customers and you, as you support them in your vital role as financial adviser.
Talk to your business manager today about Synergy PRSA.
* IORP II is an EU Directive that set new requirements for occupational pension schemes. Legislation was passed into law in April 2021 in Ireland.