Flexibility on your journey to and through retirement

At Standard Life, we want to help you plan for the best second life you deserve. The Standard Life PRSA is a flexible, long-term saving option that moves with you as you go through your working life. When you reach retirement, you can take your lump sum and choose to remain invested in your PRSA while taking an income - this is known as a Vested PRSA.
 

What is a Personal Retirement Savings Account?

A Personal Retirement Savings Account (PRSA) is a Revenue-approved contract between you and a provider that offers tax relief, within certain limits, on all contributions.

 

The Synergy PRSA is a long-term investment option that offers a flexible, tax-efficient way to save for retirement. You may be able to claim tax relief on some contributions, which is good news for you – and for your employer if they contribute too. 

There's no charge or penalty for increasing, decreasing or stopping contributions at any time. Plus you can choose where your money is invested. 

Below you'll find some of the main things to think about when considering a Synergy PRSA. It’s important to speak to a financial adviser before you make a decision that could affect the success of your financial planning.

What happens to my PRSA when I retire?

The PRSA is a pre and post-retirement product. After taking a pension lump sum at retirement, you can remain invested in your PRSA and take a retirement income – this is known as a Vested PRSA. Before, you had to move your PRSA funds out before turning 75 to keep accessing your retirement money. Changes in recent years mean you can now leave your money in the PRSA and continue to take an income throughout your retirement.  

A PRSA is a great option in retirement if you want:  

  • Access to your investment in retirement while retaining potential for long term capital growth.  
  • To leave the remaining fund to your estate on death.

Your investment options

You have a range of investment options to choose from with Standard Life, so you can be adventurous or cautious or anything in between. You'll find more information about those choices on our investment options page. 

Each option carries a different level of risk, so it's important that you understand how they could impact your financial goals by speaking to a financial adviser. 

If you're not sure how you feel about risk, our Risk Profiler will give you a starting point – but we'd always recommend speaking with a financial adviser too. 

Before you apply

The following documents give you important information about the Synergy PRSA that will help you be certain it will meet your needs. Please read these in full before you complete the application form. 
Preliminary Disclosure Certificate 
Your Investment Options 

 

Who can take out a PRSA?

Anyone – employed, self-employed, unemployed or a job seeker – can take out a PRSA.

 

Why choose a Synergy PRSA?

Standard Life Synergy PRSA is a flexible way to save. It stays with you as you move from job to job, which helps you keep track of your investments and how your account is performing. 

Other benefits include:

  • The option to make single, monthly or yearly contributions of €300 or more in each year
  • The option to stop, restart or change your contributions at any time without penalty or charge
  • Tax relief on contributions
  • A wide choice of investment options

 

Can I withdraw funds from my Standard Life PRSA before I retire

No - if you invest in a Standard Life PRSA you won't be able to access the funds until you've reached retirement age.

 

Warning: If you invest in this product you will not have any access to your money until you retire

Warning: The value of your investment may go down as well as up

Warning: This product may be affected by changes in currency exchange rates

Warning: If you invest in this product you may lose some, or all, of the money you invest

Warning: The income you earn from your Vested PRSA may go down as well as up.

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Looking for more information?

  • Ready to apply for a Synergy PRSA?

    If you've spoken with your financial adviser and decided this is the right choice for you, download the application form using the link below.

  • Starting a pension plan early makes sense

    Our handy reference guide shows how much more you could save for retirement by starting now.

  • Accessing your account online

    My Standard Life lets you access online information about your policies and accounts. It's a simple, convenient way to track how your policies are performing.