A PRSA is a contract between an individual and an authorised PRSA provider such as investment business firms, insurance companies and credit institutions in the form of an investment account that can be used to save for retirement. It is a type of defined contribution arrangement where the investment return is tax exempted. There are two types of PRSA – a Standard PRSA and a non-Standard PRSA.
The PRSA is also designed to be owned by an individual, regardless of their employment status, to be transferable from job to job, and to be available from a variety of providers. An employer does not have to give any PRSA advice but you must allow your PRSA provider or intermediary reasonable access to your employees in order to brief them on PRSAs. Therefore, an employer need only provide access to a PRSA and is not required to contribute to them or give advice on them.