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Employers to get warnings over PRSAs

The Pensions Board is to issue written warnings to 64,000 employers across the country who have failed to comply with rules on Personal Retirement Savings Accounts.

The PRSAs were introduced by the Government to encourage more people to save for their retirement.

Under the law, all employers who do not already have a pension scheme in place must allow their staff access to an appointed PRSA provider, such as a life assurance company or a bank.

The employer is under no obligation to contribute to the scheme.

The Pensions Board is at an advanced stage in the prosecution of six companies for non-compliance with regulations.