New regulation means that credit unions can now make pension products available to their members, just as many SSIAs mature.
A credit union wishing to make Personal Retirement Savings Accounts (PRSA's) available to its members will not have to apply to the Financial Regulator to do so, once certain conditions are satisfied.
Prior to the new regulations announced today a credit union had to apply on an individual basis under Section 48 of the Credit Union Act, 1997.
The Minister for Finance Brian Cowen said : 'This is a timely development with many people receiving their SSIA savings in the coming months, and I would encourage those credit union members to take this opportunity to enhance their pension provision by availing of this credit union service'.
A PRSA is an investment account used for long term retirement provision, and is a contract between an individual and an authorised PRSA provider.
