Royal London Ireland has announced its entry into the Personal Retirement Savings Account (PRSA) market here.
A Personal Retirement Savings Account (PRSA) is a flexible, tax-efficient pension savings product, which allows employees, self-employed individuals, and even the unemployed to save for retirement independently of their employer's pension schemes.
The PRSA market has grown by 170% in the last 12 months and annual premium equivalent (APE) contributions reached €400m last year, up from €149m in 2022.
Royal London Ireland is the first major life and pensions provider to enter the PRSA market in Ireland in several years.
Noel Freeley, CEO of Royal London Ireland, said the company's expansion into PRSAs illustrates its long-term commitment to the Irish broker market.
He said it also builds on the positive momentum the company has seen since entering the Irish pensions market two years ago with its Approved Retirement Fund (ARF) and Personal Retirement Bond (PRB).
"Our approach is driven by a mutual mindset that prioritises customer financial resilience and responsible investment, aiming to create a future worth retiring into," he said.
"We believe our new PRSA will have a very positive impact on customers lives, by helping to provide them with dignity and comfort in retirement," he added.
