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Ireland: PRSA assets top E5mn

IRELAND – The total assets in Ireland’s new personal Retirement Savings Accounts have topped five billion euros.

The Pensions Board said total PRSA assets were 5.25 million euros at the end of September.

And it added that 51,782 employers have signed up for PRSAs and that 6,707 PRSA pensions had been sold - 4,764 standard PRSAs and 1,943 non-standard PRSAs.

“There are now 10 providers of PRSAs with a total of 55 approved products,” the Pensions Board said, adding that the figures represent “the start of the process in the long-term goal to increase pension coverage in Ireland from 50% to 70% of the workforce”.

Pensions Board chief executive Maher said the figures were “a good start to a steady PRSA uptake and increased pension provision in Ireland”.

The Board added that it has received 25 reports that employers were failing to provide pension provision since September 15, all of which it was following up.

All Irish employers were required on September 15 2003 to enter into a contract with a PRSA provider.

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