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Ireland says PRSA assets top E83m

IRELAND – The total asset value of the new Personal Retirement Savings Accounts is now 83.6 million euros, says the Pensions Board.

It has released data showing that 32,920 PRSAs have been taken out, comprising 26,154 standard PRSAs and 6,766 non-standard PRSAs.

As at the end of June, 61,977 employers had signed up with a PRSA provider, with 16,048 employees taking out PRSAs through their employer.

“With the latest PRSA quarterly figures, we are pleased to report a continuous steady increase in uptake of PRSAs,” said Pensions Board chief executive, Anne Maher.

“The Pensions Board continues to focus its efforts on sustaining this positive trend by working with the pension providers, trade unions, employer groups, representative organisations, and community groups to bring about the desired increase in total private pensions’ coverage from 50% to 70% of the workforce.”

She added that monitoring employers’ obligations to provide access to PRSAs is still a “be a high priority” and that that Board is stepping up its activity in this area for the rest of the year.

All employers were required in September last year to enter into a contract with a PRSA provider so that access to at least one Standard PRSA is available for all “excluded employees” on and from that date.

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