IRELAND – The Irish pensions regulator has approved the first 41 Personal Retirement Savings Accounts products, or PRSAs, provided by six different companies.

“These are the first approved PRSA products and relate to applications received on November 11 2002 when the Board first opened for PRSA business,” the Irish Pensions Board said.

“The products, which have been approved in conjunction with the Revenue Commissioners, cover 16 Standard and 25 Non-Standard PRSAs.”

The approved providers are: Ark Life Assurance, Canada Life Assurance, Eagle Star Life Assurance, Hibernian Life & Pensions, Irish Life Assurance and New Ireland Assurance.

“These providers will now be able to market the approved products to consumers,” the Board said in a statement.

Anne Maher, chief executive of the Pensions Board, said: “The aim of PRSAs is to help raise the level of pension coverage in Ireland. PRSAs will combine flexibility and simplicity with a high level of protection for the individual and will enable those without adequate cover to plan for their future retirement provision with confidence.”

Four further applicants’ products are still being processed.

The Board says PRSAs are “investment vehicles used for long term retirement provision by employees, self employed, homemakers, carers, unemployed, or any other category of person”.

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