Introduced in 2002, a PRSA offers a straightforward pension solution for various individuals, including those without access to company pension schemes. It provides tax relief on premiums, benefits at retirement based on contributions and investment returns, and employers must grant access to a standard PRSA if restrictions exist on entering an occupational pension scheme.

An Approved Retirement Fund (ARF) is a tax-efficient investment option available to pension scheme members, PRSA holders, or personal pension policy holders post-retirement. It allows control over assets, ensuring family and dependents benefit in the event of death. Flexible income withdrawal is permitted, with a minimum annual requirement depending on age and investment amount, subject to tax. Upon death, the fund value transfers to the estate, and transitioning to an annuity is an option for lifelong income, though this decision is irreversible.

A Retirement Bond, also called a Buy Out Bond, is a pension policy accepting transfer payments from Occupational Pension Schemes due to various reasons like leaving the scheme or its winding-up. It allows greater control over retirement benefits, independence from the former employer's pension scheme, and trustee(s).

Self-administered pensions offer individuals greater control over their investment decisions compared to traditional pension schemes. They can choose from various investment options such as stocks, bonds, property, and other assets, either independently or with professional guidance. These pensions are ideal for those seeking more responsibility in managing their retirement savings and desiring increased flexibility and control over their investments.


A pension product designed for directors and employees in limited companies, managed independently by trustees. Each member has a separate retirement fund, with benefits based on its value (Defined Contribution). It offers tax advantages, including income tax relief on contributions for employees and corporation tax relief for employers.

A personal pension is a personally owned pension, held in your name. Unlike a company pension plan, where your employer may make contributions to your pension, only you can make contributions to a personal pension.

AVCs are additional pension contributions made by individuals to their employer pension scheme, aimed at supplementing employer pension benefits, especially if they don't meet the maximum pension allowance at retirement. They offer flexibility in contribution amounts and timing, allowing individuals to save according to their affordability. Tax relief is available on contributions within annual revenue limits.

An annuity, provided by a life insurance company, offers a guaranteed lifelong income in retirement, determined by your pension fund, annuity rate, age, health, and optional add-ons. Income received is subject to income tax and Universal Social Charge. When considering an annuity, it's essential to involve your spouse and family and seek financial advice. While it eliminates investment risks, annuity income ceases upon your death, with no provision for dependents.