A PRSA (Personal Retirement Savings Account) provides you
with a pension fund at retirement. Anyone can take out a PRSA,
regardless of employment status.
PRSA’s are extremely flexible,
in that you (and your employer) can make tax-free contributions
to it, you can take it with you if you move jobs, and you can
take payment holiday at any time.
When you retire you can take
a tax-free lump sum plus a choice of a) an annuity (guaranteed
income for life) or b) an ARF (Approved Retirement Fund) from
which you can draw an income and pass on an inheritance.