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Employment Law - Pensions

Overview

In order to enhance the viability for individuals to take up the option of availing of a PRSA (Personal Retirement Savings Account), the Pensions (Amendment) Act, 2002 places certain responsibilities on employers. There is a requirement on all employers, whose pension scheme cannot meet certain requirements to provide access to a standard PRSA.

In practical terms providing access to a PRSA means that the employer must make employees aware of their right to contribute to a PRSA, allow employees access to at least one PRSA provider, and allow employees reasonable time off to consult with the provider.