What does PRSA stand for?

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Prepare for the QFA Pensions Exam 1. Use flashcards and multiple choice questions with detailed explanations. Secure your success with our comprehensive study tools!

Multiple Choice

What does PRSA stand for?

Explanation:
PRSA stands for Personal Retirement Savings Account. This is a personal pension option, designed to give individuals a flexible, portable way to save for retirement outside of an employer’s scheme. You can contribute regularly or as a lump sum, and contributions typically attract tax relief within the relevant annual limits. The funds are invested in chosen investment options, and the plan can move with you if you change jobs. At retirement, you can generally take benefits as a pension or lump sum, subject to the tax rules. The other suggested expansions—Private Retirement Savings Arrangement, Personal Retirement Savings Agreement, or Pension Retirement Savings Act—aren’t the term used in pensions terminology.

PRSA stands for Personal Retirement Savings Account. This is a personal pension option, designed to give individuals a flexible, portable way to save for retirement outside of an employer’s scheme. You can contribute regularly or as a lump sum, and contributions typically attract tax relief within the relevant annual limits. The funds are invested in chosen investment options, and the plan can move with you if you change jobs. At retirement, you can generally take benefits as a pension or lump sum, subject to the tax rules. The other suggested expansions—Private Retirement Savings Arrangement, Personal Retirement Savings Agreement, or Pension Retirement Savings Act—aren’t the term used in pensions terminology.

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