4 days ago
Private pension contributions rose by 13.6% last year, CSO
The number of people contributing to a private pension rose by 13.6% last year to more than 258,000, when compared with 2023.
New figures from the Central Statistics Office also show that the value of assets invested in Personal Retirement Savings Accounts (PRSAs) increased by 53.8% over the same period to €18.3 billion.
There are two types of PRSAs - standard and non-standard, with the main differences between the two revolving around charges and investment options.
Funds in standard PRSAs are pooled and invested in things like government bonds, property, and stocks, while charges are capped at 5%.
Whereas there are no limits on charges for non-standard PRSAs and they tend to see investments in a wider range of assets.
The number of contributions in 2024 paid into standard PRSAs rose by 3.6% to 163,201, with non-standard contributions increasing by 36.2% to 94,967.
Standard PRSA assets increased by 26% to €6.7 billion, while assets for non-Standard PRSAs were up 76% to €11.6 billion.
