Taxes Consolidation Act 1997 section 787L

Transfers to and from PRSA

Section 787L sets out the conditions relating to transfers of assets that must be satisfied before Revenue will approve a PRSA product.

• Revenue may not approve a PRSA product unless it allows the contributor to require the PRSA provider to transfer the value of accrued rights to another specified person, to be applied towards a contribution under another PRSA contract or an approved occupational pension scheme of which the contributor is a member.
• Revenue may not approve a PRSA product unless it allows the PRSA provider to receive contributions from another PRSA of the same contributor, an approved or statutory scheme of which the contributor is a member, or a retirement annuity contract to which the contributor is a party.
• These transfer and portability requirements ensure that PRSA contributors are not locked in to a single provider and can consolidate or move their retirement savings freely between approved arrangements.
• The rights described above extend to the contributor's widow, widower, surviving civil partner, or dependant who has accrued rights under the PRSA contract.