Life insurance and pensions provider Royal London Ireland has announced it will begin offering a personal retirement savings account.
The personal retirement savings account (PRSA) market has grown 170% over the past 12 months, and Royal London becomes the first new entrant to the market for several years.
Royal London wants to replicate the consistent growth it has seen in its life and pensions business in PRSA.
Annual premium equivalent (APEA) contributions in the PRSA market reached €400m last year, up from €149m in 2022.
“This expansion into PRSAs illustrates our long-term commitment to the Irish broker market and investment in it and builds on the positive momentum we have achieved in successfully entering the Irish Pensions market two years ago with our Approved Retirement Fund (ARF) and Personal Retirement Bond (PRB),” said Noel Freeley, CEO of Royal London Ireland.
“Our approach is driven by a mutual mindset that prioritises customer financial resilience and responsible investment, aiming to create a future worth retiring into. We believe our new PRSA will have a very positive impact on customers lives, by helping to provide them with dignity and comfort in retirement.”
With its PRSA offering, Freeley said the company has sought to “deliver value for money and competitive pricing for customers, combined with access to two leading asset managers, Royal London Asset Management (RLAM) and BlackRock, to help grow their pension savings.
“We hope it will encourage more individuals to take proactive steps toward securing their financial futures. The launch of our new PRSA is also the latest positive chapter in our 190-year business heritage in Ireland.”
The PRSA offering includes features such as automatic portfolio rebalancing and ValueShare, a premium that may be added to customers funds returns in years that the company does well.
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