Credit unions will be able to offer Personal Retirement Savings Accounts (PRSAs) to their members without seeking special permission, after the Minister for Finance introduced new regulations.
Previously, credit unions had to apply on an individual basis under Section 48 of the Credit Union Act, 1997 to offer the special accounts.
The move is the result of discussions held by the Department of Finance with the Pensions Board, the Department of Social and Family Affairs and the Registrar of Credit Unions.
"As a result of these new regulations credit union members will have the opportunity to access Personal Retirement Savings Accounts through their credit union," the Minister for Finance, Brian Cowen, said. "This is a timely development with many people receiving their SSIA savings in the coming months, and I would encourage those credit union members to take this opportunity to enhance their pension provision by availing of this credit union service."
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