Royal London Ireland launches personal retirement savings account [Video]

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 …