For sole traders, contractors & freelancers in Ireland
My Future Fund is for employees. If you are self-employed, a PRSA is one option for retirement saving and may offer income tax relief. Explore straightforward guides without a sales pitch.
Who is covered in 2026
Make monthly payments or a single payment at year-end. There is no minimum commitment.
Claim relief at 20% or 40% through your tax return, subject to the limit for your age.
Investment growth within a PRSA is not taxed each year. Investments can rise or fall in value.
You may take up to 25% as a lump sum, with some tax-free treatment. The remainder can provide retirement income.
Revenue allows pension contributions to qualify for relief up to a percentage of earnings determined by age. Adjust the sliders to estimate your limit and net cost.
exceeds your limit and is not eligible for relief this year.
This estimate covers income tax relief only and uses Revenue age limits for 2026. It does not include reductions in USC or PRSI. Confirm your figures with Revenue or a qualified adviser.
| Age | Max % of net relevant earnings | Max on €115,000 cap |
|---|---|---|
| Under 30 | 15% | €17,250 |
| 30–39 | 20% | €23,000 |
| 40–49 | 25% | €28,750 |
| 50–54 | 30% | €34,500 |
| 55–59 | 35% | €40,250 |
| 60 and over | 40% | €46,000 |
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In general, yes. If you earn a salary and also have income as a sole trader, you may be enrolled through your job and contribute to a PRSA based on your self-employed profits. The schemes work differently: My Future Fund contributions receive a state top-up rather than tax relief, while PRSA contributions may qualify for income tax relief. It is worth confirming how the limits apply to your circumstances with an adviser.
For a sole trader, this generally means taxable profit from your trade or profession after capital allowances and trading losses. Salary from a job without a separate pension may also count. Rental income, dividends and other investment income are excluded. Relief is calculated on earnings up to €115,000 per year.
You are not required to maintain regular PRSA payments. You can stop, reduce or pause contributions and resume them when your income improves. Your annual relief limit decreases if your profit falls. Contributions above the limit can generally be carried forward for a future claim.
Access is generally available from age 60, and benefits must usually be drawn by age 75. Earlier access is limited to certain circumstances, such as serious ill health. At retirement, you can generally take up to 25% as a lump sum; the first €200,000 of qualifying lump sums is tax-free over your lifetime. The balance may be transferred to an Approved Retirement Fund (ARF), used to buy an annuity or, in some cases, taken as taxable cash.
This is general information based on Irish rules in 2026. Individual circumstances vary, so consult Revenue or a qualified financial adviser before making decisions.