A PRSA product is jointly approved by the:

A PRSA product is jointly approved by the:

• A. Central Bank and Pensions Authority
• B. Central Bank and the Revenue Commissioners
• C. Pensions Authority and the Minister for Finance
• D. Pensions Authority and Revenue Commissioners

Answer: (D)

PRSAs are a specific class of personal retirement savings that must meet both pension legislation and tax rules. The Pensions Authority checks that the product operates within the PRSA framework—covering aspects like eligibility, charges, transfers, and investment options—so it can be offered as a PRSA. At the same time, the Revenue Commissioners confirm the product qualifies for the relevant tax treatment, including tax relief on contributions and proper tax treatment of benefits. This dual oversight ensures the product is both a compliant pension instrument and eligible for tax advantages. The Central Bank wouldn’t jointly approve PRSA products with the Pensions Authority, and the Minister for Finance isn’t the body that approves individual PRSAs. So the only combination that aligns with both regulatory and tax requirements is the Pensions Authority and Revenue Commissioners.

PRSAs are a specific class of personal retirement savings that must meet both pension legislation and tax rules. The Pensions Authority checks that the product operates within the PRSA framework—covering aspects like eligibility, charges, transfers, and investment options—so it can be offered as a PRSA. At the same time, the Revenue Commissioners confirm the product qualifies for the relevant tax treatment, including tax relief on contributions and proper tax treatment of benefits. This dual oversight ensures the product is both a compliant pension instrument and eligible for tax advantages.

The Central Bank wouldn’t jointly approve PRSA products with the Pensions Authority, and the Minister for Finance isn’t the body that approves individual PRSAs. So the only combination that aligns with both regulatory and tax requirements is the Pensions Authority and Revenue Commissioners.