Richard Bruton (Dublin North Central, Fine Gael)
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Question 200: To ask the Minister for Social and Family Affairs if there are rules ensuring that the owners of PRSAs can move their funds to another managing fund without unfair obstacles being put in their way. [20381/09]

Mary Hanafin (Dún Laoghaire, Fianna Fail)
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I understand that the Deputy is questioning what obstacles there may be in place for Personal Retirement Savings Account (PRSA) holders wishing to switch providers. Legislation covering the operation of PRSAs is detailed in Part X of the Pensions Act 1990. Specifically, Section 108 of that Act deals with transfers between PRSA providers. This section prevents obstacles to transfers by forbidding any provisions in PRSA contracts that prohibit a contributor from entering into another PRSA contract and transferring his or her assets to the new PRSA. Furthermore, the section does not allow providers to charge contributors who wish to transfer to another provider.