PRSA pensions come in two types:
A standard PRSA has limits applied to the funds that are available to be invested in. This is a legislative requirement but it is not so restrictive that it makes the PRSA not viable. There are still plenty of options to choose from and it is a popular choice.
One reason for its popularity is that the charges that go along with the standard product are transparent and easily understood. There is a maximum of 1% Annual Management Charge and a minimum of 95% allocation rates. This simply means that if you contribute €100 into your pension then €95 is invested and €5 is used to cover charges plus 1 of the value of the fund overall is deducted as an annual charge.
A non-standard PRSA does not have limits on the fund types that you can invest in. However, equally, the non-standard PRSA does not have maximum limits set for the charges you will pay to manage the savings account. The benefit to those who choose this option is the wider types of investments that their savings can be put into.