No idea. All I know is that current standard PRSAs are obscene.
Costs for a standard PRSA are legally 5% of deposits plus 1% of the fund value per year. There is also another hidden charge of they apply of approximately 1% of the fund value per year in costs, making it about 2% per year in general.
How does this affect people? Over a normal 35 year period people will lose half of their fund in costs. If someone was paying a reasonable amount into a PRSA of €10k per year it works out that they are going to pay the PRSA provider half a million in costs.
The question is are these costs reasonable? Compare these costs to a Vanugard fund. Vanguard, for those who have never heard the name, are the worlds second largest money managers. Anyone that has a DC pension that allows you to choose between multiple funds, stocks, trackers, bonds etc. this is the type of thing that Vanguard supply. They offer the type of funds that standard PRSA providers offer at a cost of about 0.05% a year with no deposit costs.
Over a normal 35 year period you would pay Vanguard 1% of the total value of your savings in costs; a standard PRSA 50%.