A PRSA is an example of which pillar of provision for retirement?

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Multiple Choice

A PRSA is an example of which pillar of provision for retirement?

Explanation:
Pillars of retirement provision are: the state pension as the first pillar, employer-sponsored pensions as the second pillar, and personal/private pension savings as the third pillar. A PRSA, standing for Personal Retirement Savings Account, is a private pension product individuals use to save for retirement outside of state or employer schemes. Because it’s a personal, voluntary arrangement chosen and funded by the individual, it fits squarely in the third pillar. Some materials label the pillars differently, but the standard view places PRSA in the third pillar.

Pillars of retirement provision are: the state pension as the first pillar, employer-sponsored pensions as the second pillar, and personal/private pension savings as the third pillar. A PRSA, standing for Personal Retirement Savings Account, is a private pension product individuals use to save for retirement outside of state or employer schemes. Because it’s a personal, voluntary arrangement chosen and funded by the individual, it fits squarely in the third pillar. Some materials label the pillars differently, but the standard view places PRSA in the third pillar.

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