A PRSA provider MUST give a PRSA holder a Statement of Reasonable Projection (SORP):

• A. on reaching his or her 50th birthday
• B. on encashment of the PRSA and transfer to another PRSA provider
• C. on termination of employment
• D. within seven days of increasing the charges on the PRSA

Answer: (D)

The main idea here is transparency about how charges affect your retirement outcome. A Statement of Reasonable Projection is a snapshot of what your PRSA could be worth at retirement under reasonable assumptions, including the impact of current charges. When the provider increases charges, you need timely information to see how that hike could erode your projected fund. Providing the SORP within seven days gives the holder a current, clear view and helps you decide whether to stay with the plan, adjust contributions, or consider alternatives.

This obligation isn’t tied to turning 50, encashment, or termination of employment. Those events may trigger other communications, but the SORP specifically acts as a timely disclosure about the effect of increased charges on future projection.