A PRSA provider must issue a SORP within seven days of which event?

• A. on reaching age 50
• B. on encashment
• C. on termination of employment
• D. increasing the charges on the PRSA

Answer: (D)

The main idea here is timely disclosure of changes that affect the cost of a PRSA. When the charges on a PRSA are increased, the provider must issue a SORP within seven days to promptly inform the member about the new cost structure and when it takes effect. This matters because higher charges directly reduce the net growth of the pension over time, so having up-to-date information lets the member understand the impact on future benefits and decide whether to stay, switch, or adjust contributions.

Reaching age 50, encashment, or termination of employment don’t on their own trigger this seven-day SORP requirement; they involve other types of notices or actions, but the specific seven-day obligation is tied to an increase in charges.