For non-members of an employer scheme, which product should the employer typically provide via payroll deduction?

• A. Non-Standard PRSA
• B. Retirement Annuity Contract
• C. Standard PRSA
• D. Life Assurance Savings Plan

Answer: (C)

When someone isn’t in an employer’s pension scheme, the usual way to collect retirement savings through the payroll is by offering a PRSA, and the standard version is the typical choice. The Standard PRSA is designed specifically for salary deductions, making it easy for the employer to set up regular contributions from pay and to keep administration simple. It also gives tax relief on contributions, is portable if the employee changes jobs, and comes with standardized charges and investment options, which keeps costs predictable for both employee and employer.

Non-Standard PRSAs, while available, involve more flexible terms and often higher or less predictable charges, making them less suitable as the default payroll deduction option. Retirement Annuity Contracts are older personal pension products not commonly set up through payroll in a modern employer context, and Life Assurance Savings Plans are primarily focused on life cover with savings rather than a straightforward pension vehicle. So the Standard PRSA best fits the scenario of employer-facilitated payroll deductions for non-members.