What is the 3rd pillar? We reveal everything you need to know.
The 3rd pillar is a form of private pension provision used to close gaps in the 1st and 2nd pillar provisions. It consists of a tied pension provision (Pillar 3a) and a flexible pension provision (Pillar 3b). The 3rd pillar is voluntary and allows an individual to close any gaps in their coverage following retirement. Deposits made into the Pillar 3a account are tax-deductible.