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Pension provision by small employers in Ireland: an analysis of Personal Retirement Savings Account (PRSA) using bounded rationality theory

The Irish Journal of Management
Volume 36 (2017): Issue 3 (December 2017)
By:
Open Access
|Dec 2017

Figures & Tables

Figure 1

Members of private sector employer-sponsored pension schemes by scheme size (2003–2013). Source: The Pensions Board (2004– 2011, 2012b, 2014).
Members of private sector employer-sponsored pension schemes by scheme size (2003–2013). Source: The Pensions Board (2004– 2011, 2012b, 2014).

Figure 2

Comparison of numbers of persons engaged in small active enterprises and membership in small pension schemes (2007–2012). Source: The Pensions Board (2008–2011, 2012b) and Ireland. Central Statistics Office (2014).
Comparison of numbers of persons engaged in small active enterprises and membership in small pension schemes (2007–2012). Source: The Pensions Board (2008–2011, 2012b) and Ireland. Central Statistics Office (2014).

Figure 3

Employer-designated PRSA schemes (2003–2013). Source: The Pensions Board (2004–2011, 2012b, 2014). PRSA = Personal Retirement Savings Account.
Employer-designated PRSA schemes (2003–2013). Source: The Pensions Board (2004–2011, 2012b, 2014). PRSA = Personal Retirement Savings Account.

Figure 4

A model of the bounded rationality decision process applied to a small business owner’s PRSA decision. PRSA = Personal Retirement Savings Account.
A model of the bounded rationality decision process applied to a small business owner’s PRSA decision. PRSA = Personal Retirement Savings Account.

Investment funds classified using ESMA risk ratings

RiskRiskVolatility band (%)AvivaIrishNewZurichTotal
ratingclassificationLifeIreland
1Very low0.0–0.511114
2Low0.5–2.002002
3Low to medium2.0–5.014005
4Medium5.0–102 (one rated 4–5)52312
5Medium to high10.0–15.0545519
6High15–25152513
7Very high25 +01001
Not classified60208

Information about PRSAs accessed from pension provider websites

InformationAvivaFriendsIrishNew IrelandZurich
FirstLife
Employer-sponsored (or group) PRSA informationxxx
PRSA download brochure for employersx
PRSA download brochure for individualsX
Fund guides download brochure with information about PRSAsxx
DOI: https://doi.org/10.1515/ijm-2017-0018 | Journal eISSN: 2451-2834 | Journal ISSN: 1649-248X
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Language: English
Page range: 172 - 188
Published on: Dec 29, 2017
Published by: Irish Academy of Management
In partnership with: Paradigm Publishing Services
Publication frequency: 3 times per year
Keywords:
pensions,
employer decision-making,
PRSAs,
bounded rationality,
small business
Related subjects:
Business and economics,
Business management,
Marketing, sales, customer relations,
Management, organization, corporate governance,
Entrepreneurship,
Human resources, labor practice, job and career

© 2017 Maureen Maloney, Alma McCarthy, published by Irish Academy of Management
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

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