What potential does the third pillar have? Personal retirement provision enables you to reduce the difference between your current and future income and close retirement provision gaps. You can deduct your contributions to pillar 3a up to a particular amount from taxable income. A life insurance not only enables you to save for retirement, but also protects against life risks such as disability and death as well as closing retirement provision gaps. Normally, you only have access to the money saved upon retirement. There are a few exceptions, such as financing self-used residential property or self-employment.