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The copyright in the material contained in the Pensions Board website belongs to the Pensions Board. This material may be used for private non-commercial use only provided that any copy retains all copyright and other proprietary notices contained in the original material. You may not modify the materials on this website in any way or reproduce or publicly display, perform, distribute or otherwise use them for any public or commercial purpose.

Legal Disclaimer

The content of this website has been prepared to provide information on pensions and more specifically the role and functions of the Pensions Board in relation to occupational pension schemes. By providing this website the Pensions Board is not offering legal or commercial advice. The information on this website is not a complete source of information on pensions. If you need specific advice you should always consult a suitably qualified professional.

While the Pensions Board has made every effort to ensure that the information contained within the website is correct and accurate nevertheless it is possible that errors or omissions in the content may occur from time to time. No liability whatsoever is accepted by the Pensions Board, its servants or agents for any errors or omissions in the information or data or for any loss or damage occasioned to any person acting or refraining from acting as a result of the information or data contained within this website

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Hypertext or other links to this website are prohibited without the consent of The Pensions Board. If you wish to provide a link to this website, you should notify us by e-mail to info@pensionsboard.ie and give details of the URL(s) of the page(s) with links to our website and the URL(s) of the page(s) to which you wish to link on our website.

 
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Pensions Board
Pensions Board - Engage with your Pension

About the Pension’s Calculator

  • This pension’s calculator is designed to give a broad indication of the level of contributions required to give your desired pension at your retirement age. This calculator only provides a sample indication of the funding contributions for your pension and no reliance should be placed on it.
  • This calculator does not take into account any contributions an employer might make to your pension.
  • Do you know that contributions paid to a pension scheme will benefit from income tax relief at your highest rate of income tax? This calculator takes into account current income tax relief benefits.
  • For a full and accurate assessment of your personal finances and any tax relief you may be entitled to on your pension contributions always consult with a professional financial adviser

The next step is to talk to your employer, trade union, bank, insurance company, building society or financial advisor about starting your pension today.

Pension Calculator Notes:
  1. Assumptions used: Investment return will be 5% per year before retirement and 4% per year after retirement. Salary will increase at 3% per year. Pension will increase at 2% per year in retirement. The State Pension will increase in line with salary increases. Spouse's annuity assumes a 3 year age gap between the Main Life and Spouse. Your personal illustration above makes an approximate allowance for the recently introduced Pensions Levy (i.e. 0.6% of your Fund Value) until 2014 or your intended retirement year if earlier.
  2. Contribution amounts shown will increase each year as salary increases.
  3. The actual pension at retirement will depend on actual investment return and salary inflation up to retirement and on the cost of purchasing annuities at retirement.
  4. Tax relief calculations take account of age related limits on tax relief in any given year as prescribed by the Revenue. Your financial advisor will be able to help you to stay within your limits. The maximum tax relief as a % of earnings are as follows:
         Under 30: 15%
         30 to 39: 20%
         40 to 49: 25%
         50 to 54: 30%
         55 to 59: 35%
         60 and over: 40%
  5. Contributions or benefits may exceed limits prescribed by the Revenue. Your financial advisor will be able to help you to stay within your limits. Budget 2011, introduced a Standard Fund Threshold (SFT) of €2.3 million. Individuals with pension funds in excess of this value as at 7 December 2010 may apply for a Personal Fund Threshold(PFT). When the capital value of pension benefits drawn down by an individual exceed his or her SFT or PFT as appropriate, a tax charge of 41% is applied to the excess fund.
  6. In these net contribution calculations, PAYE & single persons tax reliefs and single persons tax bands are assumed. It is also assumed that no other tax reliefs apply.
  7. The annuity rate used to convert your pension fund at retirement age is a long term average annuity rate, which makes no allowance for the recent gender equalisation ruling. The annuity rate used in your personal illustration above will be shown when you run the calculator.
  8. This calculator takes account of the fact that the State Pension (Transition) will no longer be paid from 1 January 2014. This means that there will then be a standard State Pension age of 66 years for everyone. If you have qualified for the State Pension Transition before 1 January 2014 you remain entitled to it for the duration of your claim (1 year). State pension age will increase to 67 in 2021 and to 68 in 2028