CEIOPS Conference 2007 - 20 November 2007

12 October 2007: The CEIOPS (Committee of European Insurance and Occupational Pensions Supervisors) Conference 2007, will take place on 20 November 2007, in Frankfurt am Main.

Building on the achievements of the two former conferences, CEIOPS intends to continue its open dialogue in line with the Lamfalussy process, through public consideration of CEIOPS’ achievement to date and stakeholders’ views on the future development of its role, tools and plans.

The prime purpose of the CEIOPS conference remains the transparency of CEIOPS’ work and progress and to strengthen communication with the industry and all interested parties in order to help us react better to stakeholders’ demands.

This is particularly relevant with regard to the 2007 assessing stage of the functioning of the Lamfalussy process, by the EU Institutions and the recent adoption of the European Commission’s proposal, concerning Solvency II.

The main topics for discussion will be covered in three sessions and will relate to CEIOPS’ role as Level 3 Committee in the Lamfalussy process, its contribution to the progress of the Solvency II Project, including the assessment of the QIS3 results, and the implementation of a supervisory regime for pension funds.

The conference will again host high-level speakers, offering the benefit of their expertise. As in previous years, time will be reserved for questions and interactive discussions which can continue informally between presentations, together with personal networking.

Visit the CEIOPS’ Conference 2007 website

 
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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