Pension Board Seminars 2009

“Impact of legislative changes on defined benefit pension scheme funding”

Monday 25 May 2009: The Pensions Board is hosting a series of pension information seminars to explain recent changes in pension legislation.

The seminars will discuss what decisions have to be taken by trustees of underfunded schemes and will be of interest to scheme trustees, employers, trade union and other interested parties.

Areas to be covered include:

  • The Pensions Board’s approach to dealing with defined benefit scheme funding issues.
  • Extension to the deadline for the submission of funding proposals
  • Applications to the Board under Section 50/50A

Pension Board Seminars 2009 - Venues and Times

Galway, The Clayton Hotel
Thursday 4 June - 2.30pm – 4.30pm

Cork, The Imperial Hotel
Friday 5 June - 10.00am – 12.00pm

Dublin, The Davenport Hotel
Tuesday 9 June - 10.00am – 12.00pm

Dublin, The Davenport Hotel
Tuesday 9 June - 2.30pm – 4.30pm

Booking
To reserve your place at one of the seminars please e-mail cmcauley@pensionsboard.ie stating which seminar you wish to attend.

For multiple bookings please provide the contact details (name, organisation, e-mail) for each individual being booked to attend.

Where seminars are over subscribed the Pensions Board will look at holding additional events to facilitate demand.

Note:
There are many changes taking place at the moment in relation to pensions and the Board will continue to up-date the Pensions industry with guidelines, information and FAQs on changes as they occur. News of any changes are always posted on the Board’s website.

You can receive e-mail alerts of any changes by signing up for our “News by e-mail” alert service – which is free of charge and available on our website at www.pensionsboard.ie

May 2009

 
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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