Pensions Board bringing the world of pensions

3 June 2005: The Pensions Board is bringing the world of pensions to the Woman’s World Show at the RDS in Dublin this weekend. The Pensions Board will have an information stand at the event and personnel will be available to discuss all aspects of pension provision.

The Board considers the issue of women and pensions to be a very serious matter given that only 46% of women in the Irish workforce have pension coverage. Women are particularly vulnerable in the area of pension provision with only one third of working women outside the public service currently having a pension arrangement.

Speaking about the issue, Mary Hutch, Head of Information and Training, Pensions Board said: “We’re hoping that while the women at the Show are checking out the health and beauty stands at the Woman’s Show, they will also consider their financial wellbeing and visit The Pensions Board stand this weekend”.

“Women of every age need to secure their future now and look at their pension arrangements. And although for many of these women retirement may seem like a lifetime away, the sad reality is that unless attitudes change, retirement for hundreds of thousands of women in the future may mean managing on the State pension of €179.30 per week,” said Ms Hutch.

The Pensions Board recently launched a comprehensive booklet outlining the way in which women can provide financial security for themselves as well as addressing the many pension issues specific to women, whether they are married, separated or divorced, working in the home, working as a carer, part-time work, maternity, parental leave and re-entering the workforce.

‘Women and Pensions’ and a range of information booklets published by the Board are available free of charge by contacting the Information Unit at the Pensions Board on Lo-Call 1890 65 65 65 or on (01) 6131900 or by visiting the Board’s website www.pensionsboard.ie.

About The Pensions Board
The Pensions Board is the statutory body set up to regulate occupational pension schemes and Personal Retirement Savings Accounts (PRSAs) and to advise the Minister for Social Affairs, and through him, the Government, on overall pension policy development.

Media Queries:

Mary Hutch
Head of Information and Training
The Pensions Board Tel: (01) 6131900

Jackie Gallagher
Q4 Public Relations Tel: (01) 4751444 Mobile: (087) 2371838

 
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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