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Pension Calculator

This calculator allows you to estimate the contributions you should be paying to your pension to provide your Target Pension in retirement.

This is the percentage of pre-retirement salary you are targeting as a pension in retirement

Your Target Pension is the pension in current day money terms which you would like to receive in retirement. This calculator includes the State Pension as part of the Target Pension payable from the state retirement age. The current State Pension is €13,796 per year (or €265.30 per week) as of January 2023.

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    1. You may be entitled to a state social welfare pension in retirement. The current state social welfare pension is €11,976 per year (or €230.30 per week) as of January 2012.

      Your age today will determine what age you are eligible to receive the statesocial welfare pension.

      The state social welfare pension is payable from the following ages:
      Age 66 from 2014
      Age 67 from 2021
      Age 68 from 2028

      18 70
    2. You must enter your gross annual salary
    3. 50 70
    4. You must select a Target Pension as % of Pre-Retirement Salary
      0% 66% 50%
      € per annum

    The calculator assumes that your retirement fund pays an annual management charge of 1% per annum. In addition, a 5% contribution charge is assumed to be paid on each regular contribution (based on Standard PRSA fees and charges maximum limits). You should contact your pension provider to confirm what charges you are actually paying as these can have a significant effect on your retirement fund which determines your retirement income.

    Your annual gross salary is your current annual salary before any tax or other deductions.

    Currently the State Pension is payable from age 66.

    Revenue currently allows individuals to take a lump sum from their pension on retirement subject to Revenue limits. This lump sum will be funded by reducing your annual pension in retirement.

    This is the percentage of your pre-retirement salary that you wish to target for your retirement.

    Your Target Pension is the annual pension you would like to have in retirement in current-day money terms. It includes the State pension which is currently paid from age 66. The maximum amount of the State Pension is €14,420 per year or €277.30 per week from January 2024. This calculator assumes you will qualify for the full State pension (Contributory) when you retire.

    Are you currently making regular contributions to a pension fund, either privately or through an occupational pension plan? If so, please input your current fund value and monthly contributions which can be found in your benefit statement.

    The percentage of your gross salary which you are currently paying into your pension fund.

    Income tax relief is generally available on pension contributions as long as they don’t exceed the age and earnings-based limits set by Revenue. See chapter 3 of the Revenue Pensions Manual for details.

    If you currently have a pension fund, please enter the value of that pension fund in the field shown

    This is the percentage of your gross salary (if any) which your employer is currently paying into your pension fund.

    Projected value of existing fund at age

    Projected accumulated employer contributions

    Projected accumulated employee contributions

    Projected accumulated government tax relief savings

    Total Projected Pension Fund Value

    This projected pension fund could be used to provide an estimated annual pension of

    Your Results

    IMPORTANT NOTE

    The annuity rate used in the calculations is based on market annuity rates as at 1 May 2016. The actual annuity rate at retirement may differ from the annuity rate used in your illustration.

    All figures shown above are in present day terms

    Based on the assumptions used by this calculator, you are not expected to meet your Target Pension of p.a. in retirement.You need to increase your contributions to of Salary a year in order to meet your Target Pension. Alternatively, you could consider reducing your Target Pension in retirement or retiring at a later age.

    See below your additional contribution requirement to meet your Target Pension depending on the age at which you start contributing.

    You should keep your contributions to your pension under regular review.

    You have exceeded your Target Pension of p.a. in retirement. You may wish to consider reducing your contributions by a month. Alternatively, you may wish to increase your Target Pension or retire earlier than currently intended.

    You should keep your contributions to your pension under regular review.

    Based on the assumptions used by this calculator, you are currently making sufficient contributions to meet a Target Pension of p.a. in retirement.

    You should keep your contributions to your pension under regular review.

    Additional contributions required to provide your Target Pension in retirement