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Assumptions

  1. All values shown are in present day money terms, i.e. the calculations aim to take account of inflation between now and your retirement date.
  2. You are assumed to be eligible to receive the full State Pension (Contributory) from your state pension age. The amount of the State Pension (Contributory) is €14,420 per year (or €277.30 per week) from 1 January 2024, payable from age 66 to an individual qualifying for the maximum rate of the State Pension.
  3. The calculator assumes that your retirement fund pays an annual management charge of 1% per year. In addition, a 5% contribution charge is assumed to be paid on each regular contribution. These charges are assumed, based on the maximum charges permitted for ‘Standard PRSAs’.
  4. Regular monthly contributions are assumed to continue to your retirement age and are assumed to increase by 3% per year over the term to your retirement date.
  5. Investment return is assumed to be 4.75% per year after expenses until 10 years before your retirement date. The investment return is then assumed to reduce annually to the post-retirement interest rate over the 10 year period prior to retirement. This is intended to reflect a common investment strategy of defined contribution pension scheme members and allows for a reduction in risk during the 10 year period leading up to retirement. The investment return earned on your fund is estimated to be 0.0% per year, on average, after expenses from now until your retirement date.
  6. The annuity rate used to calculate your pension at retirement is based on a combination of market annuity rates as at 1 November 2023 and a long term annuity rate using a post-retirement interest rate of 2% p.a. after expenses. Your pension is assumed to increase at 2% per year in retirement and is assumed to be guaranteed to be paid for a minimum of 5 years.
  7. The annuity rate used in the calculations is based on a combination of market annuity rates as at 1 November 2023 and a long term average rate. The actual annuity rate at retirement may differ from the annuity rate used in your illustration.
  8. The calculations assume a 50% spouse’s pension on death in retirement. You and your spouse are assumed to be the same age.
  9. Your existing pension arrangement (if any) permits benefits in line with those selected.
  10. If your earnings are less than €42,000, your marginal tax rate is assumed to be 20%. Alternatively, if you are earning more than €42,000 your marginal tax relief is assumed to be 40%.

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