terms of use

TERMS OF USE

  • Disclaimer: The information contained on this website is not to be considered financial advice, nor act as a substitute for financial advice, under any circumstances since no account is made, or provided for, any relevant personal circumstances which may materially impact on your ability to invest for retirement such as risk tolerance, investment experience, existing assets, debts, loans, insurance requirements or financial literacy.
  • Please note that all figures and illustrations are estimates only and are not guaranteed. They are not a reliable guide to the future performance of any investment. The information contained within is not legally binding and is neither an offer of contract nor the creation of a binding contract.
  • The accuracy of the results are not guaranteed as they are wholly and entirely dependant on the accuracy of the information entered functioning as it does in an automated capacity. No person or persons have intervened with the production of the results shown. If you wish to speak with us in relation to your results you can book a financial review meeting at hello@thepensionstore.ie.
  • While every effort has been made to ensure the accuracy of the results shown it should be noted that they are entirely based on your current circumstances and make no allowances for these circumstances changing by chosen retirement age. This is particularly relevant where no allowances are made for the widening tax relief bands as this may allow for an increased scope in funding which may lead to a greater potential fund at retirement.
  • The pension store does accept responsibility for any misinterpretation of the results as errors, limitation, exceptions and anomolies can be expected. We accept no liability, in whole or in part, for any actions taken or decisions made by any individuals or entities through its use. Your use of this website, and consent to proceed, is deemed acceptance of the terms of use.
  • All materials, unless otherwise stated, are the copyrighted works of The Pension Store Ireland Ltd which may not be reproduced, copied or used without express prior permission.
  • The Pension Store Ireland Limited trading as the pension store, the insurance store, the investment store is regulated by the Central Bank of Ireland.

Assumptions Used:

  • Your birthday is assumed to be the 1st of January and your retirement age is deemed to occur on the 1st of January in the year of your chosen retirement age. The assumed term used to calculate the duration of contributions is based on a full year basis from the date the calculator is used to the same date in your nominated retirement year.
  • Throughout all illustrations, monthly contributions are assumed to remain level and all contributions are paid in full for the full duration of the term up until chosen retirement age. This model operates on a retirement age range of between 60 and 70 inclusive. State pension entitlements are not factored into the results displayed. It should be noted that company directors can claim benefits from the age of 50 and that employees and self employed can postpone benefits until age 74.
  • The assumed gross investment return used for all illustrations is 5% per annum before charges which is in line with the guidelines issued by the society of actuaries in Ireland. This rate is for illustration purposes only and is not guaranteed. Actual investment returns will depend on the performance of the underlying investments and the value of your investment will go down as well as up meaning actual results may be more or less than the figures illustrated and no account is taken for the effects of lifestyling or active derisking approaching retirement.
  • All illustrations assume a pension plan with an allocation rate of 100% and annual management charge of 1.25%. No allowance is made for levies, policy fees or other associated charges.
  • Pension income in payment is subject to income tax at your marginal rate, universal social charge, pay related social insurance (PRSI) and any other applicable taxes, levies or duties at that time.
  • Annuity payments in retirement are assumed to be paid monthly in advance, remain level over the term and subject to a minimum payment period of 5 years with no spouse provision in the event of your death. The annuity rate used is not guaranteed as annuity rates are variable and can fluctuate greatly over time.
  • An annual inflation rate of 2.5% is allowed for each year up to retirement which is consistent with the guidelines issued by the society of actuaries in Ireland. This is used to express the future value of the projected pension fund required at retirement in today’s terms and projected pension fund values illustrated in today’s terms. This is not a forecast as the actual long term rate of inflation will differ.
  • Illustrations are calculated on the basis of no material changes until your chosen retirement age. Results are displayed as a proportionate sliding scale of your annual tax relief allowance, being displayed as 100%, 75% 50% and 25% and relates to current pensionable income only. These are nominal figures for display and comparison purposes as any percentage can be chosen up to and including 100%.
  • The tax relief rates used are taken at your current age, determined by the age you entered on the website and related to the income figure entered. Tax relief is apportioned based on your age as follows; Under 30: 15%, 30 – 39: 20%, 40 – 49: 25%, 50 – 54: 30%, 55 – 59: 35% and 60 + at 40%. Figures displayed make no allowances for widening of tax relief bands which allow for greater funding allowances and maximum salary for employee and self employed funding purposes is taken at €115,000.
  • Any employer contributions entered, and qualifying tax reliefs, are assumed to continue for the full duration of the term which may or may not be the case. This is for illustration purposes only and should not be seen as a long term guaranteed benefit.
  • Tax relief on pension contributions is not guaranteed as all payments into pensions are subject to the approval of revenue. To be eligible for tax relief, qualifying income must be taxable under schedule E or schedule D and is at the discretion of your local inspector of taxes. These figures relate to total gross earnings for employees and net relevant earnings for the self employed. For the purposes of the calculator this is assumed to continue until retirement and no allowance has been made for an escalation of contributions for the term and is for illustration purposes only.
  • The income tax threshold is taken as €34,550 and tax relief is weighted accordingly where the annual eligible contribution total crosses over between the standard rate tax band and the marginal rate tax band. This figure relates to the changes made in the budget 2017 and this figure is not guaranteed or constant as it is variable through budgetary changes.
  • Years of service relate to current role only. This is of particular relevance to the revenue maximum calculations for company directors and tax free cash calculations for both directors and company employees. Figures shown are wholly and entirely dependant on the figures entered.
  • Unless otherwise stated a mortality age of 85 is assumed.
  • The retirement options sent by email are based on the inflation adjusted current value of projected retirement benefit figures for the option chosen. An inflation rate of 2.5% compounded is used to illustrate the projected retirement benefit in today’s terms. Actual options illustrated are based on current options, allowances and thresholds only and may change in the future so they should not be seen as constant or guaranteed in any way. time.
  • All claiming illustrations are generic and make no allowances for individual circumstances and should be treated as such. An indicative annuity rate of 4% is used to illustrate the estimated monthly income benefit. This rate is not guaranteed and is for illustration purposes only as the rate you get at retirement is likely to be different since it will depend on the prevailing rates at that time and the election of enhancements such as a spouse’s provision, extended guarantee period or escalating payments.
  • Within the claiming options the assumption is made that the AMRF provision is required and where this AMRF provision is required it is taken to be at the maximum value of €63,500. This provision is not required if you are in receipt of a guaranteed annual income of €12,700. If additional tax free cash can be secured, subject to standard rate of tax, with the fund size displayed it will be assumed as the option chosen and the amount of tax paid is displayed as a result.
  • Where figures are entered to represent the value of current pensions or pensions relating to a previous employment their projected values are made on the basis that no further contributions are made and a 5% rate of annual growth is assumed on the capital sum only with a 1.25% annual management charge being applied which may or may not be the case for you.
  • The figures entered for previous pensions are assumed to be personal arrangements. No consideration has been given to the specific rules applying to them. You should not treat the forecasted projections of these funds as indicative as the options applicable to these benefits may be restricted.
  • Final salary projections for the purposes of lump sum only illustrations are calculated on the basis of 2.5% per annum in line with the guidelines issued by the society of acturies. For the purposes of expected career earnings a figure of 2% is taken which is sourced from a 2015 central statistics office report which can be seen here
  • Lump sum only illustrations are calculated on the basis of total full years of service completed nominated by normal retirement age and on the basis of inclusion under an occupational pension scheme only. Benefit is limited to a maximum of 1.5 times salary based on 20 fully completed years in the same employment up to a tax free threshold limit of €200,000. Personal pensions/PRSA’s are ineligible. Final salary calculations are based on a 2.5% annual escalation as mentioned above. Where this option is chosen and there is a final pension value in excess of €200,000, the excess balance must be used to buy an annuity.
  • Lump sum only illustrations do not make any allowances for existing tax free entitlements that you may have. No calculation is made in relation to tax free cash entitlements on any values entered under previous arrangements on the website.