I think I've taken up enough of my broker's time for one day! Perhaps NorthStar or SBarrett could be prevailed upon to source a quote for you.
If you wouldn't mind could you provide the numbers for someone retiring at 65 with an annuity of 1m?
I think I've taken up enough of my broker's time for one day! Perhaps NorthStar or SBarrett could be prevailed upon to source a quote for you.
PS pensions are index linked - you really need to assume that the annuity will increase in line with inflation.
Here's what i got from from Irish Life
Pension Details
Investment Protection: No
Can somebody please explain this element of the Pension details
If i put in an Escalation rate it will half the starting pension payout
My understanding is that investment protection is an additional benefit whereby an annuitant's estate will receive a payment if the annuitant dies within a specified period. Obviously that additional benefit comes at an additional cost.
I think the phrase "Guaranteed Term" covers that. Which still leaves me wondering what "investment protection" refers to
I would like to verify the quote you posted.
Assumptions
- Unless otherwise indicated you are entitled to the maximum State Pension (Contributory) of currently €998 per month provided your retirement age matches the age at which the State Pension becomes payable. The State Pension becomes payable at age 66 if born on or before 31st December 1954, age 67 if born between 1st January 1955 and 1st January 1961, and age 68 if born on or after 1st January 1961 provided that you have made sufficient qualifying contributions.
- Your monthly pension contribution increases by 3% each year up until your retirement age and is invested in a pension plan with an annual management charge of 1% and a 5% charge on each contribution. These charges are in line with the maximum Standard PRSA fees and charges.
- The investment return before retirement is 6% per annum before charges. This rate is for illustration purposes only and is not guaranteed. Actual investment returns will vary.
- All monetary amounts are expressed in future terms.
- The calculations do not allow for the Government Pension Levy or any other levy or tax.
- The annuity rate used to calculate the estimated pension is based on a post-retirement interest rate of 3% per annum and is in line with the guidelines issued by the Society of Actuaries in Ireland. In practice, the amount of pension purchased will depend on the annuity rates prevailing at the time of retirement.
- The calculations assume that annuity payments will remain level over the term and are payable for the life of the individual subject to a minimum period of 5 years.
- The calculations assume that no pension will be paid to your spouse/dependants in the event of your death in retirement.
- Please note that pensions in payment are subject to tax and other duties.
- The rate of tax relief available in practice depends on the rate of tax you actually pay. Tax relief is subject to upper limits which are based on age. There are also other Revenue conditions which apply. These have not been taken into account in the Retirement Income Calculator which is intended purely for illustration purposes only.
- Please note that pensions and contributions to pensions are subject to approval by the Revenue Commissioners. Terms and conditions and Revenue limits apply.
Am I missing something ?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?