Thanks for that sunny. I have projected value of €1.3M and I was wondering if that is based on today's contributions, or are they assuming i will increase my contriibutions every time I able to (e.g. age 30/40/50/55/60+ I will increase to max allowable). I know the values take inflation etc into account.
Projected values usually assume that your contributions increase each year but you will need to clarify this. There is no real way to know what your final fund because it will depend on things like contribution levels and investment returns. Everything will be informed guesswork. On those levels of contributions though, you won't need to worry about the €2.3m cap! Maybe one day you will but for the moment will be well short of it.
I can't post links on this site - just google the title of the above article and you will find the full textPension fund threshold could be slashed even further.
March 14, 2011
Emma Kennedy , The Sunday Business Post writes.
The new coalition partners could slash the maximum pension fund a person can receive tax relief on during their lifetime by more than €1 million.
The standard fund threshold – the total tax-relieved pension pot a person can accumulate – currently stands at €2.3 million. The limit was cut by more than half in last December’s budget, taking it from€5.4million to its current level.
I am 28, employer pays 8% (€458) and I pay 7% (€402) per month. At the moment, I intend to continue contributing maximum value possible into the fund depending on my age.
Its a total of 15% inc. employer contribution if you are under 30 years of ageAFAIK You can pay up to 15% yourself. This does not include your employers contribution... which could give you a total of 23%..
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