Hi,
I am trying to figure out how much will be in my pension pot when I retire. I have looked at my literature, but i believe that projected value is based on contributions continuing at today's rate.
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.
I am currently in discussions with employer to renogiate my salary package to factor in the drop of value of my contributions over the coming years due to recent Government policies. I calculated that my annual contributions, last year had a total value of around €9000 taking all relief into account). By 2014 this should have droped to around €5300. As i moved back to Ireland 16months ago (same job, same employer, just on a local contract), and had to leave my non-contribution final salary pension as a result, pensions have been a bit of a headache for us all. My boss is adament that I will not be in any worse financial position than from the day I signed my contract to come over here, so I am trying to calculate everything to give HR a final overview. I am one of 3 employees kin Ireland for the company and the only one on a contribution pension so can't get advice from my colleagues.
Due to the recent €2.3M cap introduced, I would like to get an idea of how much my final fund will be worth, and what tax I would be obliged to pay on the balance to use as another negotiating point....
I hope this makes sense in some way - I'm trying to have a crash course in pensions over the last few weeks! I have left a message with my pension administrator to call and discuss (figure that is what they are paid to do), but appreciate the help form the boards.
Thanks i advance.....
I am trying to figure out how much will be in my pension pot when I retire. I have looked at my literature, but i believe that projected value is based on contributions continuing at today's rate.
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.
I am currently in discussions with employer to renogiate my salary package to factor in the drop of value of my contributions over the coming years due to recent Government policies. I calculated that my annual contributions, last year had a total value of around €9000 taking all relief into account). By 2014 this should have droped to around €5300. As i moved back to Ireland 16months ago (same job, same employer, just on a local contract), and had to leave my non-contribution final salary pension as a result, pensions have been a bit of a headache for us all. My boss is adament that I will not be in any worse financial position than from the day I signed my contract to come over here, so I am trying to calculate everything to give HR a final overview. I am one of 3 employees kin Ireland for the company and the only one on a contribution pension so can't get advice from my colleagues.
Due to the recent €2.3M cap introduced, I would like to get an idea of how much my final fund will be worth, and what tax I would be obliged to pay on the balance to use as another negotiating point....
I hope this makes sense in some way - I'm trying to have a crash course in pensions over the last few weeks! I have left a message with my pension administrator to call and discuss (figure that is what they are paid to do), but appreciate the help form the boards.
Thanks i advance.....