Reports to the Minister for Social Protection

Trusteeship Report

The report of The Pensions Board to the Minister for Social and Family Affairs on trusteeship was published in 2007.

This report represents a review of trusteeship as requested by the Minister. The main objectives of the report were to:

  • evaluate the trust model of pension scheme governance
  • identify potential regulatory and governance improvements that can be made to enable the trust model to perform more effectively
  • examine the supports in place for trustees.

Income Continuance Plans Report

The Board published a report on income continuance plans in 2003. The report was undertaken following a request to the Board from the Minister.

Special Savings for Retirement Report

The Pensions Board presented a report entitled 'Special Savings for Retirement’, to the Minister for Social and Family Affairs on 5 July 2006.

This report was in response to a request from the Minister to the Board to explore the general principles in relation to a mandatory or quasi-mandatory pension system with a view to recommending the most appropriate system for Ireland at a practical level and to cost this. The request was a follow-up to the National Pensions Review completed by the Board in 2005 which assessed progress of pension provision in Ireland since implementation of changes from the National Pensions Policy Initiative.

The report is available in the 'Related Documents' section.

The National Pensions Review Report

The Report of the National Pensions Review (NPR) was launched in January, 2006.

To view the NPR please click on links under 'Related Documents'. The report has been divided into the main National Pensions Review Report and eight attached appendices, the titles of each of the appendices are listed below:

Appendix 1: Letter from Minister for Social and Family Affairs, dated 3 Feb 2005
Appendix 2: Scope and main components of Review
Appendix 3: Submissions received
Appendix 4: Mercer HR Consulting report on pension provision in other countries
Appendix 5: Hewitt Associates report on benefit options at retirement
Appendix 6: Life Strategies/ESRI report on alternative systems of pension provision
Appendix 7: Hewitt Associates report on possible State involvement in second pillar provision
Appendix 8: Indecon review of potential options to encourage increased pension coverage

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About the Pension’s Calculator

  • This pension’s calculator is designed to give a broad indication of the level of contributions required to give your desired pension at your retirement age. This calculator only provides a sample indication of the funding contributions for your pension and no reliance should be placed on it.
  • This calculator does not take into account any contributions an employer might make to your pension.
  • Do you know that contributions paid to a pension scheme will benefit from income tax relief at your highest rate of income tax? This calculator takes into account current income tax relief benefits.
  • For a full and accurate assessment of your personal finances and any tax relief you may be entitled to on your pension contributions always consult with a professional financial adviser

The next step is to talk to your employer, trade union, bank, insurance company, building society or financial advisor about starting your pension today.

Pension Calculator Notes:
  1. Assumptions used: Investment return will be 5% per year before retirement and 4% per year after retirement. Salary will increase at 3% per year. Pension will increase at 2% per year in retirement. The State Pension will increase in line with salary increases. Spouse's annuity assumes a 3 year age gap between the Main Life and Spouse. Your personal illustration above makes an approximate allowance for the recently introduced Pensions Levy (i.e. 0.6% of your Fund Value) until 2014 or your intended retirement year if earlier.
  2. Contribution amounts shown will increase each year as salary increases.
  3. The actual pension at retirement will depend on actual investment return and salary inflation up to retirement and on the cost of purchasing annuities at retirement.
  4. Tax relief calculations take account of age related limits on tax relief in any given year as prescribed by the Revenue. Your financial advisor will be able to help you to stay within your limits. The maximum tax relief as a % of earnings are as follows:
         Under 30: 15%
         30 to 39: 20%
         40 to 49: 25%
         50 to 54: 30%
         55 to 59: 35%
         60 and over: 40%
  5. Contributions or benefits may exceed limits prescribed by the Revenue. Your financial advisor will be able to help you to stay within your limits. Budget 2011, introduced a Standard Fund Threshold (SFT) of €2.3 million. Individuals with pension funds in excess of this value as at 7 December 2010 may apply for a Personal Fund Threshold(PFT). When the capital value of pension benefits drawn down by an individual exceed his or her SFT or PFT as appropriate, a tax charge of 41% is applied to the excess fund.
  6. In these net contribution calculations, PAYE & single persons tax reliefs and single persons tax bands are assumed. It is also assumed that no other tax reliefs apply.
  7. The annuity rate used to convert your pension fund at retirement age is a long term average annuity rate, which makes no allowance for the recent gender equalisation ruling. The annuity rate used in your personal illustration above will be shown when you run the calculator.
  8. This calculator takes account of the fact that the State Pension (Transition) will no longer be paid from 1 January 2014. This means that there will then be a standard State Pension age of 66 years for everyone. If you have qualified for the State Pension Transition before 1 January 2014 you remain entitled to it for the duration of your claim (1 year). State pension age will increase to 67 in 2021 and to 68 in 2028