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What pension would i get for 6.5% of 33K Salary

  • 28-02-2010 12:04am
    #1
    changes
    Closed Accounts Posts: 959 ✭✭✭


    Hi,

    If i was to pay 6.5% of my salary of €33,000 towards a pension. How much of a pension would I be able to retire on at 65. Assuming I worked 40 years at that salary.

    Thanks


Comments

  • #2
    homer911
    Registered Users, Registered Users 2 Posts: 5,150 ✭✭✭homer911


    Changes - you are asking an actuarial based question which I dont think you will get an acceptable answer to here - you are essentially asking what level of compound growth can you expect and what level of annuity can you hope to buy - only an actuary could provide a half-reasonable answer to that - and what about inflation and career progression/salary increments? Personally I wouldnt trust any answer posted here...You need proper pension advice


  • #3
    pog it
    Registered Users, Registered Users 2 Posts: 2,912 ✭✭✭pog it


    Deleted post as it didn't directly answer OP's question. Sorry!


  • #4
    BrownianMotion
    Registered Users, Registered Users 2 Posts: 94 ✭✭BrownianMotion


    A friend of mine recently asked this question, and judging by the figures quoted I'd suspect this is for the same reason.

    Roughly speaking you'd get 5.5k/6k a year taking some very broad based assumptions. Add that to the State pension and you'd be able to hit half your salary.

    I'm working under the assumption here that you are in the public service and simply asking this question out of curiosity. (6.5%= pension levy)

    If you are not then you should take homer911's advice and talk to an appropriate advisor as every individuals needs are different.


  • #5
    changes
    Closed Accounts Posts: 959 ✭✭✭changes


    BrownianMotion wrote: »
    A friend of mine recently asked this question, and judging by the figures quoted I'd suspect this is for the same reason.

    Roughly speaking you'd get 5.5k/6k a year taking some very broad based assumptions. Add that to the State pension and you'd be able to hit half your salary.

    I'm working under the assumption here that you are in the public service and simply asking this question out of curiosity. (6.5%= pension levy)

    If you are not then you should take homer911's advice and talk to an appropriate advisor as every individuals needs are different.

    Thanks Brownianmotion,

    Yeah i'm a public servant and i am curious to know if i am overpaying now with my pension contributions and the pension levy.

    I'm post 1995 and had 2 pension deduction coming out of my wages before the pension levy. Now I have the 2 plus the pension levy - 3 deductions in total.


  • #6
    rainbowtrout
    Registered Users, Registered Users 2 Posts: 15,397 ✭✭✭✭rainbowtrout


    changes wrote: »
    Thanks Brownianmotion,

    Yeah i'm a public servant and i am curious to know if i am overpaying now with my pension contributions and the pension levy.

    I'm post 1995 and had 2 pension deduction coming out of my wages before the pension levy. Now I have the 2 plus the pension levy - 3 deductions in total.

    Your pension on retirement won't change even though you're now paying more with the pension levy.

    I'm public service too (teacher). If you work for 40 years, full service, you get 40/80ths of your final salary as your pension (Pension is calculated as 1/80 x number of years of service given , so 1/80 x 40 = 40/80). This includes the state pension. You also get a lump sum of 120/80ths of your final salary (3/80 x years of service given). You are probably on incremental pay so you won't finish on 33K.

    You probably have Superannuation 1 and 5 coming out of your salary and also Widows and Orphans as well as the Pension Levy.

    So for example if you finish your 40 years on 50k, you will get a pension of 25K and a lump sum of 75k

    If however you do stay on 33K (which I can't imagine happening), you will get a pension of 16.5K and a lump sum of 49.5k


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