Quick and easy way to calculate your pension gap

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Regular contributions are paid in advance (i.e. at the start of each month). Regular contributions go up by 1.5% per annum each year over the term of your plan. Contributions are invested in a Conductor PRSA (0%) product, which has a fund management charge of 1% per annum and a contribution charge of 0% of each contribution.

Where a fund invests in another fund(s), additional charges may apply.  These charges may vary depending on the specific investments in each fund.  Where these charges are applied, they are reflected in the unit price. The illustration in this calculator includes an estimated charge (if applicable) to reflect this.   You can find out more details from your financial broker or get in touch with us.

The projected values assume an investment growth before retirement of 3.05% where you have 5 years or more to retirement or 2.05% where you have less than 5 years to retirement. This growth rate assumes an investment strategy of 30% cash, 30% bonds and 40% equities. Depending on the investment fund(s) you choose, the expected rate of growth from your investment may be different. This rate is for illustrative purposes only and is not guaranteed. Actual investment growth will depend on the performance of the underlying investments and may be more or less than illustrated.

The assumed inflation rate for present day values and values at retirement is 1.5% p.a.

The illustrations contained in this quotation follow the guidelines issued by the Society of Actuaries in Ireland.

The estimated annuities quoted are payable monthly in advance and guaranteed for 5 years and life thereafter:

The annuity rate used assumes an attached spouse's annuity of 50% of the main life's annuity which is payable on the death of the main life. Annuity payments increase by 1% per annum.

The actual annuity rate at retirement is likely to differ from the annuity rate used in the illustration. Different annuity options can be chosen at retirement.

This calculator puts a cap on the maximum contribution that can be paid based on your salary and age. You can pay in more than this cap but such contributions will not qualify for tax relief. If you want to see the effect of paying in such additional contributions please talk to your financial broker who can arrange for a specific quotation to be provided to you.

Under the new National Pensions Framework, the age at which people qualify for the State pension will increase over time – to 66 years of age from 2014, 67 in 2021 and 68 in 2028. The amount payable may vary depending on certain criteria being met. The State Pension (Contributory) is €12,912 p.a. in today’s terms.

Disclaimer: The assumed inflation rate for present day values and values at retirement is 1.5% p.a. All values are for illustrative purposes and are not guaranteed.

The information presented is based on Aviva Life and Pensions Ireland DAC’s understanding of current Revenue practice as at March 2019 and may change in the future.