Articles and Guides

Our experts have put together articles and guides to help you understand the world of insurance and financial services. Looking for the perfect home insurance policy or wondering how to insure your vintage car? Our blogs cover what you need to know to get the right insurance for you

What’s the difference between car and van insurance?

Insuring your vehicle is crucial to protect you, your passengers, and other drivers against any accidents or unexpected damage. With...

What does home insurance cover?

Home is where the heart is. And your house is likely to be one of the largest investments you’ll make....

Car Insurance Glossary

The world of car insurance can get confusing — there’s no doubt about it! Still, if you’re in the process...

How Can I Renew My European Health Insurance Card (EHIC)?

If you travel in the EU, you probably have a European Health Insurance Card (EHIC) in your wallet. The good...

What is Comprehensive Car Insurance?

Comprehensive car insurance offers full financial protection. It means that your insurance provider will pay out in almost all cases....

What is Voluntary Excess in Car Insurance?

Choosing the right car insurance is an integral part of vehicle ownership. However, sometimes it’s hard to sift through the...

When Does a Car Become a Classic For Insurance in Ireland?

In Ireland and for motor tax purposes, a vintage car is defined as being more than 30 years old. If...

How to Look After your Car in Lockdown: A Step-by-Step Guide

Everyone loses their momentum a bit during lockdown. The things that used to take priority can end up taking a...

What to Look For When Comparing Car Insurance

Finding the right car insurance - how complicated can it be? With so many insurers promising the best coverage at...

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Important Assumptions

For the purpose of determining the term over which pension contributions are made, we have assumed your birthday was exactly six months ago.

If your target retirement age is lower than the age at which the Social Welfare pension commences (age 68 if you are born on/after 01/01/1961, age 67 if born before this date but on/after 01/01/1955 and age 66 if born before 01/01/1955) the calculations allow for funding for this gap, in addition to the cost of the annuity.

You are entitled to a full Social Welfare pension of €248.30 per week as at March 2019 which is assumed to increase by 2.5% per year.

You are saving for the difference between the Social Welfare pension and your target monthly income in retirement.

We have allowed for inflation of your target monthly income of 2.5% per annum between now and your retirement date.

Any other private pension provision you may have in place has not been taken into account.

Your monthly pension contribution increases by 2.5% each year up until your retirement age and is invested in a pension plan with an annual management charge of 1% and a 5% charge on each contribution, in line with the Standard PRSA fees and charges maximum limit.

A Gross Investment Return of 4.2% per annum on your savings. This is not a forecast because the value of your investment may grow at a faster or slower rate than assumed and the value of your investment may be expected to fall from time to time as well as rise.

On retirement you purchase an annuity which escalates at 1.5% each year, has a 5-year guarantee and is payable monthly in advance. The annuity rate assumes a post retirement interest rate of 2% per annum and no spouse’s pension. The actual annuity rate will depend on the selection of dependant’s pension, guaranteed period and the escalation rate, as well as interest rates prevailing when the annuity is purchased.

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