Pensions Board Links Up With CPL To Launch New Pensions Initiative As Part Of International Women’s Day

Wednesday 8 March 2006:Pensions Board links up with CPL to Launch New Pensions Initiative as part of International Women's Day

‘Women in particular need to focus on their pensions’:
Anne Maher, Chief Executive, Pensions Board

Wednesday 8th March 2006: The Pensions Board has marked International Women’s Day by teaming up with CPL, Ireland’s leading recruitment company, which will now provide pensions information to those seeking employment. The initiative will see 30,000 candidates every year given the Pensions Board “Checklist” which encourages them to start a pension when they begin their new position.

The Pensions Board / CPL information initiative provides job seekers with a first step guide to the main items that people need to address in relation to preparing for an adequate income in retirement. The Checklist has 10 key questions for people to ask themselves about their pension status. It also includes a sample taken from the Pensions Board online Pensions Calculator promoting the need for people to take action on starting a pension.

As part of International Women’s Day, the Pensions Board is stressing that women are particularly vulnerable in the area of pension provision. Only one third of working women outside the public service, and just 46% of the women in the Irish workforce overall, currently have pension coverage.

Commenting on the new initiative, Anne Maher, Chief Executive, Pensions Board said: “The recruitment sector is in an ideal position to provide pensions information to those changing employment or starting a new job. By law your employer must provide you with some form of access to a pension, whether you are in full-time, part-time, temporary, contract or casual employment. It is very important that employees ask their employer what pension arrangements are available to them”.

“We chose International Women’s Day to launch this initiative because women in particular need to focus on their pensions and this link-up with the recruitment sector will help us reach our key target areas.”

CPL is the first recruitment company to become involved in this initiative. The company is headed by Anne Heraty, one of Ireland’s leading female entrepreneurs.


Discussing the initiative, Anne Heraty, Chief Executive, CPL said: “At CPL we have a higher percentage of female candidates than male, so it is fitting that this partnership with the Pensions Board is launched today, International Women’s Day. We recognise the importance of pensions for all our applicants and we are delighted to be in a position to provide them with the Pensions Checklist.”

The Pensions Board also has a booklet on ‘Women and Pensions’ and a range of other booklets available free of charge by visiting the Board’s website on www.pensionsboard.ie.

About the Pensions Board
The Pensions Board is the statutory body set up to regulate occupational pension schemes and Personal Retirement Savings Accounts (PRSAs) and to advise the Minister for Social Affairs, and through him, the Government, on overall pension policy development.

About the CPL Group
The CPL Group has ten offices in Ireland and is the leading provider of permanent and temporary staff in Ireland, offering recruitment, outsourcing and HR solutions to the public and private sectors. CPL places 20,000 temporary and contract candidates, and 9,000 permanent candidates every year across a wide range of sectors, including technology, accounting and finance, healthcare, pharmaceutical, sales, engineering, light industrial, and office administration.


Media Queries:

Mary Hutch
Head of Information and Training
The Pensions Board
Tel: (01) 6131900

Jackie Gallagher
Q4 Public Relations
Tel: 01 4751444
Mobile: 087 2371838

 
Back to Top
Print
Email this Page
 
 
Pensions Board
Pensions Board - Engage with your Pension

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

Website survey

We want to hear your views and comments about our website which will help us enhance our services to you in the future. To answer the 6 short questions, just click the link here to begin.

Thank you!

Continue » No Thanks