Maximum Funding Calculator
This calculator is based on Zurich Life's current understanding of Revenue's maximum funding rules.
The report provided is for information purposes only and does not constitute financial advice. Zurich Life recommends that you speak with a professional financial broker or advisor before making any decisions.
All figures provided are based on information provided by you. Any incorrect information provided by you could result in incorrect results being produced which in turn could result in adverse tax consequences.
This report does not allow for part-time or temporary employment. Please contact Zurich Life or a professional financial broker or advisor if you need information on funding for part-time or temporary employment.
To keep your funding position up to date, you should review your financial situation on an ongoing basis.
Individual circumstances can be significantly different from the results provided.
Any figures are for illustrative purposes only and are not an offer of contract.
Your details
Retained pension benefits
Current employment
Special Lump Sum Contribution
Only fill in the below if you are looking to invest a special contribution now and wish to see the impact of this special contribution on future pension funding via Ordinary Contributions (Illustrated under Option 4 in the report).
Report
Your report will appear here once all of the required fields have been completed.
Report on Maximum Funding Position for
Existing Pension Details
| Defined Contribution (fund) | Defined Benefit (per annum) | |
|---|---|---|
| Retained Pension Benefits: | ||
| Current Employment: |
Master Trust contribution options
A. Ordinary Contributions
These figures are the maximum ongoing contributions that can be made up until retirement, assuming no special contribution is paid.
... or
You do not appear to have scope to make future ordinary contributions.
Please discuss with your Financial Broker or Advisor.
B. Special Contribution for Past Service
These figures show the maximum special contribution that can be made now, allowing for service worked to date. In addition it shows the maximum ongoing contributions that can be made.
... or
You do not appear to have scope to make Special or Ordinary contributions.
Please discuss with your Financial Broker or Advisor.
You do not appear to have scope to make a Special Contribution.
Please discuss with your Financial Broker or Advisor.
C. Matching Ordinary & Special Contributions
These figures show how much can be invested on a one-off basis, where there is a corresponding matching contribution on an ongoing basis.
Matching contributions are not applicable in this case.
D. Special Lump Sum Contribution
These figures show how much can be invested on an ongoing basis, allowing for a special contribution now of .
... or
You do not appear to have scope to make contributions on an ongoing basis.
Please discuss with your Financial Broker or Advisor.
Master Trust vs PRSA Comparison
Below we compare the maximum contributions that can be made into a Master Trust (including any employee contributions, if applicable) with the maximum employer contributions to a PRSA (which can be up to 100% of the employee's salary). We also highlight the maximum employee contributions to a PRSA, as these are separate from the employer limits under a PRSA. Please note, we have not taken the current Standard Fund Threshold into account or any future changes to the Standard Fund Threshold. It is possible to accumulate a fund that exceeds this threshold, but any excess will be subject to an income tax charge of 40%.
The table below compares the 4 maximum funding options set out in part 3 of this report with contributions to a PRSA.
A. Ordinary annual contribution - these are maximum ongoing contributions until retirement, assuming no special contribution is paid.
B. Special contribution for past service - these show the maximum special contribution that can be made now, allowing for past service. It also shows the maximum ongoing contributions that can be made thereafter until retirement.
C. Matching ordinary annual contribution and special contributions - these show the maximum amount that can be invested on a one-off basis, where there is a matching maximum contribution on an ongoing basis.
D. Special lump sum contribution - these show the maximum ongoing contribution, allowing for a special contribution now of .
Please note: The table below uses current salary and age in the calculated results. Maximum employee contributions to a PRSA may increase over time in line with Revenue's age-related percentage limits on employee contributions to a pension.
Maximum Contribution Comparison
| A. Ordinary Contributions | Master Trust | Maximum Employer Contribution to PRSA | Maximum Employee Contribution to PRSA | Total PRSA |
|---|---|---|---|---|
| Annual Contribution | ||||
| B. Special Contribution for Past Service | ||||
| Special Contribution | €0 | €0 | €0 | |
| Annual Contribution | ||||
| Total | ||||
| C. Matching Ordinary & Special Contributions | ||||
| Special Contribution | N/A | €0 | €0 | €0 |
| Annual Contribution | N/A | |||
| Total | ||||
| D. Special Lump Sum Contribution | ||||
| Special Contribution | €0 | €0 | €0 | |
| Annual Contribution | ||||
| Total |
Please note: under current legislation, the maximum pension fund allowable for tax purposes is €2,000,000. Amounts above this may be subject to additional tax. This tool does not make allowance for this maximum amount. It is important that you make allowance of this maximum when planning for retirement.
Important Notes
These figures are produced as at .
The figures above assume a term to retirement of years, months. The figures use a Revenue capitalisation factor of and are not based on actual annuity rates at retirement. Actual annuity rates my provide significantly different figures than those shown here.
It is assumed that no growth, escalation or charges apply on any future contributions.
Any defined contribution figures provided are the current values. No growth or charges have been allowed for between now and the normal retirement age (NRA) selected.
Any defined benefit figures provided should be the defined benefits expected at the NRA selected. No increases in benefits have been allowed for between now and the NRA selected. Defined benefits have been capitalised using a Revenue scheme capitalisation factor of . Where required, this factor has been extrapolated from the factors provided by Revenue. The defined benefit scheme may provide benefits which are significantly different than implied by this factor. As a result, there may be more OR less scope to fund for retirement than shown here.
Warning: The value of your investment may go down as well as up. You may get back less than you invest.
Warning: If you invest in this product you could lose some or all of the money you invest.
Warning: This product/service may be affected by changes in currency exchange rates.
Zurich Life Assurance plc is registered in Ireland under number 58098.
Registered office: Zurich Life Assurance plc, Zurich House, Frascati Road, Blackrock, Co. Dublin.
Zurich Life Assurance plc is regulated by the Central Bank of Ireland.
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