| Notes to Your Retirement Planner - last updated 1st December 2014 |
| 1. |
The projected State Pension is based on our interpretation of the Social Security Act and the details you have provided.
The actual amount you will receive will also depend on your Social Security Contribution record. Details about your entitlement to State Pension may be obtained from the Ministry for Family and Social Solidarity.
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| 2. |
Future legislation may be subject to change, which may affect the level of State Pension you are entitled to. |
| 3. |
Assumptions used in calculations and projections: |
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a. |
The figures shown in today’s values assume a future annual rate of inflation as specified in the Advanced Options section. |
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b. |
After charges, your savings plan is assumed to have an annual rate of growth as specified in the Advanced Options section. This rate is an arbitrarily rate selected by us and is not an indication of the actual or likely growth rate for your plan. The actual growth rate depends on a number of factors including the nature, risks and value of the underlying investments. The actual rate of return could be higher or lower than that indicated. |
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c. |
Additional income at retirement age assumes you choose to convert the lump sum to regular withdrawals at a conversion rate as specified in the Advanced Options section. |
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d. |
Your salary is assumed to increase each year in line with the rate of inflation. |
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e. |
Increases in National Average Wage is assumed to be in line with the rate of inflation per annum for the purposes of projecting State Pension. |
| 4. |
The projections are estimates and are not guaranteed. The calculator gives you an idea of how much you need to save now in order to receive the income you want when you retire. In particular the rate of growth of your savings plan may vary considerably and may be below the assumed rate of growth which is being considered, as specified in the Advanced Options section. |
| 5. |
The calculator is for illustrative purposes only. It is not designed to offer a full assessment of your retirement needs. |
| 6. |
The Retirement Planner does not take into account your specific personal financial circumstances, including any assets held which could be used for retirement purposes. Your personal circumstances should always be reviewed with a financial adviser. |
| 7. |
The assumptions used in this planner may change over time and the amounts of savings required may be different to the amounts indicated. |
| 8. |
The retirement planner does not take into account any pension products which could be introduced on a mandatory or voluntary basis as part of the local pension reform. The availability of such products or the mandatory contributions to such products would have a bearing on the information provided by the retirement planner and on the financial planning for retirement. The savings payments indicated may be affected accordingly. |
| 9. |
The retirement planner assumes that regular savings are maintained until your retirement age. Changes in your personal circumstances, or the introduction of different legislation in the future, may mean that this is not the case. If you are unable to maintain your savings you may be subject to exit charges or suffer surrender losses, particularly in the case of early surrender. |
| 10. |
The retirement planner makes no allowance for taxation, which may affect the level of pension you receive. |
| 11. |
Additional disclosures: |
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a. |
Any investment made should be based on the full details of the products documentation, including the Policy Document, Key Features Document, the Information Guide and the Fund Fact Sheets. |
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b. |
The projections are not minimum or maximum values. |
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c. |
Your income could be more or less than that indicated. |
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d. |
Your income will depend on the growth of the investment, the conversion rate of changing the lump sum to income at time of retirement, the tax treatment and any product charges. |
