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Are you saving enough for the retirement you want?

Our pension calculator has been designed to help you work out how much you need to save for the lifestyle you want in retirement. In a few easy steps, it will give you an indication as to whether you are on track for your retirement goals.

This handy tool will give you a good idea of the figures involved, and we recommend you review your needs with a professional financial adviser for a more personalised retirement illustration.

Try our pension calculator

To figure out what your pension goals are, we need to find out what’s more important to you. Are you more concerned with making contributions that you can afford, or reaching a specific financial goal at retirement?

Remember that when investing, your capital is at risk. The value of your pension may go up as well as down and you may get back less than you have put in.

Notes for our pension calculator

Important information and assumptions

Our pension calculator is for illustrative purposes only and does not constitute financial advice.

The value of the investment return can vary greatly from the figure that has been selected for use in this calculator. The figures shown in our pension calculator are not guaranteed. When investing it is important to bear in mind that your capital is at risk and the value of your pension fund can rise as well as fall, and there is a possibility that you may receive less than you have invested.

The pension calculator allows you to select your retirement income in today’s prices. This means that we have to take into account the effect of future inflation on your money over the term of your pension investment. The rate of inflation may vary and we have assumed that it remains constant for the purpose of this illustration. The rate of inflation we have selected is merely a guide and the actual rate of inflation that will apply to your pension fund may vary significantly.

The overall pension fees, annual management fees and investment related fees are fixed at a total of 1.5% for the purpose of the calculator.

If you decide to retire earlier than the age you have indicated on the pension calculator, then you will not be able to make the sufficient number of pension contributions required to reach your retirement goals.

The pension calculator assumes that your monthly contributions will remain constant. In reality, it is advisable to review them with a view to increasing them over the years, especially every time you benefit from a rise in salary or an increase to your disposable income.

The pension calculator does not make provision for the tax relief you may benefit from when making pension contributions.

No allowance has been made for any additional income you may also receive at your selected retirement age. Any Government pension in Gibraltar, or State pension entitlement elsewhere, that you may also receive in retirement, has not been factored into this pension calculator. The minimum age at which you may receive your retirement benefits is age 55.

The pension calculator assumes the contributions will be made in monthly instalments, but it is also possible to make contributions with other frequencies.

The purpose of the calculator is to provide an indication of the monthly contributions that may be required to reach your retirement goals. You should seek professional financial advice to obtain a more accurate retirement projection that is tailored to your personal requirements.

Further questions? Contact:

Erica Power

CeMap
Expert in Pension Administration
pension.services@abacus.gi
Tel: +00350 200 78777 ext 385

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