This calculator simply projects forward
a planned single and or monthly premium, and highlights
and quantifies any shortfall between the planned provision
and the target.
It ignores all pre-existing pensions, be
they personal, corporate or state unless you decide to
actively include them, (see the numbered notes).
Charges are fixed at 1% pa management, as
per Stakeholder.
Growth is fixed at 7% gross, inflation at
2.5%.
(1) If you have existing pensions
funds for which you know the current value, you can include
these. E.g. existing personal pension of £100pm is worth
£10000 and you are thinking of a single premium of £5000,
put £15000.
(2) If you have existing pensions
funds for which you know the current value, you can include
these. E.g. existing personal pension of £100pm and you
are thinking of an extra £150pm, put £250.
(3) Target income is your ideal pension
income in today's terms. The calculator ignores State
Pensions so bear in mind that these will ADD to your income.
Of course State Pensions may change, but assuming the
status quo:-
A Single Persons pension is circa £3500pa
(and can be claimed by both members of a married couple
if they, as individuals, have a sufficient National Insurance
record). In couples where one person qualifies and makes
a claim for a Dependants pension the couple get circa
£5600pa.
E.G. - A DINKY couple (Double Income, No
Kids Yet - and planning to both maintain their careers
even if they do have kids) who want to retire on £17000pa
should put a target income of £10000 because they will
be getting circa £7000pa in State Pension, taking them
up the £17000 they want.
