Minister backs pensions drive plan

People were encouraged to plan for their retirement today with the launch of a new online Pensions Calculator.

People were encouraged to plan for their retirement today with the launch of a new online Pensions Calculator.

Minister for Social Affairs Seamus Brennan backed the initiative as part of the 2005 National Pensions Awareness Campaign.

The user-friendly calculator allows people to estimate the amount of money, net of tax, they would need to contribute to their pension in relation to their age and current yearly salary to end up with the level of pension they expect in retirement.

The calculator clearly demonstrates the major benefits of starting a pension as early as possible.

Mary Hutch, Head of Information and Training of the Pensions Board, said taking out a pension is a significant commitment to planning for your future.

“Decisions you make now about your pension may affect how you live during your retirement years,” she said.

“Visiting our Pensions Calculator can be a first step on that path.

“If you already have a pension, using the calculator is an ideal way to carry out a ‘health check’ on the adequacy of that pension to ensure it will meet your expectations in retirement.”

The Pensions Calculator is one of a number of ongoing initiatives being implemented by the Pensions Board under the ‘National Pensions Awareness Campaign’ 2005 banner.

National Pensions Action Week will be held in May.

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