Bucket list #48

Go kayaking

Now that I've retired, Chamber Pension Plan allows me to EXPLORE MORE.

Pension Calculator

Pension Calculator

To find out the estimated income you’ll receive at retirement, please fill out the following pension calculator form and then click the Calculate Pension button.

 

Current age:

Expected retirement age:

Life expectancy:

Balance of existing pension:

Expected contribution per month:

(years)

(years)

(years)

($)

($)

Growth Rate (Annual)

 

Projected Pension Fund $

Projected Annual Income $

Projected Monthly Income $

3%

5%

7%

9%

Definitions

Current Age: Your current age.

Expected retirement age: Your expected age at which you will cease employment. According to the National Pension Law the normal age of pension entitlement is 65 and 55 for early retirement. 

Life expectancy:  The average period that you may expect to live.

Balance of existing pension: The total current value of your existing pension account held with the Chamber Pension Plan. 

Expected contributions per month: Total expected contributions per month (please include employer and employee contribution).   According to the National Pension Law a member shall contribute a maximum of five per cent of his[/her] earnings up to the year’s maximum pensionable earnings and the employer shall contribute an amount equal to the amount contributed by the member (5% employer + 5% employee = total 10%).  

Projected Pension Fund $: Total estimated value of your pension based on your expected retirement age.

Projected Annual Income $: Total estimated annualized income divided by years of life expectancy.

Projected Monthly Income $: Projected Annual Income (PAI) divided by calendar year (PAI/ 12= Projected Monthly Income).

 

Understanding our annualized breakdown

We provide four annualized growth rate percentages (3% 5% 7% and 9%). Each member is placed within one of our six Lifecycle Funds based on your approximate year of retirement. If you are unsure of your Lifecycle Fund, please contact our administrative team. Please refer to the growth rate 5 YR percentage that closely matches your five-year Lifecycle Fund performance as seen below:

NOTE: For further information regarding the Chamber Pension Plan performance please see our most recent Fund Fact Sheet.

 

PROCESSING THE RESULTS

If the sum estimated in the Projected Annual or Monthly Income is lower than 70% as an income replacement, members should consider making additional voluntary contributions (AVCs). To find out how to make AVCs click here

 

DISCLAIMER

This website was developed for assisting employees with determining estimates of the accumulations of Chamber of Commerce Pension Plan. Estimates on this web page are for educational purposes only. THIS SITE AND THE PRODUCTS AND SERVICES REFERENCED HEREIN ARE PROVIDED "AS IS" WITHOUT ANY WARRANTY OF ANY KIND, EITHER EXPRESSED OR IMPLIED. THE OWNER OF THIS SITE AND THE CHAMBER PENSION PLAN ARE NOT LIABLE FOR ANY DAMAGES, INCLUDING ANY CONSEQUENTIAL DAMAGES, OF ANY KIND WHICH MAY RESULT TO THE USER FROM THE USE OF THE SITE, OR ANY OF THE PRODUCTS, SERVICES OR CALCULATORS REFERENCED HEREIN. IN PARTICULAR, THE CALCULATORS REFERENCED HEREIN SHOULD NOT BE USED FOR MAKING IMPORTANT, CRITICAL OR LIFE-DEPENDENT DECISIONS WITHOUT CONSULTING AN EXPERT.