CareSuper - Super and Pension Calculator

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Enter details

Personal details

Gender

Female Male

Date of birth (dd/mm/yyyy)

Retirement age

Life expectancy

Career details

Do you intend to take a career break?

Yes No

Interrupted career

age stop age recommence

Do you intend to work part-time on your return?

Yes No

Remaining working years

Superannuation details

Current super account balance

Tax free component

Gross salary for super purposes

per

Your investment option

Contribution details

Enter contributions as a % or a dollar amount?

Dollar amount

As a percentage of salary

After-tax contribution

per

Salary sacrifice contribution

per

Employer contribution

per

Deductions

Fees deducted

per

Asset based management fee
(as a % of your account)

Insurance premiums deducted

per

Your retirement details


Pension details

Do you intend to purchase an allocated pension?	Yes No

How often do you want to receive your pension?

Minimum monthly pension (based on age)		-

Nominate your required monthly pension in retirement (in today's dollars)		$

Results

Amount of superannuation savings at retirement

You can make a difference

Use this part of the calculator to experiment with different amounts to make your
life expectancy and retirement savings match up.

Original
amounts

Adjusted
amounts

after-tax

salarySacrifice

Estimated LSB

Mininc

income

Vary the assumptions

Summary


Projection details	Original amounts			Adjusted amounts
Contributions
Employer contributions per year
After-tax contribution per year
Salary sacrifice contribution per year
Superannuation benefit at retirement
Current super account balance
Elsum
TargetBen
Retirement savings surplus/shortfall
Super benefit investment return (p.a.)		0		0
Retirement benefit investment return (p.a.)		0		0
Salary inflation rate (p.a.)	0			0
Inflation rate (p.a.)	0			0
Income in retirement
Frq-pens-income
Age pension income will last until (years)
Life expectancy (years)
Retirement savings surplus/shortfall (in years)
Minimum pension amounts have been applied to the pension during the projection periods. This means that the pension amount you receive in a particular year is greater than the amount you have specified and the amount you receive from the bank account for that particular year will be less than the pension amount. For this reason the calculation of the 2 may not be comparable.

Comparison (based on 'original' amounts)	Income from an allocated pension		Income from a bank account
Total gross payments	0			0
Total PAYG tax payable	0			0
Total net payments	0			0
Difference	0
The projection above does not project further than the age of 110. The amounts left in the accounts at age 110 are:
		Pension		Bank account


Comparison (based on 'new' amounts)	Income from an allocated pension			Income from a bank account
Total gross payments	0			0
Total PAYG tax payable	0			0
Total net payments	0			0
Difference	0
The projection above does not project further than the age of 110. The amounts left in the accounts at age 110 are:
		Pension		Bank account

Assumptions


1.	Gross salary and super contributions are assumed to increase each year with a default rate of 4.5% pa. This is the average return over the last 5 years of Average Weekly Ordinary Time Earnings (AWOTE) provided by the Australian Bureau of Statistics (ABS) at February 2008. You may change the default rate to see the effect that this may have.
2.	Investment earnings (net of tax) on the pre-retirement and post-retirement superannuation balance are credited to your plan account balance at a default rate of 5.5% pa (ie. 3% above the mid-point of the RBA target range for inflation of 2.5%) although the actual rate of return for your investments may differ significantly from this assumption. This investment return rate has been based on the objective of the CareSuper Balanced option. You may change the default rates to see the effect that this may have. Different tax rates apply to investment income earned by an allocated pension and a bank account. This difference has not been factored into rates of return shown during the retirement phase. This can have an impact on your benefit.
3.	Employer contributions are assumed to not be less than the minimum amount you are entitled to under Superannuation Guarantee Legislation and are subject to 15% contributions tax.
4.	The 'Target benefit' is determined by the amount entered in required income/nominated pension in retirement.
5.	Taxation that applies to the payment of superannuation, retirement income benefits and contributions tax are considered. If any of these other taxes apply (such as capital gains tax), the calculator's results will be incorrect.
6.	Co-contribution has been included in the calculation. This has been based on the Gross salary less any salary sacrifice contributions and After tax contributions that have been entered into the calculator. The Co-contribution rate is current from 1 July 2010.
7.	It is assumed that the Government co-contribution for the after tax contributions made during the relevant year is paid at the end of that year.
8.	A default amount of $1.50 per week plus 0.2% p.a. of your super balance with a cap of $500 p.a. is provided for administration fees. These default rates reflect the current administration fee for CareSuper. You may change these default amounts to see the effect this may have. All dollar-based fees are indexed with inflation. The default inflation rate (CPI) used is 2.5%. This rate has been based on historical and expected future rates and is the mid-point of the RBA target range for inflation. The actual fees deducted may differ significantly from those assumed. Investment management fees have not been taken into consideration.
9.	A default amount of $3.51 per week (1 unit Death & 4 units TPD) is provided for 'Insurance premiums deducted' for members aged 16 - 29. For members 30 and over, a default amount of $6.00 per week (4 units Death & TPD cover) is provided for 'Insurance premiums deducted'. This is based on the CareSuper aged based default cover (for age-based premium for unitised cover). You may change the default amount to see the effect that this may have.
10.	The default life expectancy is based on Australian Life Tables for the years 2005-07.
11.	The calculation caters only for accumulation style funds. No allowance has been made for the self employed or for members of defined benefit funds. If you are self-employed or a member of a defined benefit fund you should contact a financial adviser for advice on your circumstances.
12.	Interest is calculated and compounded, and yearly income is received, at 1st July each year.
13.	The calculator assumes that the date set on your computer is correct. Projections are started from this date, and your age is also assumed to be at this date.
14.	The interrupted career assumes that you stop working and re-commence working on the 1st July immediately after the ages that you have entered.
15.	Total superannuation benefits are assumed to be paid as a lump sum or used to purchase an allocated pension.
16.	The results displayed by this calculator are in today's dollars not in future dollars.
17.	Concessional (pre-tax including SGC) contributions are capped at a maximum of $25,000 if you are under 50, $50,000 if you are 50 or older, per person per year in the projection of the account balance and are subject to contributions tax of 15%. Note the concessional caps are current from 1 July 2010.
18.	Post-tax contributions are capped at a maximum of 6 times the maximum concessional contributions limit in the projection of the account balance.
19.	The concessional contributions cap is indexed in $5,000 increments. Post tax contributions cap is 6 times the concessional contributions cap.
20.	Transitional contribution caps apply to this calculator.
21.	Superannuation Guarantee contributions cease at age 70.
22.	You are under age 70.
23.	No allowance has been made for spouse contributions.
24.	No allowance has been made for payments of the pension to a reversionary pensioner.
25.	You will be fully retiring from the work force at the nominated retirement age.
26.	The pensioner has provided the product provider with their tax file number.
27.	No allowance has been made for Pensioner Medicare levy.
28.	PAYG tax on payments (in retirement) has been deducted from payments using marginal income tax rates for the 2010/11 tax years. It assumes you receive no other taxable income. The Medicare levy thresholds do not take into account thresholds that relate to family income. To the extent that these should alter in the future, payments made will either increase or reduce.
29.	No allowances for tax deductions or offsets other than the Low income tax offset, Mature Age Tax Offset and Pension Tax Offset (rebate) are made.
30.	The calculations are a general illustration of an Allocated Pension based on legislation effective from 1 July 2010.
31.	The nominated pension income is taken as a gross amount. Please be aware that tax treatment may vary should you retire before age 60.
32.	No allowance has been made for existing pensions or transition to retirement pensions.
33.	No allowance has been made for the minimum account balance of $1,000 that is required in the CareSuper Allocated Pension.
34.	No allowance has been made for fees in retirement.
35.	The pensioner is not entitled to the Senior Australians Tax Offset or the Medicare levy thresholds for Senior Australians.
If your actual situation differs from the assumptions made, then the calculations may differ from your actual amounts.