ClearView - Transition to retirement calculator

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Your details
DOC
Gender	Female Male
Life expectancy
Allowances per FREQ
Position of leadership (POL) per FREQ
Other regular income per FREQ
Savings from your wage per FREQ
Union fees (eg VIEU) per FREQ
Other regular deductions (after-tax) per FREQ
Do you intend to reduce your work hours/pay?	Yes No
Reduced gross salary per FREQ
Allowances per FREQ
Position of leadership (POL) per FREQ
Other regular income per FREQ
Do you want to change underlying assumptions?	Yes No
Do you want your pre-retirement pension to be indexed with inflation (CPI)?	Yes No
Vary the inflation rate - CPI in retirement
Tax free amount
Fees deducted
Insurance premiums deducted
Do you want to use your total superannuation account balance to purchase the pre-retirement pension?	Yes No
Amount to be used to purchase the pre-retirement pension
Frequency of income in retirement
Nominated FREQ pension income
Insurance premium inflation
Asset based management fees
Investment return before retirement
Investment return in retirement
Salary inflation rate before retirement
Inflation rate - CPI before retirement
Inflation rate - CPI in retirement
Asset based management fees
Insurance premium inflation
Date of birth (DD/MM/YYYY)	$
Age you want to retire	$
Gross income	$
Current super details
Superannuation account balance	$
Post-tax (after-tax) contributions
Dollar amount Percentage of salary	$ %
Salary sacrifice contributions
Dollar amount Percentage of salary	$ %
Employer contributions
Dollar amount Percentage of salary	$ %

Results - year one
Your income	Current situation	Using TTR strategy	New amounts
Gross salary
Less salary sacrificed super			$
Minimum pension
Maximum pension
Plus Pre-retirement pension payments			$
Less Tax payable (includes Medicare levy, Lower income tax offset, Pension tax offset and Mature age workers offset)
Less any post-tax super contributions			$
Equals your net 'take home' income to live on
Super contributions
Post-tax (or after tax)
Plus Salary sacrifice
Plus Employer contributions
Plus Government co-contribution
Less Contribution tax
Equals total net contributions to super
Less Pre-retirement pension payments
Equals overall super growth
Extra amount in super (year 1) by using TTR strategy

FusionCharts
Projected results at retirement	Current situation	Using TTR strategy	New amounts
Current super account balance*
Estimated total balance at age 65*
Impact on retirement savings		0	0
Underlying assumptions
Inflation rate new (between 0% and 4%)		0	%
Salary inflation rate new (between 2% and 6%)		0	%
Investment rate new (between 2% and 8%) (super account)		0	%
Investment rate new (between 2% and 8%) (pension account)		0	%

* In today's dollars

NOTE: The results of the calculator are designed to show you the impact that can be made whilst taking a pre-retirement pension. It is not designed to provide you with an exact result of your final benefit at retirement. The calculations are based on certain assumptions which may not be applicable to you.

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1.	The pre-retirement pension is Australian sourced.
2.	You received or made contributions into your superannuation fund before purchasing and commencing the pre-retirement pension.
3.	The pre-retirement pension is purchased with total superannuation balances available, unless specified otherwise.
4.	Your superannuation account balance used to purchase the pension does not contain a tax-free component.
5.	Your pre-retirement pension was not affected by any order or agreement made under the Family Law Superannuation legislative provisions.
6.	You are the sole recipient of the pre-retirement pension.
7.	The pre-retirement pension is account based and an income stream is payable while monies remain in the account.
8.	The pre-retirement pension is rebatable between the ages of 55 and 59 (inclusive).
9.	The nominated pre-retirement pension income amount is 10% of the super account balance per annum (the maximum allowed). This amount can be changed (within the relevant minimum and maximum range) to see the impact this will have. The calculation of the maximum pension income allowed during the projection is based on the total account balances at that time.
10.	The default frequency of the pension amount is Monthly.
11.	Employer contributions are assumed to not be less than the minimum amount an employer has to pay in respect of a full time employee aged between 18 and 70 (inclusive) under Superannuation Guarantee legislation and are subject to 15% contributions tax.
12.	Super contributions increase each year with a salary inflation rate of 4.5% pa. This is the average return over the last 5 years of AWOTE provided by the Australian Bureau of Statistics (ABS) at August 2007.
13.	The default CPI rate 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 rate of inflation may differ significantly from this assumption.
14.	Investment earnings (net of tax and fees) are credited to your account balance at the nominated investment return.
15.	Your Pre-retirement superannuation balances increase each year with investment earnings (net of tax and fees - administration and investment management fees) at a default rate of 5.0% pa. This has been selected with reference to ASIC's FIDO calculator assumptions for investments with a 'balanced' asset profile, and factoring in a management fee of up to 2.5%pa. You may change the default rate to see the effect that this may have, although the actual rate of return for your investments may differ significantly from this assumption.
16.	Your Pre-retirement pension balances increase each year with investment earnings (net of tax and fees - administration and investment management fees) at a default rate of 5.5% pa. This has been selected with reference to ASIC's FIDO calculator assumptions for investments with a 'balanced' asset profile, and factoring in a management fee of up to 2.5%pa. You may change the default rate to see the effect that this may have, although the actual rate of return for your investments may differ significantly from this assumption.
17.	The projected benefits are shown in today's dollars using a salary inflation rate of 4.5%. This is the average return over the last 5 years of AWOTE provided by the Australian Bureau of Statistics (ABS) at February 2009. The actual rate of salary inflation may differ significantly from this assumption.
18.	PAYG tax is calculated using the personal marginal income tax rates plus Medicare levy effective from 1 July 2009 with a tax-free threshold and no leave loading. The PAYG tax calculation takes into account the Low Income Tax Offset, Mature Age Workers Tax Offset and the Pension Tax Offset calculation effective 1 July 2009. The Medicare levy rates used do not take into account low income for families. The Medicare levy surcharge has not been included in this calculator.
19.	No allowance has been made for taxes (including tax on retirement income) in projecting the benefits, with the exception of contributions tax. If any other taxes apply, the calculator's results will be incorrect and will not apply to you.
20.	It is assumed that income is paid in the middle of each projected period.
21.	The required pension income is indexed to inflation.
22.	Superannuation Co-contributions have been included in the calculation. This has been based on the total income and after-tax contribution amounts that have been entered into the calculator. The Co-contribution rates are current at 1 July 2009. 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.
23.	Pre-tax contributions are limited to 100% of Gross salary for superannuation purposes.
24.	Post-tax contributions are limited to 100% of Gross salary for superannuation purposes plus any pre-retirement pension income.
25.	This calculator is not suitable 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 planner for projection calculations.
26.	Interest on your account balance is calculated and credited at 1st July each year.
27.	The pension income is indexed to price inflation.
28.	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.
29.	These calculations make no allowance for the effect of a reversionary pensioner (it will not automatically go to another person if you die before that person).
30.	These calculations make no allowance for any entry fees, service fees, insurance premiums, administration fees or switching fees deducted from your pre-retirement pension and superannuation accounts.
31.	These calculations make no allowance for any income payment fees deducted from your pre-retirement pension account.
32.	The minimum/maximum pension allowed is based on both the total account balances.
33.	Concessional (Pre-tax including SG) contributions are capped at a maximum $50,000 (transitional concessional contributions cap) per person per year in the projection of the account balance and are subject to contributions tax of 15%.
34.	Post-tax contributions are capped at a maximum of 6 times the maximum standard concessional contributions limit (currently $25,000) in the projection of the account balance.
35.	The standard concessional contributions cap is indexed in $5,000 increments. The transitional concessional contributions cap is fixed at $50,000 per year up to 30 June 2012. If the projection goes beyond 30 June 2012, the concessional contributions are limited to the indexed standard concessional contributions cap.
36.	Because the transitional concessional contributions cap ceases at 1 July 2012, in the optimised contribution projection, a further optimisation of contributions is calculated on that date. If the concessional contributions you have entered in step 1 and step 3 are greater than the standard concessional contributions caps, the concessional contributions in excess of the indexed standard concessional contributions cap are assumed to be changed to after-tax contributions from 1 July 2012.
37.	You are fully retired at nominated retirement age.
38.	You are under age 70.
39.	No allowance has been made for spouse contributions.
If your actual situation differs from the assumptions made, then the calculations may differ from your actual amounts.

1.	This calculator is based on our interpretation of taxation and superannuation laws as at 1 July 2009.
2.	This calculator should in no way be viewed as personal financial advice. You should seek specific professional advice prior to acting on any information.
3.	ClearView Financial Management Limited ('ClearView') gives no assurance that this "Transition to retirement" calculator is free of errors or suitable for any user's intended purposes.
4.	To the extent permitted by law, ClearView will not be liable for any damages or loss suffered, whether direct or indirect, by the user or anyone else from use of this calculator.
5.	Any advice in this calculator is general advice only and does not take into account your individual objectives, financial situation or needs ("personal circumstances"). Before acting on it you should consider the appropriateness of it, taking into account your personal circumstances. ClearView Financial Advisers are representatives of ClearView Financial Management Limited. © 2010 ClearView Financial Management Limited ABN 99 067 544 549 AFS Licence No. 227677.