| Quote: | |  | |
| Is it really that simple? I sat through a presentation on my works "welcome day" that had us building a model house that was supposed to represent the pension system, and also listened to some spiel from my Relationship Manager at my bank. I remained unenlightened after both.
Why can't finance types explain things in plain language? | |
| | |
More or less!
Pillars:
1 is 5.05% (x2) of salary to 8900 and 1% above that
2 is company specific but with a sliding scale minimum and maximum
3 is maximum 6365 and voluntary
For pillar 2 if you are below the maximum permitted for your age you can annually top it up which is tax efficient ie deductable.
I guess your house was also taking into account IV gap which is something else.