Pension Engineering Exercise

I attach a Pension Engineering Exercise that I am doing. Its has two parts.
One being the pension pot build which I think I have assembled and calculated properly.
How should I now progress part two to 'Account for the Tax Relief' or have I accounted for it correctly?

Growth sounds very optimistic to me, check the data, for this specific age cohort, as while the 6.2-% return maybe correct overall, its less likely this is true for an older age group, whose risk profile is likely to be a little more conservative.

Recalculation needed on the Tax Relief, you are mixing up :

Age related Pension Limits

With

Actual Tax relief on Pensions

These are two totally different numbers.


So, for example 2012, joint income is 75k, so
Max age related Pension for PAYE relief is 30% of that = 22,500.(based on aged 50) This is the maximum amount, you can get tax relief for Pension based on current age, but this does not necessarily mean, you will receive relief at the higher 40 % tax rate.

Next, is the maximum possible tax relief, which is 22,500 @ 40 % = 9,000, and that only applies, if this amount of income was actually taxable at the 40 % rate, which seems very unlikely, if the total joint income is just 75k.

Tax bands are very impactful here, in 2012 the tax band for 2 was circa 65,600, meaning more than half of the tax relief, would be at the lower 20 % rate.
Conversely, pension relief can be brought forward to future years, if pension tax relief is not fully untilsed in year of payment.

I am trying to establish what might have been theoritically lost in Tax Relief for the number of years in question as for reasons beyond our control we were not able to trade. The reasons surrounding that will shortly in Court for a resolve. Thus I am asking the Judge to give consideration to the loss or losses I would have suffered from not having been able to build a pension during this period. I think I can run with something like the 7.0% on the first aspect and they can adjust that downwards if they see fit. Accounting for the relief loss is more difficult - is there thus some way of doing this in a simple fashion for the outline that I have presented - the gods can do a final more accurate adjustment in the Court process. The €75,000 joint salary was planned for on commencement back in 2012 so I have just used that as an average all the way through the exercise rather than adjusting it upwards for the years to date.

If you are trying to calculate a notional loss for specific years, you could use actual historic fund performance data. You can find this on various websites including https://www.rubiconic.ie/calculator/ As it's an exercise you could use the average fund performance over the periods you're looking at.