Retirement

How much pension will I get?

There are three State Pension schemes in Belgium: one for employees, one for the self-employed, and one for civil servants. Find out here how much an average statutory pension amounts to and how you can top it up.

The State Pension Plans

1. Employees

For employees, the calculation takes account not just of income and the number of days and years worked (plus periods deemed equivalent such as parental leave) but also of the family situation. If you worked under a part-time contract, your pension benefits will be lower than if you had worked full-time.

After a career as an employee, in Belgium you will receive an average of €1,255 per month net (= final amount you receive in your account). This assumes that you were always an employee (though not necessarily of the same company) and did not change your status in this respect.

The average of €1,255 applies to careers of all lengths, in other words regardless of the number of years worked. There is a big difference between the average for men (€1,422) and for women (€1,023).

2. Self-employed People

In the calculation of the pension for self-employed persons the number of hours or days worked is not important. It makes no difference whether you earned €50,000 net by working an average of three days or seven days a week. For your state pension calculation, only the net taxable income on which you paid social security contributions counts, and whether you are single or not. Every quarter that you contributed counts.

In practice, pensions of the self-employed are low: an average of €904 net for someone who has always been self-employed. This average applies to careers of all lengths. The differences between men and women are very large: women who worked only as self-employed receive an average of €477 net per month, men €1,212.

3. Civil Servants

For civil servants, the pension calculation is based on the number of years worked and the salary received. Personal circumstances play no role. Leave for reduced work capacity is often unpaid, but is considered as equivalent to work and therefore counts for pension accrual.

Retired officials receive an average of €2,072 net per month assuming they always had civil servant status. This average applies to careers of all lengths. Here too, there is a difference between men (€2,190) and women (€1,940), but less so than with the self-employed and employees.

How much pension will you get later?

You can easily calculate it yourself on MyPension.be. You can also simulate what the influence will be on your retirement pension if, for example, you want to work less or stop working earlier. You can log in to MyPension.be easily with the itsme app.

How much pension will I need?

First and foremost, you will need to estimate your future financial needs. When you have an idea of your needs, you’ll also know if your State Pension amount will be enough to maintain your standard of living. The next step is to decide how much your monthly deposit in your pension savings plan should be. You can use the pension simulation tool for this!

If necessary, you can then opt for a top-up solution.

Would you like to top up your State Pension amount?

  • You can have your employer register you in the supplementary workplace pension plan (group insurance plan), or register yourself in the scheme for self-employed people.
  • Take out a pension savings plan (for individuals or the self-employed) to build capital while also benefitting from attractive tax benefits.
  • Individual savings and/or investments without tax benefit.

Don’t put off saving for your pension

Start saving for retirement today with ING. That way you’ll have a head start for later. The sooner you start the better.