Question 1

When is the best time to take out a pension savings plan?

Accepted Answer

It's never too late! The earlier you start, the higher the potential return on your savings will be (thanks to the capitalization of interest and income).

There are three conditions for saving for your retirement. You need to:

be at least 18 years old
have a taxable income in Belgium
be resident in Belgium (or the EU).

Discover more info in “When is the best time to start a personal pension plan?”

Question 2

How much should you put aside for your retirement?

Accepted Answer

Want to have a comfortable retirement? With the pension simulator, you can find out how much you need to save for that.

While you are saving for your pension, you can also benefit from a tax reduction every year up to the age of 64. From the age of 65, you will no longer be able to pay contributions to your pension savings and you will no longer benefit from a tax reduction.

Question 3

How can you benefit from a tax reduction?

Accepted Answer

Taking out a pension savings plan may entitle you to a tax reduction. This corresponds to a percentage of the amount you saved in the previous financial year.

Example:

If you save 1,020 euros in 2024, you will benefit from a 30% tax reduction in 2025 (equivalent to an advantage of 306 euros).
If you save between 1,020 euros and 1,310 euros in 2023, you will benefit from a 25% tax reduction (equivalent to an advantage of 327.5 euros).

Question 4

What is the maximum that you can save for year pension each year?

Accepted Answer

The maximum amount that qualifies for tax relief in connection with your pension savings in 2024 is 1,310 euros.
However, be careful not to fall into the tax trap. If you save more than 1,020 euros a year for your pension, your tax benefit will go from 30% to 25%. That means that, if you want to retain more than the 306 euros tax reduction that you receive at 1,020 euros per year, you must save at least 1,225 euros per year.

Question 5

What is the anticipatory tax on pension  savings?

Accepted Answer

On your 60th birthday, 8% tax will be deducted from your retirement savings plan. Yes, even if your supplementary pension is not released until the day you actually retire, you are already taxed on your savings at 60. Hence the name 'anticipatory tax'.
The advantage is that retirement savings then become more interesting, because from then on, you save tax-free and still get the annual tax reduction. So feel free to continue saving until your 65.

Question 6

Can you get back the money you have already saved for your pension?

Accepted Answer

Yes, you can! You have to wait 10 years to be able to end your pension savings. This means that you must start saving for your pension at the very latest at the age of 55.
Early termination is therefore possible, but it is fiscally detrimental (the capital is taxed at a rate of 33%). You can find more information about this on our page on pension savings.

Question 7

How much management fees do you have to pay?

Accepted Answer

The costs depend on the pension savings plan you choose. The management fees are always stated in the detail of the plan that you have chosen.