The pension plan for the Self-employed

ING Private Supplementary Pension for the Self-Employed

What is a PSPS?

The Supplementary Private Pension for the Self-employed is a personal life insurance plan allows you to:

  • Make the most of tax breaks. Under certain conditions, you can deduct all the premiums invested as business expenses, and according to your income, recover up to 50% of premiums invested.
  • Reduce your future social security contributions. Since your premiums are tax deductible, your professional income, which serves as the basis for calculating your social security contributions, is also reduced.
  • Build up a solid capital for your future.

Who is the PSPS for?

  • Belgian residents who pay income tax in Belgium.
  • Self-employed people, both as a main and an additional occupation.
  • Assisting spouses.

Practicalities

You can choose:

  • the amount: you pay at least 600 euros annually, at least 50 euros per deposit and no more than node=/RATES/VAPZ/MAX_STORT;replace=html euros a year (income of node=/RATES/GENERAL/INCOME_YEAR;replace=html – tax assessment of node=/RATES/GENERAL/TAX_YEAR;replace=html)*.
  • how often you make payments: monthly, quarterly, or annually.

* Amounts for tax assessment year node=/RATES/GENERAL/TAX_YEAR1;replace=html and on the condition that your annual premium does not exceed 8.17% of the net income on which your social security contributions are based.

Term

You can pay premiums until your 65th birthday, or for even longer if you continue to work and are paying social security contributions. The minimum term of your policy is five years.

Return

  • Guaranteed annual rate: 0.75%**
  • Allocation of profit sharing (not guaranteed) as long as the savings reserve stands at a minimum of 495 euros.
  • Allocation of extra profit sharing (non-guaranteed and cannot be combined with standard profit sharing) as long as your annual payments stand at a minimum of 595 euros.

**Rate applied to each payment from 21/09/2016 until further notice. Any future payments will be capitalised at the guaranteed interest rate in effect at the time they are paid into the ING Life Belgium SA account.

Tax advantage

Your premiums are tax deductible as business expenses.
You can combine the benefits of the PSPS with those of other pension top-ups (group insurance, pension funds, etc.).

Charges

  • Management fee: none.
  • Subscription fee: 6.5% of each premium paid.

Are you interested in an ING PSPS?

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