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A pension savings insurance developped by NN Insurance Belgium NV
ING Life Star Plan is a Branch 21 insurance for pension savings under Belgian law. You build up a pension capital, at a guaranteed interest rate. You choose how much you save up to the tax ceiling and you can optimize your tax relief.
You will be saving within the fiscal pension savings system.
That means that you can enter the premiums from the past year in your income tax return and obtain tax relief of up to 30% (+ municipal tax).
The capital is guaranteed and an individual fixed interest rate is assigned to each payment which will apply until the end date.
At your own pace
You yourself choose how much to save up to the fiscal ceiling and how you will distribute the payments over a year. In making your decision, think about your personal situation so that you can optimize your tax return as far as possible.
The policy has a minimum term of ten years and the end date is your 65th birthday or later.
If the insurance company is no longer able to meet its obligations towards policyholders or is declared bankrupt, the financial services guarantee fund intervenes. This also applies to branch 21 saving-based insurance policies. The limit is a maximum of 100,000 euros per policyholder per insurance company.
The policyholder bears the risk of any amount above this maximum.
Please read before you start saving.
A Belgian resident between 18 and 64 years of age who is subject to personal tax in Belgium can subscribe to an ING Life Star Plan pension-related savings-based insurance policy.
The aim of a pension savings insurance policy is to build pension capital safely within the fiscal pension savings system.
The contract has a minimum term of ten years from the date it becomes effective and runs at least until the policyholder’s 65th birthday.
The end date is set in the insurance contract.
The contract will automatically end prematurely if it is surrendered in full or in the event of death.
The yield consists of a guaranteed interest rate plus a potential profit share.
An individual fixed interest rate is assigned to every payment, after deduction of 3% in subscription fees. This rate applies until the end date of the contract.
At present, it is 0.01%. This may vary for future premiums.
The financial information sheet gives the latest interest rate (the document can be found in the above section "Please read before you start saving").
Policyholders with an ING Life Star Plan receive an overview every year from NN Insurance Belgium nv showing the payments and the interest rates assigned.
The profit share varies from year to year, and it may be that no profit share will be allocated.
The profit share relates to the past year and depends on the development of the economy and the results of NN Insurance Belgium nv.
The greatest risk for this product is for the insurance company to go bankrupt. However:
*: see the fiscal rules section
Since 2018, there have been two tax ceilings with different levels of tax deductibility:
ING Life Star Plan confers the right to potential tax relief on pension savings according to the conditions of the 1992 Income Tax Code and subsequent supplements.
This taxation is applicable for non-professional fiscal residents of Belgium (or of a member state of the European Economic Area) and is subject to future changes on fiscal regulations.
The tax treatment depends on the individual situation of every customer, including the need to have sufficient taxable income in order to receive tax relief.
The following general rules apply on the basis of the current tax legislation:
1. With regard to the payments:
The payments are exempt from premium tax
The policyholder may enjoy tax relief on the premiums paid in the context of pension savings. The tax relief is calculated at a tax rate of 30% or 25% respectively (to which the municipal tax must be added).
Conditions for the increased tax ceiling of 1,270 euros in 2022:
This potential tax relief applies to payments up to 31 December of the year in which you reach the age of 64.
NN Insurance Belgium nv provides an annual tax certificate stating the premiums paid.
2. With regard to outpayments from the policy:
On the policyholder’s 60th birthday or, in case the policy has been signed as from the age of 55 year, on the 10th anniversary of the policy, an anticipative levy on the pension savings of 8% is deducted in principle from the savings reserve. The earned profit share is free of taxes.
This levy is by way of a discharge: the capital is exempt from tax at maturity.
Payments made after the anticipatory levy is applied will still be eligible for tax relief and will not be taxed when the policy matures.
In the event of death, inheritance tax can be due.
A detailed overview of the fiscal rules is given in the financial infosheet on life insurances: ING Life Star Plan (pdf).
The tax treatment depends on the individual situation of each customer and may change later.
This can be done via ING Home’Bank or through the branches.
NN Insurance Belgium nv provides policyholders every year with an annual overview which also shows the value of the contract on 31 December of the past year.
Policyholders also receive an annual certificate (281.60) showing the payments they have made in the past year. This certificate must be kept for submission to the tax authorities if requested.
NN Insurance Belgium (formerly ING Life Belgium) is an insurance company within the NN Group, with a long history in Belgium. The NN Group is an insurance and investment management company that is listed on the stock exchange and has a strong European focus. Present in 18 countries, and with a total of around 12,000 employees, the group provides services relating to pensions, insurance, investments and also banking services (only in the Netherlands) to over 15 million customers.
ING Life Star Plan is sold and offered to you (subject to acceptance by the insurer and mutual agreement) by:
NN Insurance Belgium SA/NV, mortgage lender licensed by the FSMA and insurance company licensed by the NBB under the number 2550 for the Branches 1a, 2, 21, 22, 23, 25, 26. Registered office : Avenue Fonsny 38, B-1060 Brussels - RLP Brussels - VAT BE 0890.270.057 - BIC: BBRUBEBB - IBAN: BE28 3100 7627 4220
ING Belgium SA/NV - Bank - Avenue Marnix/Marnixlaan 24, B-1000 Brussels - RPM/RPR Brussels - VAT: BE 0403.200.393 - BIC (SWIFT): BBRUBEBB - Account: 310-9156027-89 - IBAN: BE45 3109 1560 2789 – www.ing.be. Insurance broker registered with the FSMA under code number 0403.200.393.
ING Belgium SA/nv (article 107 Section 3 of the Special Regulations for Trading Financial Instruments and Insurance-linked Savings and Investment of ING, abbreviated to RSOI) and NN Insurance Belgium SA/nv do not provide any insurance distribution services for Insurance-linked Savings and Investment to US Persons.