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A savings Life Insurance developed by NN Insurance Belgium NV.
ING Life Pension Plan is a Branch 21 savings Life Iinsurance under Belgian law. Saving for your pension with a guaranteed interest rate. You determine your savings amount and you can optimize your tax return.
You will be saving within the fiscal system of long-term savings.
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 taxes to be added).
The capital is guaranteed and an individual fixed interest rate is assigned to each payment which will apply until the end date.
You yourself choose how much to save 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 contract 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.
These documents are also available free of charge at your ING branch and on www.ing.be in 3 languages English, French and Dutch.
A Belgian resident between 18 and 64 years of age who is subject to personal tax in Belgium can subscribe to an ING Life Pension Plan long-term savings-based insurance policy.
The aim of this savings-based insurance policy is to build pension capital safely within the fiscal long-term 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
An individual fixed interest rate is assigned to every payment, after deduction of a premium tax of 2% and subscription fees of 3.5%. 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 Pension 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
ING Life Pension Plan entitles you to potential tax relief for long-term savings.
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 capital repayments and interest on mortgage loans, the premiums on the outstanding balance insurance for your mortgage and the premiums for other individual life insurance policies may also be eligible for tax relief in the context of long-term savings (subject to the application of regional taxation).
If so, the maximum amount that can be included in the tax return may already have been reached, in which case no further tax relief can be obtained for payments to an ING Life Pension Plan.
The following general rules apply on the basis of the current tax legislation:
1. With regard to the payments:
The potential tax relief is calculated on the basis of a tax rate of 30% (municipal taxes to be added).
NN Insurance Belgium nv provides an annual tax certificate stating the premiums paid.
2. With regard to outpayments from the contract:
On the policyholder’s 60th birthday or, in case the policy has been signed as from the age of 55 year, on the 10th birthday of the policy, an anticipative levy on long term savings of 10% is deducted in principle from the savings reserve. There is no taxation on the eventual acquired profit sharing.
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 is payable.
The complete overview of the fiscal rules is described in the financial infosheet on life insurances: ING Life Pension 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 Pension 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.