ING Life Pension Plan
Want to start saving towards your pension without risk, while benefitting from tax advantages?
Before we go any further, please take a look at the following important documents:
- ING Life Pension Plan Information Sheet (PDF).
- ING Life Pension Plan General Terms and Conditions (PDF).
These documents are also available on request and free of charge from your ING branch and on ing.be in English, French and Dutch.
What are you saving for?
Are you looking to securely build up pension capital at your own pace, while benefiting from a tax reduction (up to 678 euros for the income year 2016 - tax year 2017)?
ING Life Pension Plan, a life insurance policy with savings element defined as branch 21 under Belgian law and developed by NN Insurance Belgium SA/nv*, may well be for you
How much will my returns be?
The return is made up of a guaranteed interest rate plus a potential profit-sharing:
- The guaranteed interest rate is calculated on the net premium paid, and is guaranteed for this premium throughout the policy term. There is no guaranteed interest rate for future premiums. Since 08/02/2017, the guaranteed interest rate has been 0.65% (excluding fees, charges and tax). This rate will continue to apply until it is changed by NN Insurance Belgium SA/nv. Customers will be notified of any change in their annual statements.
- The profit-sharing percentage varies from year to year and is not guaranteed. The profit sharing depends on the economic climate and the profits generated by NN Insurance Belgium SA/nv.
- In the first year: you receive your profit-sharing without any specific conditions attached.
- In the following years: you receive your profit-sharing if you have paid in at least 600 euros during the year in question, or if your total savings at the end of the year are at least 5,000 euros.
Are there any risks?
The capital you pay in and your interest are guaranteed.
The only risk associated with this product relates to the potential insolvency of the insurance company. However:
- Life insurance policies are covered by special and separately managed funds within the insurance company's assets. If the insurer should go bankrupt, this fund is reserved first and foremost to meet the commitments to the policyholders and/or beneficiaries.
- This product also enjoys protection under the "Special Protection Fund for deposits and life insurance policies" scheme (as per the Royal Decree of 14/11/2008). This is limited to the surrender value of the policies up to a maximum of 100,000.00 euros for all protected policies taken out by the same policyholder with NN Insurance Belgium SA/nv. Address of the Special Protection Fund: Caisse des Dépôts et Consignations, avenue des Arts/Kunstlaan 30, B-1040 Brussels.
You decide the amount and frequency of your payments, with:
- a minimum of 50 euros per month or 600 euros per year.
- a maximum of 2,260 euros per year (earnings year 2016 – tax year 2017). The maximum premium depends on professional earnings.
The policy has a term of 10 years minimum from the date it comes into force.
The fixed term of the insurance policy must be at the earliest the date on which the insured person reaches the age of 65.
Fees and charges
- Subscription fees: 3.5% on each premium paid (after deducting taxes payable on the premium).
- Surrender fee: 5% (decreasing over the last 5 years of the policy).
Fees valid as of 03/08/2016. These fees can vary before subscription by prior notification (via the information sheet).
On the basis of the current tax legislation, the following rules apply:
- Tax is calculated on the amount of the premium at 2%.
- The policyholder may benefit from a tax break for long-term savings on the premiums paid. Other items may be grouped in this tax class of long-term savings, such as mortgage loan capital and interest payments, decreasing life insurance premiums and other individual life insurance premiums. A tax certificate will be sent to you every year in May. You can also download this certificate via Home’Bank, along with your other tax certificates.
- When the policyholder turns 60* an advance tax of 10% is levied on the savings reserve (excluding profit share). This tax has liberating effect and when it is levied will exempt the capital on maturity from other tax.
- In the case of surrender before the policy term, the capital will be subject to a professional withholding tax or the tax on long-term savings, so between 10% and 33%*** depending on the circumstances.
- In the event of death before the age of 60, the capital will be subject to a professional withholding tax of 10.09%.
** If the policy is taken out by a policyholder aged 55 or over, the tax is levied on the 10th anniversary of the date of taking out the policy.
*** 10.09% or 33.31% in the case of professional withholding tax.
This tax regime applies to the average retail customer who is a private individual, resident in Belgium.
Taxation depends on the individual situation of each customer and may change in the future.
Policy value (reserve)
Each year, the policyholder will receive an annual report from NN Insurance Belgium SA/nv showing the value of their policy as of 31 December of the previous year.
Making a claim, suggestion or complaint
Not 100% satisfied?
- Feel free to contact ING Complaint Management by e-mail via email@example.com or by post to Cour Saint-Michel/Sint-Michielswarande 60, 1040 Brussels.
- Already been in touch with ING? Contact the Financial Disputes Ombudsman, North Gate II, Avenue Roi Albert II/Koning Albert II-laan 8, 1000 Brussels (www.ombudsfin.be) or the Insurance Ombudsman, Square de Meeûsplein 35, 1000 Brussels (www.ombudsman.as).
Interested in long-term savings for your pension?
- Open your savings plan via Home'Bank today!
- Make an appointment now at an ING branch of your choice.
- Read the ING Life Pension Plan Information Sheet(PDF).
- Read the ING Life Pension Plan General Terms and Conditions (PDF).
- Read about NN group.
*Who is NN Insurance Belgium SA/nv?
NN Insurance Belgium (formerly ING Life Belgium) is an insurance company within the NN Group, with a strong history in Belgium. The NN Group is an insurance and investment management company that is listed on the stock exchange and has strong European roots. Represented 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, insurance company accredited by the BNB under number 2550. Registered Office: Airport Plaza – Montreal Building, Da Vincilaan 19, B-1831 Diegem – www.nn.be – Brussels Trade Reg. – VAT: BE 0890.270.057 –BIC: BBRUBEBB – IBAN: BE28 3100 7627 4220.
ING Belgium SA/nv, insurance broker, registered with the FSMA under no. 12381 A. Head office: Avenue Marnix/Marnixlaan 24, B-1000 Brussels – Brussels Register of Companies – VAT: BE 0403.200.393 – www.ing.be – BIC: BBRUBEBB – IBAN: BE45 3109 1560 2789.
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 investment services to US Persons.