ING Life Pension Plan
Benefit now from long-term savings!
Start saving for your future without risk, while benefitting from tax advantages. With the ING Life Pension Plan you can start building up your pension capital at your own pace.
Benefit from potential tax savings based on the premiums paid.
Guaranteed capital and interest
Enjoy a guaranteed interest rate and guarantee on the capital.
At your own place
Choose how much you pay in and how often. (Up to 2,260 euros for 2017 income)
Please read before you start saving
Before going 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, Dutch and German.
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 2017 - tax year 2018)?
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 from the ING Life Pension Plan?
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. It 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 condition 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 main 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.
You choose the amount and how often you pay with:
- a minimum of 50 euros per month or 600 euros per year.
- a maximum of 2,260 euros per year (earnings year 2017 – tax year 2018). 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).
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.
- When the policyholder turns 60** an advance tax of 10% is levied on the savings reserve (excluding profit share). This tax has a 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%.
- The capital received by the beneficiary/ies of the contract may be subject to death duties.
** 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.
Optional cover in the event of death
If you wish, you can easily combine your long-term savings with an additional death insurance. You decide the minimum amount your chosen beneficiary will receive in the event of your death prior to the end of the policy.
The premiums for this optional life insurance are withdrawn from the savings built up by your transfers into your ING Life Pension Plan. Your ING Life Pension Plan reserve is as a result reduced by the payment of these premiums. Please see the General Terms and Conditions ING Life Pension Plan (PDF).
Segmentation policy for additional death insurance
There are multiple criteria that play a role in determining whether we are prepared to insure a particular risk, what we are prepared to insure it against, and what the premium will be. These criteria serve as Acceptance Criteria (AC), Pricing Criteria (PC) and Extended Guarantee Criteria (GC). Based on these segmentation criteria, we try to find a balance between the premium you pay and the loss or damage we anticipate. The segmentation criteria are objective criteria that can influence the probability or extent of loss or damage.
Acceptance Criteria (AC)Pricing Criteria (PC)Extended Guarantee Criteria (GC)Insured capitalDuration of the contractFinancial acceptanceHealth conditionAgeSmoking behaviourProfession and sport(s)Travel risk factor
Please find below an explanation of the applicable segmentation criteria.
- The insured capital (AC, PC): The insured capital has an impact on the amount of the premium, as it is directly linked to the risk to be insured.
- The duration of the contract (AC, PC): The duration of the contract may have an impact on the amount insured, and may therefore influence the amount of the premium.
- Financial acceptance (AC): If the total capital amount insured by NN Insurance Belgium SA/NV exceeds €1 million, we will assess your financial situation.
- Your health condition (AC, PC, GC): We will make enquiries into your health status through a questionnaire or by performing a medical examination. If, at the time you take out the contract, you are aware of any health problems which affect your risk of premature death, we will take these into account.
- If after carrying out the questionnaire or medical exam we are still unable to establish a sufficiently clear picture of your health, we may ask you to answer additional questions, or to provide us with further information.
- Your Age (AC, PC): Your age is an important factor when you take out life insurance, because, statistically, the probability of death increases with age.
- Your smoking behaviour (PC): Smoking seriously damages your health and increases the risk of mortality. Therefore, we need to know if you smoke.
- Profession and sport(s) (AC, PC, GC): Your profession and any sport(s) you participate in can be considered to be more or less dangerous and consequently, have an influence on your risk of being killed and your life expectancy.
- The fact that you take vacations for long periods abroad (AC, PC, GC): Depending on the duration and destination, a vacation in a foreign country can have an influence on the condition of your health, your risk of being killed and your life expectancy.
Making a claim, suggestion or complaint
- Contact us online: www.ing.be/complaints, call us: +32 2 464 60 04 or send us a letter: ING Complaint Management, Cours 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).
Who is NN Insurance Belgium SA/NV?
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:
Insurer: 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, 26, 27. 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, 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.