- Where can I find information on my state retirement pension?
- How and how much can I save towards my pension?
- How much are my pension savings worth now?
- What do I have to do to get tax relief on what I save?
- Do I have to save every year?
- Who can get tax relief on pension savings?
- Can I save for my pension with KBC if I already have a pension plan elsewhere?
- Am I allowed to have more than one pension savings account?
- Can I still get tax relief on pension savings I've set aside after the final tax on pension savings has been deducted?
- What happens to my savings if I die?
1 Where can I find information on my state retirement pension?
The federal government's National Pensions Office website www.mypension.be has full details of your state retirement pension (in Dutch, French or German). Since 2015, employees and the self-employed can find details of their entire career there. Log in using your eID or token you receive from the government to see your personal pension calculation.
2 How and how much can I save towards my pension?
The annual amount of pension savings qualifying for tax relief is capped. In 2018, there are two maximum amounts for tax purposes: 990 euros and 1,270 euros. If you go for 1,270 euros, you have to tell the bank that that's what you want. Read more about pension saving in 2018.
Pricos and Pricos Defensive are pension savings funds1. By spreading your deposits (like doing so monthly), you buy in at both higher and lower prices. Not only that, but monthly deposits also bring more balance into your budget.
With an automatic savings facility, you can deposit as little as 10 euros a month into your Pricos or Pricos Defensive pension savings plan. You choose how much you want to pay in each time when you start saving for your pension with us. If you already have a contract with us and would like more help with it, just make an appointment with your branch.
You can make one-off additional deposits yourself using KBC Touch.
3 How much are my pension savings worth now?
A. Mutual funds¹
Pricos and Pricos Defensive
These pension savings funds invest mainly in shares and bonds. Pricos has more shares than bonds in portfolio. Pricos Defensive, on the other hand, has more bonds than shares in portfolio.
The value (price) of each pension savings fund depends on things like the performance of the underlying shares and bonds in which the fund invests. You can get the latest price using our fund finder.
If you'd like to know how much of a pension savings pot you've currently built up, you can see this using KBC Touch by selecting 'Savings & investments' then 'Pension accumulation' under 'Menu'.
B. Guaranteed-interest (class 21) life insurance³
KBC Home & Pension Plan
KBC Home & Pension Plan is a pension savings insurance plan featuring a guaranteed rate of interest (class 21 insurance). If the interest rate changes, that only affects deposits as of that date.
4 What do I have to do to get tax relief on what I save?
5 Do I have to save every year?
You're not obliged to make a deposit every year. If there's a year when you're unable to save towards your retirement, that's not a problem and you can simply continue saving the year after that.
However, be careful when you approach your 55th birthday. Since the final tax for your pension savings account is usually deducted in the year you turn 60, you are advised to increase the amount you save annually to the maximum (i.e. 940 euros for 2016 and 2017) by no later than the year you turn 54. This ensures that the best moment for deducting this tax is not postponed until later. Plus, you are automatically included in any future indexation and you qualify for the maximum amount of tax relief.
6 Who can get tax relief on pension savings?
7 Can I save for my pension with KBC if I already have a pension savings plan elsewhere?
- Either you keep your current pension savings plan with the other financial institution or insurance company and start a new one with us…
- you transfer your pension savings to a plan with us. Transferring your current pension savings from one fund to another or from one pension savings insurance plan to another is tax free if you transfer all your savings.
- If you have a pension savings fund with another company, you could transfer all your savings there to a pension savings fund with us. If you do this, your savings are reinvested in the pension savings fund you choose with us (Pricos or Pricos Defensive). We don't charge you entry charges for pension savings you transfer to a scheme with us. Entry charges only apply to new deposits you make.
- If you have a pension savings insurance plan with another company, you can transfer the full reserve under that plan to a KBC Home & Pension Plan free of charge.
- You can only open one pension savings account or take out one pension savings insurance plan per calendar year. If you already have a contract from previous years, you can also start a new one. Remember that your tax return can only include deposits you make into one pension savings account or pension savings insurance plan.
- Switching from a pension savings fund to a pension savings insurance plan or vice versa is treated as stopping early with pension savings, which is heavily taxed. If you have pension savings elsewhere and would like to start saving for your retirement with us, it's better to leave your other savings where they are and start another contract with us.C
8 Am I allowed to have more than one pension savings account?
You're allowed to have several pension savings accounts or pension savings insurance plans with several different companies, though you can only open one account or plan per calendar year.
You can also only include deposits you make into one pension savings account or pension savings insurance plan in your tax return per calendar year. If you've made deposits into several pension savings funds or insurance plans, you choose which deposit or deposits to include in your tax return.
9 Can I still get tax relief on pension savings I've set aside after the final tax on pension savings has been deducted?
10 What happens to my savings if I die?
Guaranteed-interest life insurance²
Your KBC Home & Pension Plan pays out to the beneficiary specified in your contract, who pays the final tax.
1 A pension savings fund is an investment fund or fund, the common name for an undertaking for collective investment or UCI (which may or may not have a legal personality) that collectively gathers savings deposits and jointly manages them so investors invest directly in a diversified portfolio. Undertaking for collective investment is actually the umbrella term for investment funds, regardless of their legal status. It is that status which defines whether they are contractual UCIs (mutual funds) or incorporated UCIs (investment companies). A fund makes investing easy for investors. It is managed by specialists who track the market and take care of all the administrative aspects like collecting interest and dividends.
2 Guaranteed-interest life insurance is the generic term given to life insurance with a return that is guaranteed by the insurance company.
3 The tax treatment will depend on your individual circumstances and may change in the future.