If you elect to go for 1,230 euros as your cap,
KBC is happy for you to just let us know about your choice after
the summer. We'll then get back to you and explain the ins and outs.
There's no hurry, therefore.
If you decide at an earlier stage that you're going for the
1,230 euros cap or if you've got questions, phone
or chat to KBC Live. Alternatively, make an appointment at
your branch or agency.
What you should know if you choose 1,230 euros:
1. You should count on putting more than 1,152 euros into your plan
Your tax relief is only higher once the 1,152-euro figure is
reached. For example, if you save only 1,100 euros, your tax relief is
275 euros (or 25% of that amount). If you'd saved the lower-capped
amount of 960 euros, that would have given you tax relief of 288 euros
(30% of 960).
2. You end up saving more and paying more net tax
If you put 1,230 euros into your pension-saving
plan every year, you should have a higher amount at the end of the
day. And that'll attract more net tax.
3. You have to make an election every year
Annually, you decide what scheme to use that year. Are you opting
for 1,230 euros in 2018? Next year, the lower cap
applies. Unless you make another election for the
1,230 euros cap.
Find out more about pension saving. Visit our webpage about pension saving.