Supplementary pension for employees | VAPW
VAPW
What is it?
If your employer does not offer group insurance or a pension fund, or only offers limited coverage, you can take out a VAPW (Free Supplementary Pension for Employees). This allows you to build up a supplementary pension in the second pension pillar. You are in control.
Why choose VAPW?
Tax benefit
Enjoy a 30% tax benefit on the premium paid.
Additional pension accrual
The statutory pension is often insufficient to enjoy your retirement comfortably. Thanks to the VAPW, you can build up additional pension, which contributes to a better financial situation.
What is insured?
The annual contribution for the VAPW is a maximum of 31% of your gross annual income from two years ago, or £1,970.00, whichever is higher. Please note that if you already accrued a supplementary pension through your employer or sector two years ago, this amount will be deducted from the permitted maximum. The maximum amount you can save can be found at mypension.be.
The premiums are deducted from your net salary by your employer and transferred to the insurer (individual choice) of the VAPW.
Depending on your risk appetite and investment goals, you can choose to pay the premiums into a Branch 21 and/or Branch 23.
In addition, protect your family by adding supplementary death cover.
Frequently asked questions
Discover the most frequently asked questions about this insurance. Over the years, we have collected this information and summarise it here. Easy, right?
Can I choose the pension scheme myself?
You are completely free to choose which pension institution you wish to take out a VAPW with. However, as an employee, you must provide all the information to your employer so that they can take care of the necessary administration.
Does a VAPW offer tax benefits?
As with pension savings, you receive a tax reduction of 30% on contributions to the VAPW if you limit your annual contribution to the statutory ceiling.
Will I be taxed on the accumulated reserve?
The accrued reserve is paid out when you reach the statutory retirement age. At that point, tax of 10% (+ municipal tax) is applied to the accrued reserve. You must also take into account a RIZIV contribution and solidarity contribution.
Can I combine the VAPW with pension savings or long-term savings?
Yes, the VAPW is completely separate from pension savings (third pillar) and long-term savings. So you can easily combine all three.
Can I start or stop VAPW at any time?
Yes, you choose when to start, how much to deposit (within the legal limits) and you can also temporarily suspend or adjust your payments.
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