Spaargids.beOne of the major concerns of the self-employed remains their social status: on the one hand less good care in case of illness and on the other the limited pension. As for the latter, they can absorb a part of it through some pension savings formulas, often also with tax advantages. Spaargids.be cross the possibilities.
By Johan Van Geyte, in collaboration with Spaargids.be
Bron:
Spaargids.be
The number of self-employed workers in our country has been on the rise for some time now. At the end of last year there were already 1,230,419. It involved 795,291 men and 435,128 women. 766,359 people were self-employed as a primary occupation, 313,530 as a secondary occupation.
The principle of pension accrual is that the higher the income during the professional career, the higher the pension will be. This also applies to the self-employed. But a correction coefficient has long played here. Their income accounted for only 69% when calculating the pension amount. In other words: for the same income, a self-employed person received almost a third less pension than an employee.
This weighting has been waived for career years since 2021. As a result, even the self-employed now have the prospect of a higher pension. However, it remains interesting for the self-employed to build an additional pension, which can be done through various formulas. An overview.
Voluntary supplementary pension for self-employed workers (VAPZ)
A VAPZ is the preferred way for the self-employed to build up extra retirement capital. This is done through deposits into a TAK21 savings insurance policy. The self-employed person earns guaranteed interest on this. Furthermore, every year it is examined whether he can receive a profit share in addition to this basic remuneration. This is the case if the insurer can profitably reinvest deposits in the financial markets and his results allow.
This year self-employed workers will be able to spend a maximum of 8.17% of their professional income from three years ago, with an absolute maximum of 3,447.62 euros. Those who opt for a social VAPZ, which provides benefits in the event of incapacity for work in addition to the savings formula, can increase it to 9.40%, with a maximum of 3,966.67 euros.
Deposits for a VAPZ can be deducted from income and thus provide tax savings at the higher rate at which it falls. The deduction also lowers the basis on which pension costs are subsequently calculated, which further increases the return.
Pension Agreement for Self-employed Workers (POZ)
Another way to build up extra retirement capital is a POZ. It applies to self-employed persons who work without a company and who therefore do not have the possibility of benefiting from group insurance.
This is also done here by depositing into a TAK21 savings insurance policy. Advances for this formula are linked to a tax deduction of 30%.
Attention: this formula must take into account the 80% rule on pensions. Your total pension accrued (statutory and supplementary pension) cannot exceed 80% of your income. To calculate the amount you can deposit, your average income for the last three years is taken into account.
Individual Pension Commitment (IPT)
The Individual Pension, on the other hand, is a savings formula for the self-employed worker with a company, whereby the latter saves for the retirement of its manager. This is also done via a TAK21 savings insurance policy. Deposits are tax deductible for the company.
Note: IPT is also limited by the 80% rule. It stipulates that the statutory and supplementary pension together cannot exceed 80% of your last ‘normal’ income. The amounts that would be saved above this ceiling do not entitle the company to a tax deduction. Then let your accountant work out how much you can spend on IPT.
Classic retirement savings
Just like any other Belgian between the ages of 18 and 64, the self-employed person can also build up retirement capital through traditional retirement savings. The amount they can deposit annually is limited. In 2022, the normal maximum is 990 euros. In addition, there is an increased maximum of 1,270 euros. Those who opt for the latter must make an explicit request to their bank or insurer.
Anyone who deposits an amount up to 990 euros is entitled to a 30% tax reduction on the sums deposited. Those who deposit between 990 euros and 1,270 euros enjoy a 25% tax reduction. Those who save for retirement through a retirement savings fund at a bank have their annual deposits invested in a fund with stocks and bonds. With a positive evolution of the stock market, this produces a good return, with a negative evolution it can also lead to losses.
Those who want to go for certainty can opt for retirement savings through a TAK21 savings insurance policy with an insurance company. In this case, the saver receives a guaranteed basic interest rate, possibly with additional profit sharing for the years in which the reinvestment of his deposit by the insurer has yielded the most and its results allow for it.
Saving something for later? Here you will find the cheapest pension funds through a bank in retirement savings insurance through an insurer.
Long-term savings
Classic long-term savings are also accessible to the self-employed and others. And here, too, this is done via a TAK21 savings insurance policy.
The amount that can be saved depends on the net taxable professional income. It amounts to 172.80 euros + 6% of this professional income. Anyone with a net taxable income of €28,000 can therefore deposit €1,852.80. There is an absolute maximum of €2,350 for 2022. This corresponds to an income of at least €35,620. Long-term savings deposits yield a 30% tax break. Anyone who manages to deposit the maximum of 2,350 euros must therefore pay 705 euros less in taxes.
Warning: long-term savings fall into the same basket as principal repayments on a second or third home loan and outstanding balance insurance premiums. If the basket of 2,350 euros has already been filled with this, the long-term savings will no longer give any further tax relief. In general, the advice is therefore to wait until after the payment of your loans.
Choose the correct order
If you are self-employed and want to get the greatest possible tax benefit from your efforts to build up additional retirement capital, you should first opt for the maximum use of a VAPZ. These deposits provide you with a tax advantage at the marginal rate, which is the rate at which the top end of your income falls. It quickly reaches 45%. In addition, the tax deduction also lowers your taxable income, so you also have to pay less social security costs.
A POZ, on the other hand, offers the opportunity to save more. You just have to be careful not to get yourself in trouble with the 80% rule.
Don’t forget the long-term savings possibilities. This is a formula that allows you to continue saving after your 65th birthday. Take into account the limitations if you combine them with the tax advantages of a second or third home mortgage.
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