FAQs about pension saving

Already saving for your retirement with KBC Brussels but have a few questions?
You'll find the answers here.

1 Where can I find information about my state retirement pension?

You will find full information about your individual state retirement pension at the Federal Pensions Service website MyPension (in Dutch). Since 2015, both employees and self-employed workers can find information about their pension over their full career on the website. Log on using your e-ID or token from the government and view your personal pension calculation.

2 How do I pay into my pension savings, and how much can I save each year?

The annual amount of pension savings qualifying for tax relief is capped. In 2024, there are two maximum amounts for tax purposes: 1,020 euros and 1,310 euros. If you opt for 1,310 euros, you have to tell the bank that that’s what you want to do.

If you’re turning 55 to 59 in 2024 and you have a pension savings account, your personal maximum tax-deductible amount may differ from the maximum amounts that usually apply. You can find more information in the answer to question 11.

Top up your pension savings plan or your pension savings account

You can top up your pension savings plan in KBC Brussels Mobile or KBC Brussels Touch.

A pension savings account allows you to pay into a pension savings fund.By spreading your payments (e.g. monthly) you will be buying at both higher and lower prices. Monthly payments also make it easier to balance your budget. A savings standing order lets you deposit as little as 10 euros a month, which can be set up when you take out your pension savings product. If you already have a contract, you should make an appointment with your branch. Make additional one-off payments yourself in KBC Brussels Touch. 

Paying into KBC Brussels Home & Pension Plan

KBC Brussels Home & Pension Plan is a pension savings insurance plan2. Deposits can start from as little as 10 euros a month. If you need to make any changes to your contract, make an appointment in your branch or contact your KBC Brussels insurance agent or KBC Brussels Live

3 How much are my pension savings currently worth?

You can find the current accrued value of your own pension savings pot (or pension savings account) in KBC Brussels Mobile or KBC Brussels Touch by heading to the Savings & Investments tab of the menu bar.

4 What do I have to do to get tax relief on what I pay in?

Amounts you pay into your pension savings plan qualify for tax relief 3 of up to 30%. Each spring, KBC Brussels will send you a ‘281.60 certificate’ showing what you paid in over the previous calendar year. This is the amount you report in your tax return.

5 Do I have to save every year?

You do not have to pay into your pension savings every year. If you can’t pay into your savings one year, no problem; simply carry on saving again the next year.

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 (1,020 euros or 1,020 euros for 2024) 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 is eligible for tax relief?

Every person aged between 18 and 65 years who pays tax in Belgium is eligible for the tax relief.

A person who did not have to pay any tax in one or more years will not be entitled to tax relief for pension savings in those years. This is often the case for people with a very low income or a replacement income. 

7 I already have a pension savings plan elsewhere. Can I also pay into a pension savings plan with KBC Brussels?

2 options:
  • You can either leave your current pension savings with the other financial institution or insurance company and start a new contract with KBC Brussels.
  • Or you can transfer your pension savings to KBC Brussels. Transferring your current pension savings fund to another pension savings fund or from a pension savings insurance plan to another pension savings insurance plan is free of tax provided the full amount is transferred.
  • If you have a pension savings fund with another financial institution, you could transfer all your savings there to a pension savings fund with KBC Brussels. In that case, the savings balances are reinvested in the pension savings fund chosen by you. 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 amount accrued in your plan free of charge to KBC Brussels Home & Pension Plan.


  • 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 taken out in previous years, you can also start a new one. Bear in mind 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 ending your pension savings plan early and is heavily taxed. It is better in that case to leave your current pension savings with your present company and to start a new pension savings contract with KBC Brussels.

8 Can I have more than one pension savings account?

You can have several pension savings accounts or pension savings insurance plans with different companies, but you can only open one plan per calendar year.

You can only include the payments made into one pension savings account or pension savings insurance plan in your tax return in each calendar year. If you have paid into more than one pension savings fund or pension savings insurance plan, you can choose which payment(s) you include in your tax return. 

9 Can I still receive pension savings tax relief for amounts I paid in after deduction of the final tax?

Yes. Once the final tax has been deducted in a lump sum at the age of 60, you can carry on saving until the year in which you turn 64. You will still receive annual tax relief on those payments, but you will no longer pay a final tax.

10 What happens to my savings if I die?

The pension savings account will be closed. Once the estate has been settled, the net capital (after deduction of the final tax) will be paid out to the heirs.

The pension savings insurance plan means the amount will be paid to the beneficiary of the contract, who will also pay the final tax.

11 How do we determine your maximum tax-deductible amount?

After turning 55, it is better for you from a tax point of view not to increase what you put into your pension savings fund. It can be detrimental if you do, because the final tax would be deducted 10 years later instead of after five. That's why we determine the maximum amount you can pay in each year, so you don't have the hassle of having to work it out yourself.

To do that, we first look at the amount you paid in when you were 54. If you pay in a variable amount each year, we'll work out the average percentage you paid over the previous five years.

When you turn 60, you are free to choose how much to pay into your pension savings fund. These amounts won't be taxed and you'll still be able to take full advantage of the tax relief you're entitled to each year.

How does this affect you?

1) If you pay in the higher maximum tax-deductible amount when you're 54 (1,310 euros in 2024), it will also be your fixed maximum figure. Whether you pay in the same amount or less in the years ahead won't make any difference.
2) If you pay in the lower maximum tax-deductible amount when you're 54 (1,020 euros in 2024), it will be your fixed maximum figure. You won't be able to opt for the higher figure for the next five years.
3) If you pay in a lower amount when you're 54, we'll work out the average percentage of your payments over the previous five years and multiply that figure by the higher maximum tax-deductible amount to arrive at your maximum figure for the next five years.

To find out what your own personal maximum amount is, simply log in to KBC Brussels Mobile, tap 'Investments' (piggy bank icon) and then 'Tax-advantaged savings and investments'.

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. Investors invest directly in a diversified portfolio. Undertaking for collective investment is actually the umbrella term for investment funds, regardless of their legal status. Depending on their legal status, a distinction is made between UCIs with a contractual structure (investment funds) and UCIs with a separate legal personality (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 A pension savings insurance plan is a life insurance product with a return guaranteed by the insurance company.
3The tax treatment will depend on your individual circumstances and may change in the future.

12 Can I withdraw my pension savings early?

Yes, you can. However, you’ll get taxed at a higher rate, which you should avoid. That’s because the government offers attractive tax relief each year on pension saving, but claims it back by imposing a hefty tax of up to 33.31% if the savings are withdrawn early. See the conditions that have to be met for paying the most favourable rate of final tax.