You can choose between two maximum tax-deductible amounts under a pension savings scheme in 2023, i.e.:
- A maximum of 990 euros: that gives you a tax relief of 30%, which would save you 297 euros in tax.
- A maximum of 1,270 euros: that gives you a tax relief of 25%, which would save you 317.50 euros in tax.
Which cap to go for?
The maximum figure is 990 euros by default. If you want to save more than that, you can opt specifically for 1,270 euros* as your maximum.
* Each year, you must decide on which arrangement to use. If you opted for 1,270 euros last year, the lower maximum figure of 990 euros will apply as standard in 2023 (unless you explicitly opt for the higher figure of 1,270 euros).
Want to keep your cap at 990 euros?
Open a pension savings account
At KBC Brussels, you can simply open a pension savings account with the default cap of 990 euros via KBC Brussels Mobile or KBC Brussels Touch.
Take out a pension savings insurance plan
First contact your KBC Brussels branch, your KBC Brussels Insurance agent or KBC Brussels Live to take out a new pension savings insurance plan;
Good to know: the amounts are debited automatically each month from your chosen account, enabling you to save the entire maximum amount over the year. However, if you wish, you can also deposit the maximum amount in one go with KBC Brussels Mobile or KBC Brussels Touch.
Or will you go for the 1,270 euros cap?
You have a pension savings account at KBC Brussels
Notify us of your choice to save the higher maximum amount of 1,270 euros in on of 3 ways:
- In KBC Brussels Mobile (follow the step-by-step instructions below)
- Via KBC Brussels Live
- At your KBC Brussels branch
1. Log in to KBC Brussels Mobile
2. Tap ‘Investments’ at the bottom of the screen
3. Tap ‘Tax-advantaged savings and investments’
4. Select your pension savings account
5. Tap 'Increase your maximum tax-deductible amount'
6. Read through the information
7. Choose 1,270 euros as maximum amountamount
Please note: If you've opted for the 1,270 euros cap, the only way you can deposit the amount (and that must be in one go) is in KBC Brussels Mobile.
Example: you've been depositing 82,5 euros per month to your pension savings account via standing order (or 990 euros annualised). By October, you'll have saved 825 euros. At that moment, you can still go for the 1,270 euros cap and deposit an additional 445 euros in one go to make up the difference.
You have a pension savings insurance plan at KBC Brussels
First submit your decision at your KBC Brussels branch, your KBC Brussels Insurance agency or via KBC Brussels Live to go for the higher figure of 1,270 euros.
Good to know: the amounts are debited automatically each month from your chosen account, enabling you to save the entire maximum amount over the year. However, if you wish, you can also deposit the maximum amount in one go with KBC Brussels Mobile or KBC Brussels Touch.
What you need to know if you opt for 1,270 euros
1. Be sure to save more than 1,188 euros
You'll only be able to benefit from greater tax relief if you save more than 1,188 euros. If you end up saving only 1,100 euros, for instance, you'll obtain a tax credit of just 275 euros (25%), whereas you'd have received 297 euros (30%) at the lower cap of 990 euros.
2. You save more and pay a higher final tax charge
If you deposit 1,270 euros every year for pension-saving purposes, then you should in principle come to a higher amount at the end, which means a higher final tax charge.
3. Each year, you'll need to submit your choice again
Each year, you must decide on which arrangement to use. If you opted for 1,270 euros last year, the lower maximum figure of 990 euros will apply as standard in 2023 (unless you explicitly opt for the higher figure of 1,270 euros).
To learn more about saving for your pension, go to ‘Everything you need to know about pension saving at KBC Brussels’.
When can you start saving for your pension?
* The tax treatment will depend on your individual circumstances and may change in the future.
