With a
contractual savings scheme a part of your gross salary is credited, as
contractual savings through your employer’s salary administration, to a blocked
salary savings account. No taxes are paid on the contractual savings and no
social contributions are withheld from it. Condition for such a form of saving
is that the saved amounts shall remain in the savings account for 4 years (in
other words the savings deposit will be blocked during these 4 years). For
certain spending purposes you are allowed to use your blocked deposits before
the end of the 4 years’ term. This is called deblocking (see also questions 5
& 6).
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With a
contractual savings scheme you could save an annual € 613,- or € 51,08 per month
of your gross salary.
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A
contractual savings account could be opened by you obtaining a participation
form and a authorization form from your employer. In case your employer has
access to a KOSTER Extranet, then you can also download the necessary forms. The
completed form will have to be signed for approval by your employer and may
subsequently be sent postage free to KMP, Antwoordnummer 10.170, 2400 VB
Alphen aan den Rijn. The completed authorization form may be handed in with
your salary administration. Together with your monthly salary payment the
contractual savings amount is withheld from your salary and credited to your
blocked savings account.
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You may
only participate in one contractual savings scheme, even if you have more than
one employer. If you only have one employer, but during the year you change
employers, then you may save the maximum amount with the employer with whom you
were employed on 1 January of the calendar year. If you were not employed on 1
January of that calendar year, then you cannot participate in the contractual
savings scheme of that year. Also employees who change employers and had not
been able to save the maximum amount with their first employer, cannot
complement the remaining amount with their new employer.
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If you
want to deblock the account, then you have to fill in a deblocking form. You
have been provided with a deblocking form when you opened the contractual
savings account. You could also request this form from KMP or download it
through the KOSTER Extranet of your employer. In all cases your employer takes
care of the deblocking acceptation. This means that you hand in the completed
deblocking form and required proof of evidence (e.g. a copy of the purchase
agreement in case of purchasing a house) with your employer. Your employer will
sign the form for approval and send it to KMP.
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Yes, for
an acknowledged spending purpose you may withdraw your contractual savings
before the end of the blocking period. This is called deblocking. The saved
contractual savings amount may be used for: the contribution payment of a life
insurance or insurance linked savings scheme, the purchase of a house as
principal residence, study costs, starting a company, additional pension and for
day care contribution. A request for deblocking in case of purchasing a house
should be handed in with the employer within 6 months after the actual purchase.
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For your
contractual savings there is tax allowance of € 17.025,- (2008). This allowance
is on a per person base. If there are more assets in your contractual savings
account, then you will pay 1,2% tax on imputed return on investment on the
surplus (in box 3).
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A
contractual savings scheme is linked to the company you work(ed) for. Your
savings will remain in the blocked account and will come free after 4 years.
With your new employer you will open a new contractual savings scheme, provided
your new employer has such a scheme.
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No,
participation in a contractual savings scheme is only possible by the employer
where your income tax and social contributions are deducted and not with the
benefits agencies.
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When you
use your contractual savings for an annuity insurance you benefit from a double
tax advantage. First you do not pay social contributions and taxes on the
withheld contractual savings amount. In addition you could claim the investment
for such insurances with the tax authorities in case of demonstrable pension
shortage. At the moment your annuity insurance comes to be paid out, the
payments will become taxable. For more information on this topic please see the frequently asked questions on
annuity insurances.
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Every
month you may use your contractual savings as an additional pension contribution
provided that your employer agrees with it and if there’s fiscal opportunity.
The advantage is that:
- The tax authorities do not levy tax on the contractual savings and you do
not pay income tax and social contributions on pension contributions. In short:
a monthly double advantage!
- the contribution payment will be done through the salary administration of
your employer. You do not have to worry about it anymore.
- You could (partly) restore a possible pension deficit.
For
more information on this topic please see the frequently asked
questions on pensions.
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