retirement

Belgium’s pension system is also based on several pillars, combining a public pension, occupational pension schemes and personal savings.

First level: statutory public pension

The first pension level in Belgium is financed by social contributions. It comprises :

• Old-age pension: A statutory pension for employees and self-employed workers who have paid social security contributions during their working life.

Second tier: occupational pension plans

These include supplementary pensions organized by the employer, such as :

• Employer-sponsored pension plans: These plans are financed by contributions from the employer and sometimes the employee.

Third tier: individual retirement savings

Individuals can supplement their pension with personal savings, such as :

• Pension insurance and retirement savings: These solutions are optional and can include private pension funds, savings plans or life insurance products.

The Belgian system therefore enables every worker to ensure a decent retirement thanks to these three sources of income.

Links

• General information on the statutory pension system: Belgian Social Security website(www.socialsecurity.be )
  
• Information on private pension schemes and retirement savings: SPF Finances(https://finances.belgium.be )
  
• Official website for pension savings in Belgium: Pensioensparen.be