Pension saving funds are a long-term commitment. The major benefits of pension savings come only if you stay in for the extended period. And it makes sense! At the end of the day, the purpose of a pension fund is to help secure your future in the long term and not to serve as a short-term saving option. But don’t worry we’re here to support you! Staying invested can pay off! Read more to find out why!
"}},{"componentType":"sectionTitle","title":"Staying invested in the long return pays off"},{"componentType":"paragraph","richBody":{"value":"You probably already know about the tax advantages you get when investing in your pension fund. However, you only gain from these tax benefits if you don’t sell your fund before the age of 60. When you withdraw early from your pension savings fund you must pay taxes as high as 33.31%. Staying invested will also allow your funds to start earning interest on interest while making the most of the tax system. Sounds good, doesn’t it?
"},"alignedImage":{"position":"right","transformBaseUrl":"https://assets.ing.com/transform/326a86be-16df-4ace-8b5d-72105dd5d936/Starten-met-Vermogensbeheer-9","original":"https://assets.ing.com/m/77879305c62560ea/original/Starten-met-Vermogensbeheer-9.jpg","extension":"jpg"}},{"componentType":"sectionTitle","title":"Staying invested after 60? It’s possible!"},{"componentType":"paragraph","richBody":{"value":"While you can withdraw your pension capital when the one-off final tax of 8% is deducted when you turn 60, you don’t have to. In fact, there’s another advantage to keeping your money invested even longer. You have the possibility to save tax-free between the ages of 60 and 64. This is a great opportunity for your savings to increase in the final years before your retirement, just when you need it the most. Additionally, you also have the option to save according to the risk you want to take by switching your underlying fund* free of charge once a year. Read more about it here!
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All in all, saving with your pension fund is a great habit for a more secure future. As long as you view it as a long-term commitment, you avoid unnecessary tax penalties, make the most out of tax benefits and give your savings the time they need to potentially grow and accumulate.
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*Funds means an "undertaking for collective investment" (= UCI). UCI is a general term which refers to institutions that obtain their financial resources from the public and whose business consists in managing a portfolio of financial instruments. The term "funds" therefore includes both ICVC (variable capital) and ICFC (fixed capital) investment companies and mutual funds as well as their sub-funds.
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