The ING Business Pension Plan is a personal pension agreement for self-employed managers. It is a personal contract under which contributions are paid by the company (deductible as professional expenses); the benefits are paid direct to the manager (or his dependants). ING Business Pension Plan provides cover for death and life (retirement lump sum).

You can choose between 2 ways of building up your pension: You can either define the desired final capital in advance. The contribution is then calculated on this basis. Or you can either build up the pension with fixed annual contributions which you define yourself depending on the amount you have available.

At any time during the term of the contract, you can adjust the contribution and the covers to allow for changes in your salary, your family situation, new prospects for your business, etc.

At retirement age, as the beneficiary, you receive the capital built up. If you die before reaching retirement age, the capital built up (or the death benefits if they are greater) is paid to the heirs of the beneficiary.

Your ING Business Pension Plan offers a guaranteed return as well as additional profit sharing, depending on the insurance company's return.

The contributions paid are fully tax deductible for the business as professional expenses, subject to the following conditions:

The contributions are only taxable at 4.40%.

The sum insured is paid direct to the beneficiary by the insurance company. Therefore, the benefits have no impact whatsoever on the business as far as tax is concerned.

The contributions are paid by the business. The guaranteed sum (i.e. not the profit share) is taxed on payment at a favourable rate (10% for actual retirement at 65 years, otherwise 16.5%).

If you retire early, as beneficiary, you decide what to do with the contract: You can surrender it, allow it to continue without paying any contributions, or renew it yourself. If the business is sold or goes into liquidation, the capital already built up remains protected.

You can also draw down from your pension to buy, build or convert real estate situated in Belgium.

At any time during the term of the contract, you can adjust your contact to allow for changes in your salary, your family situation, new prospects for your business, etc.

John is 40 and is the business manager of AZQ bvba. He has an annual taxable income of EUR 37,200.

He wants to spend EUR 2,500 to increase his salary or pay into an ING Business Pension Plan.

Let us compare the return for him from the two scenarios:

The figures are clear: if John opts for the ING Business Pension Plan, it will give him an extra return of EUR 31,102.49. To achieve the same return with a salary increase, he would have to invest his net salary increase at 7.98%.

For more information about the ING Business Pension Plan and/or to take out a contract with attractive terms, please contact your ING adviser.

You can also call the ING Professional Banking Desk on 02 464 63 04 between 8 a.m. and 8 p.m. on working days.

To make an appointment with a personal adviser in your area without obligation, just fill in form.

ING Life Belgium SA/NV, an insurance company, licensed by the Banking, Finance and Insurance Commission under the code number 2550.
Registered office: cours Saint-Michel 70, B-1040 Brussels - Brussels RPM/RPR 0890.270.057.
Phone + 32 2 738 56 66 - info-insurance@ing.be - www.ing.be - BIC: BBRUBEBB - Account: 310-0762742-20  (IBAN: BE28 3100 7627 4220).

ING Belgium SA/NV, an insurance broker, registered with the Banking, Finance and Insurance Commission under the code number 12381A.
Registered office: avenue Marnix 24, B-1000 Brussels - Brussels RPM/RPR - VAT BE 0403.200.393.
Phone + 32 2 547 21 11 - info@ing.be - www.ing.be- BIC: BBRUBEBB - Account: 310-9156027-89 (IBAN: BE45 3109 1560 2789).