At maturity on 1 Feb 2025
This is where you will see the amount that you will be entitled to collect if you are still alive on the expected retirement date. In most cases, the retirement age has been set at 65.
This is the gross amount claimable on the expected retirement date if you are no longer working as of the status date (see date on benefits statement). This also assumes that you have kept your reserves invested in your AG Employee Benefits plan. Any change in your circumstances after the status date (such as part-time employment) will impact the value of your vested benefits.
Lump sum (including vested benefits)
If you are still employed with the same company by the time you retire, you will be entitled to collect the simulated lump sum as well as the benefits that have vested through profit sharing.
Simulated lump sum: the projected value of the proceeds you will collect when you retire. This is your gross benefit amount. It does not include any withholding tax, Illness-Disability (INAMI/RIZIV) contribution or solidarity contribution that will be deducted when you retire and cash out of the plan. Under the current legislation, these deductions represent roughly 20% of the gross amount.
Benefits that accrue through profit sharing: an additional return provided by AG Employee Benefits on top of the guaranteed return. Only Illness-Disability and solidarity contributions will be deducted from the gross amount.
Sample case with figures and more information about filing your tax return.
What exactly do we mean by "simulated lump sum"?
In other words, the value may vary if there has been a change in the variables used to make the calculations (e.g. your salary or working time percentage). As a general rule, your benefits should increase every year to keep up with salary increases (due to indexation, pay raises, etc.). However, your benefits could also decrease, for example, if you reduce your working time percentage or leave the company.
In making the calculation, we assume that the reserves that have vested to date and the regular premium payments will be invested at a particular interest rate. Depending on when you enrolled in the plan, different interest rates may apply. The applicable interest rates and dates will be specified in your benefits statement.