Compare Pensions in Belgium

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What is Pensions & Retirement Savings in Belgium?

Retirement provision in Belgium is built on a three-pillar system. Pillar 1 is the statutory state pension you build through your career; pillar 2 is occupational pension arranged by an employer; and pillar 3 is voluntary individual saving, chiefly pension savings — pensioensparen in Dutch, épargne-pension in French — plus long-term savings. Because pillar 1 alone rarely maintains pre-retirement income, most Belgians top up through pillars 2 and 3 to build an adequate retirement pot.

How the Belgian market works

Pillar 3 pension savings come in two main forms: pension savings funds (invested in markets, offered via banks) and pension savings insurance in the form of branch 21 (capital-guaranteed) or branch 23 (unit-linked, market-exposed) contracts from insurers. The headline attraction is tax relief: contributions to individual pension savings qualify for tax relief of roughly 30% up to a lower annual ceiling of around €1,020, or 25% on a higher ceiling of around €1,310 — you choose one tier. Long-term savings offers separate relief within its own limits.

Benefits

Tax relief — pensioensparen / épargne-pension gives roughly 30% relief up to about €1,020, or 25% up to about €1,310 per year.

Employer top-up — pillar 2 occupational plans, often via insurers like AG Insurance or AXA Belgium, add employer-funded retirement capital.

Choice of risk — branch 21 offers capital protection while branch 23 and pension funds offer growth potential.

Compounding — starting early lets contributions grow over decades before retirement.

How to choose

Decide between a pension savings fund (higher growth potential, market risk) and insurance (branch 21 for guarantees, branch 23 for market-linked returns), and pick the tax-relief tier that suits your contribution level. Compare ongoing fees, which typically run from about 0.15% to 0.9% and materially affect the final pot. Consider your time horizon: younger savers can favour market exposure, while those near retirement may prefer branch 21 capital protection.

Leading providers in Belgium

Pension savings are offered by major banks and insurers including AG Insurance (via AG Insurance Pension BE), AXA Belgium, Belfius, ING Belgium, KBC Belgium and NN Belgium. Banks typically distribute pension savings funds, while insurers such as AG Insurance, AXA Belgium and NN Belgium provide branch 21 and branch 23 contracts. Employer pillar 2 schemes are usually placed with these same insurers.

What it costs

Annual management fees generally range from about 0.15% to 0.9%, plus possible entry charges on some contracts. Lower-cost pension savings funds sit at the bottom of the range, while insurance contracts with guarantees or advice can be higher. Over decades, even small fee differences compound significantly, so fees deserve as much attention as the tax relief when comparing pillar 3 options.

Protections and regulation

Pension savings and insurance products are supervised by the FSMA, which oversees both the funds and the insurers offering branch 21 and branch 23 contracts. Branch 21 contracts carry a capital guarantee, and Belgian insurers operate under prudential and conduct rules that protect savers. The tax framework for individual pension savings is set by federal legislation and applied through the annual tax return.

Common questions

What are the three pillars? Pillar 1 is the state pension, pillar 2 is employer occupational pension, and pillar 3 is individual saving such as pensioensparen / épargne-pension.

How much tax relief do I get? Roughly 30% on contributions up to about €1,020, or 25% up to about €1,310 per year — you choose one tier.

What is the difference between branch 21 and branch 23? Branch 21 offers a capital guarantee, while branch 23 is unit-linked and exposed to market returns.

Pensions in Belgium — FAQ