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When the VBL occupational pension is paid out in old age, it must be taxed as income (deferred taxation). This is because the contributions are tax-free during the savings phase, but tax is payable when they are paid out. The only exception is if you are an employee in the public sector and have paid the contributions in the savings phase until retirement from income that has already been taxed and have not claimed any tax incentives. In this case, only the income share is taxable. In addition, contributions to statutory health insurance and long-term care insurance are withheld from the VBL occupational pension in the payout phase.
At Horizon65 we can help you to determine if company pensions are worth it for you by using our mobile app to simulate its effect on your future taking into your existing investments and potential impact of inflation and taxation.
We regularly help our clients by comparing all the available company pension products on the market using our comparison portal or you can also directly get in touch with our experts to understand if it can be a good option for you.