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Comprehensive income, also called annual income, is the total of gross income from work, home, substantial interest and taxable income from assets and savings. It is calculated using the 2023 income.
Factor A is the pension accrual you accrued in payroll in 2023. You will only accrue this if you are already contributing to a 2nd pillar pension.
You can find your pension(s) at: www.mijnpensioenoverzicht.nl
For exact accrual, you'll need to look at your UPO or the pension provider(s) website.
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* For the indicative tax refund, we use a rate of 36.97%. For aggregate incomes above € 75,518, a rate of 49.50% applies. The actual amount you receive depends on your personal situation.
Investing offers opportunities but also has risks - you can lose (part of) your investment. It is therefore wise to understand the risks well in advance. More about this in the investment policy. If you have any questions, please contact us. Vive is an asset manager licensed in the Netherlands.
The AOW deductible is a fixed amount that is deducted from your gross income when calculating how much pension you are allowed to accrue. This amount is meant to take into account the AOW (General Old Age Pensions Act) benefit you will later receive from the government. Because you are already entitled to AOW, you may not accrue additional pension on this part of your income.
In 2024, the state pension franchise is set at €17,545. This means that when calculating your annual margin, you first deduct this amount from your gross income, and only on the remaining income may you build up pension tax-free. The state pension franchise thus ensures that you only accrue pension on the portion of your income that is above the state pension level.
The contribution base is the portion of your income on which you are allowed to accrue pension. It is calculated by deducting the AOW deductible and Factor A (pension accrual) from your gross income. The contribution base is the basis for determining your annual margin, or the amount you may deposit tax-free each year for additional pension accrual.
Example: If your gross income in 2023 is €50,000, the AOW deductible is €17,545 and Factor A is €0, then your contribution base is €50,000 - €17,545 - €0 = €32,455. Over this amount you may then calculate your annual margin, which is an important factor for what you are ultimately allowed to contribute with a tax benefit.
The Factor A is the amount by which your pension has grown in a given year, if you accrue pension through an employer. This number indicates how much pension growth you achieved that year and is shown on the Uniform Pension Statement (UPO) you receive annually from your pension provider.
The Factor A is important when calculating your annual margin. If you have accrued pension, the Factor A is used to reduce the annual margin, since you have already accrued pension through your employer. The higher the Factor A, the smaller the additional annual margin you can still use for tax-free pension accrual. You have to multiply the Factor A by 6.27 to get the total deduction.
Annual margin is the amount you are allowed to deposit tax-free each year for your pension accrual. This amount is determined on the basis of your income and pension accrual in the previous year. If you accrue too little pension through your employer or do not accrue any pension at all, you can use the annual margin to accrue additional pension at a taxadvantage through, for example, an annuity.
The annual margin is calculated by taking your gross income from the previous year, subtracting the state pension franchise, and then taking 30% of the remaining amount. If you already accrue pension through an employer, this is reduced by the so-called Factor A, the amount by which your pension grew in that year.
Utilizing annual allowance can lead to tax benefits because the deposit is deductible from your taxable income.
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