Building up (extra) pension

If your employer is not affiliated with an industry pension fund, or if you have a pension gap, it is necessary or wise to build up supplementary pension yourself. Vive offers employees of affiliated employers the opportunity to build up pension affordably. But the Vive pension plan also offers a solution when you are self-employed.

When you accrue pension through Vive, it is a good idea to check whether the amount you may receive from your employer matches your wishes. If not, you can choose to supplement your pension income yourself. The Vive pension plan offers this option.

How much do you need to accumulate?

There are several ways to determine a good amount to set aside. You can build up a maximum amount for your pension annually with tax benefits: your annual allowance and unused annual allowance. You can list your expected expenses after your retirement and calculate how much money you expect to be short each year. The Pension Pie Chart of Five is a useful tool for this. Then calculate how much you need to set aside monthly now. Watch the explanation video about the building blocks for an income after retirement.

Tip from Nibud: It is important to check which savings amount fits into your budget. Our tool Personal Budget Advice can provide insight into this.  

Discipline

Building a pension requires some discipline. You can periodically calculate how much you want to put into your pension pot, but it is easier to set up an automatic transfer with your bank account. This ensures that you allocate an amount to your pension every month. You can then check at the end of the year whether you have contributed enough that year to your liking. As long as you stay within the set annual allowance, you can continue to transfer money to your own pension pot. You can calculate how much your annual allowance is here. 

Tax benefit

The money you transfer to your pension pot is tax deductible. You will receive part of the deposit back from the Tax Authorities when you file your income tax return. Exactly how much depends on your personal situation, the percentage is between 40%-50%.

Transfer money

Transferring money to your Vive pension plan is simple. Copy the account to which you are going to transfer in the Vive app (under the 'Deposit' button) and copy it into the banking app of your counter account. Determine the amount you want to transfer and send the transfer. Vive will allocate the amount to your pension plan the same day. If you are going for an automatic periodic debit, follow the instructions in your banking app.

Investing

The money you transfer to your pension plan is automatically invested by Vive every month. You don't have to do anything for this. In the Vive app you can follow in which investment funds Vive invests for you, now and in the future. Because Vive reduces the risk in your portfolio ten years before the retirement date, the portfolio will automatically change during this period. Vive's investment policy can be found here.

Questions

If you have any questions about the pension plan or how it works, please send an email to support@viveapp.com or use the chat function in the app. Vive is happy to help you.