A second pension pillar that will soon be more transparent

The Federal Minister of Pensions Karine Lalieux (PS) wants to increase the information contained in the form sent annually to affiliates of a supplementary pension.

The bill that Karine Lalieux will submit this Friday for the approval of the Council of Ministers has two objectives: to improve the attractiveness of the second pension pillar in the face of its generalization and, ultimately, to reduce its costs, and therefore improve returns. Technical, the text presented by the PS Minister of Pensions announces improvements for both the beneficiaries of the system – there are almost four million – that in the future they will be better informed of their rights and for companies that will be relieved of certain administrative tasks.

Karine Lalieux explained it to L’Echo. “The Government has set itself the goal of generalizing the second pension pillar. To do this, we must regain confidence in this complex system that is still difficult for the worker to understand”. Entrepreneurs who want to use it must be able to easily compare offers on the market, adds the minister. A FSMA survey indicates, for example, that 61% of second pillar holders do not have a clear view of the taxes linked to the system. More than half also do not have a very clear idea of ​​the return on their investments. or the convenience of opting for a principal or annuity payment. “It is necessary, therefore, to guarantee correct, clear and understandable information,” adds the minister who announces the change in the famous pension sheet that workers receive each year. Let’s go into detail.

horizon 2024

First news, the text provides for the integration into Belgian social law of a European directive that must put pension funds and insurers on the same legal footing that currently offer the same type of services without being subject to the same obligations, particularly in terms of information to workers. The reform also plans to centralize the individual data of the second pillar in the mypension.be platform, as for the legal pension.

“Each worker must be able to easily know how much and when they are going to receive, the performance of the contributions, what taxes they will pay on the amount, etc.”

karine lalieux

Minister of Pensions (PS)

The bill upstream defines the principles of this communication to the general public. It should be regularly updated, understandable to as many as possible, free from misleading information, easy to read and standardized. to facilitate comparison between contracts by both users and social partners. “The information must also be relevant,” adds Karine Lalieux. “In short, each worker must be able to easily know how much and when he will receive, the yield of the contributions, what taxes he will pay on the amount, etc.” All this will be included in the form that is sent annually to the beneficiaries.

Specifically, the reform expands the scope of action of Sigedis, the public body that manages the data of mycareer.be and mypension.be in particular. It is he who, by 2025, will send workers the sheet containing all the useful information about the supplementary pension. “The State takes charge, therefore, of this administrative task, which is currently carried out by companies”, comments Karine Lalieux. “Secondly, it will be necessary to negotiate with the employers to transfer this profit to the management costs that are billed to the workers,” she adds.

The principles of information transparency will come into force from 2023, in particular at the level of affiliation documents, while the updated annual declarations are announced for 2024, the minister specifies. As a reminder, the government agreement establishes that each employee or self-employed person can, in the long term, allocate at least 3% of your gross income to the second pillar.

The summary

  • Annual declarations of the second pension pillar are often information poorin particular on contributions and amounts imposed.
  • The Minister of Pensions presents a bill to communication clarifier in this area, which will eventually be centralized on the mypension.be website.
  • The government wants to make the system clearer and more attractive to facilitate its generalization.

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