What taxes at the end of pension savings?

• Started your pension savings before your 55th birthday? Then a one-off final tax of 8% applies on your 60th.
• Only started pension savings after age 55? Then the same 8% final tax will apply on the 10th anniversary of your pension savings. When calculating that final tax, the taxman uses your net deposits and has them capitalised at a notional annual return of 4.75%. Of course, with pension savings, you are not supposed to withdraw your invested capital early, but it is possible. Only then you will pay extra taxes. If capital is called up:
• before age 60, then 33.31% withholding tax usually applies.
• after your 60th but before the 10th anniversary of your contract, then 33% final tax applies.

In both cases, however, on death and retirement, it is only 8%*.

*Tax position 2024