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Why should you start saving for retirement today?

As populations age, pension systems all over the world are under pressure – and Luxembourg is no exception.To safeguard your long-term financial well-being and make the most of your retirement years, it's important to start saving today.

To encourage people to start planning early, the Luxembourg tax system also supports individuals who sign up to a pension savings scheme by offering tax benefits, up to a certain limit.

Thanks to its specific expertise, BGL BNP Paribas can help design a savings solution to support your lifestyle well into retirement while also improving your tax situation today. Don’t miss out!

Did you know

Contributions paid into a pension savings scheme up until the end of December can be included in your tax return for the same year. You can therefore still benefit from attractive deductions this year, for example by using your thirteenth month bonus.

Case study

couple consulte son compte en ligne

Melanie is from Luxembourg and has been working at EY as an economist for five years. She got married a year ago. When she filed her 2020 tax return, she realised she wasn’t taking advantage of all the benefits of the Luxembourg tax system and was paying too much in tax.

She also dreams of travelling the world with her husband when they both retire.

Melanie sets up an appointment with her bank to find out how she can improve her tax situation.

 
 

Save for your pension with OptiPension+

Specially designed for anyone who wants to get the most out of their retirement, the OptiPension+ pension scheme helps you build your savings over time through regular contributions. The sooner you take out a pension plan, the bigger your eventual pension pot.

One major advantage is that you can deduct the contributions from your tax base, up to €3,200 per person per year. By signing up to OptiPension+, you can prepare for the future while reducing your tax base today.

Please note that savings can't be redeemed until the beneficiary turns 60, after a minimum contractual term of 10 years.

Save for your new home with Wüstenrot

Planning for the future goes hand in hand with owning your own home.

In Luxembourg, the cost of housing has become a serious problem, and many find it hard to get on the property ladder.

The home savings scheme offered by our partner Wüstenrot lets you build up a deposit to buy or build your next home (provided it will be your main personal residence).

You can also use the scheme to finance any projects for your primary residence:

  • redoing the roof, bathroom, windows, paint job, etc.
  • repaying the loan used to pay for your personal residence

What’s more, any contributions you pay into the home savings scheme are tax deductible*.

Save for a project with OptiSave+

Lastly, BGL BNP Paribas can help you pay for any other projects with OptiSave+, an insurance policy that helps you grow your savings over the medium or long term. The capital is guaranteed as a living benefit, and in the event of the insured person's death.

Any contributions you pay into an OptiSave+ scheme are tax deductible, provided you’ve had the policy for at least 10 years.

Tax-deductible products to help you plan for the future

Looking to build up enough savings to retire or finance another project? BGL BNP Paribas has a range of tax-deductible options for you.

With help from one of our advisers, you can personalise each solution so that it's perfectly suited to your needs.

Watch the video to discover all the benefits

Frequently asked questions about tax-deductible products

  • icone faq question
    How much can I deduct from my tax base when I sign up to a pension savings scheme?

    Under Luxembourg law, all taxpayers can deduct up to €3,200 in contributions to a pension savings scheme each year.

  • icone faq question
    How much does a pension or home savings scheme cost?

    Fees will vary depending on the type of policy taken out. For OptiPension+ and OptiSave+, subscription fees are 2.5% and administration fees are 1.2% per year. For the Wüstenrot home savings scheme, subscription fees are 1% and administration fees are €15 per year.

  • icone faq question
    How do I sign up to a savings scheme?

    Before signing up to one of our policies, take some time to discuss it with an adviser. By going through all the options together, we’ll be able to provide you with the best possible policy depending on your personal situation and needs.

    To sign up to OptiPension+, OptiSave+ or the Wüstenrot home savings scheme, make an appointment at your preferred BGL BNP Paribas branch. During the appointment, we’ll:

    • identify your requirements
    • draw up a policy proposal and provide you with a hardcopy version
    • forward the offer to our partner (Cardif or Wüstenrot), who will prepare the final policy
    • the policy is then sent back to the branch, to be signed by you in-person or electronically.

     

(*) Tax deductibility varies depending on your personal situation and is subject to change.