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What is an income tax and social insurance credit?

An income tax and social insurance credit is a tax reduction. As a result you pay less tax over your income; for example, over the pension you receive. However, you are only allowed to have this reduction applied by one employer or benefit’s agency. You will receive a form from us when you retire. On this form, you can indicate whether or not you wish us to apply your tax/social insurance credit to the pension payment we make to you. If you fail to make a choice, we will not apply this credit.


Which is the best authority to apply your income tax/social insurance credit?
That depends on your personal situation. We are neither permitted nor able to advise you in this respect. If you would like more information about your income tax/social insurance credit, please refer to the Belastingdienst website (that is the website of the Dutch Tax and Customs Administration).


Are you currently receiving an income/social insurance credit on your pension?
If you are already receiving a pension from us, and would like to know if we are applying your income tax/social insurance credit, you should refer to the benefits slip which we send you each year. On this specification there is a section entitled ‘heffingskorting’ (tax credit) If the word ‘ja” (yes) is shown in that section, we are applying your tax credit. If ‘nee’ (no) is shown, then we are not applying your tax credit.

 

Would you like to change the party applying the tax/social insurance credit?
You can do so at any time. You simply have to inform us of this. You do so using the form ‘verklaring loonheffingskorting’ (tax/social insurance credit declaration). Or send an email to: ks@pensioenfondspgb.nl stipulating whether you do or don’t wish us to apply the tax/social insurance credit.


Do you live abroad?
If so, please refer to the Dutch Tax and Customs Administration website to see whether you are entitled to a tax/social insurance credit.