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October 17th 2019

The life-course savings scheme has been abolished as of 1 January 2012. A transition scheme is now in place that runs until 1 January 2022. Under this, employees who had a life-course savings balance of at least € 3,000 on 1 January 2011 and who had not yet used this amount can continue to save with a new employer.

What must the employee do to participate in the life-course savings transition scheme?

  • The employee has a current life-course savings account or insurance.
  • Via the AVOM form, the employee requests the employer to allow him/her to participate in the life-course savings transition scheme.

What is the maximum amount that the employee can invest and what will happen with the money? 

A maximum of 12% of the gross annual salary can be invested in the life-course savings transition scheme. The sources for this are holiday leave hours (maximum 120 hours per year) and/or salary (maximum 12%). If holiday leave hours are used, then the value of these will be converted into a monetary amount. In no case shall the total balance of the life-course scheme account exceed 210% of the gross annual salary.

The employee states the gross amount that he or she wishes to invest. The employer subsequently deducts the employee insurance premiums and pension premium from this amount, but not income tax. The remaining amount is transferred to the life-course savings scheme account or the life-course savings scheme insurance of the employee.