Companies have to register internal pension promises before 31 December 2014 in the Occupational Pension Database (DB2P)

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Pensions
Date:
28 Nov 2014

Since 2011 the Occupational Pension Database (DB2P), managed by Sigedis, has been collecting data about occupational pensions in Belgium. This data build-up has taken place in successive steps. In that context, internal pension commitments (IPC's) for employees or self-employed directors maintained by the company have to be registered in DB2P before 31 December 2014.

 

Reminder: today, a company can no longer make an IPC. It's no longer permitted for employees since 2004. Existing IPC's concluded before 16 November 2003 can still be maintained by the company. For self-employed directors, the prohibition applies since 2012. Existing IPC's that are internally funded can be maintained for the amounts recorded in the balance sheet. The same applies for IPC's funded through a key man insurance concluded before 1 July 2012 (see our Newsletter of 6 July 2012). All of those internal IPC's maintained by the company, have to be declared to DB2P.

Since no pension provider (insurance or occupational pension provider) is involved, the company itself has to:

-   either make a declaration via the online application which is accessible through the social security portal ( https://www.social.security.be );
-   or call upon an accountant or another service provider who offers that service.


In any case, the matter is pressing since it may take some time to make the declaration.

If the declaration is not made (or not made on time), tax sanctions apply. The company cannot deduct the costs of pensions that will be later paid out (and will be therefore taxed upon it).

 

> Action point

Check if there are still internal IPC's and make sure to register them in DB2P before 31 December 2014.