In Belgium, the supplementary pensions are divided into two systems: the ‘second pillar’ pension fund originating from employment through pension funds and group insurances; and the so-called ‘third pillar’ comprising individual life insurance policies and pension savings

The group insurance is a life insurance agreement taken out by one or more employees with an insurance company, in the name of some or all of the personnel, with the premiums paid by the employer and / or employees.

A pension fund is a private provision, founded by the company in the form of a non-profit organisation or mutual insurance union, with no legal ties to the company. Contributions are made by the employer and / or employees.

Employers are not compelled to introduce supplementary pension provisions. However, should they exist, then the employer is required to let all employees join the fund.

An individual life insurance policy is a personal insurance, which pays out a certain fixed sum of money. Under certain conditions these premiums give the right to a tax reduction.

A supplementary pension can only be built up through the pension savings scheme by Belgian nationals who are at least 18 years and less than 65 years old.