A little extra on top of your savings
The state refunds up to €1020 of income tax from your contributions
You can get a tax refund for contributions to your savings that are up to 10% of your annual gross income, but no more than €4000 per year. These include contributions to life insurance with savings with a minimum term of 10 years, as well as contributions to the III pension pillar.
You can take advantage of the tax refund when you declare your income for the previous calendar year to the State Revenue Service.
If submitting the income declaration is voluntary for you, you can submit it starting from 1 March.
If submitting the income declaration is compulsory for you, you can submit it from 1 March to 1 June. If your annual income exceeds €105 000, you should submit the declaration return between 1 April to 1 July.
You can submit and correct your income declaration within the following three years.
Example:
In 2024, you can submit and correct the declaration not only for 2023, but also for 2022 and 2021. You can submit the 2020 declaration until 23 July, 2024.
Payouts
You can access your Next Generation Pension savings anytime. There is no withdrawal or termination fee.
Agreement valid for more than 10 years
- If the amount of savings you applied exceeds the amount of premiums paid, the state will automatically deduct an income tax of 25.5% from the profit.
- If you make a partial withdrawal, you will not be able to receive tax refunds for further contributions.
Agreement valid for up to 10 years
- If you have received personal income tax reimbursement for contributions to your NGP savings, you must submit the annual income declaration and in taxable income include the full amount of the contributions for which you have received tax reimbursement.
- If the amount of savings you applied exceeds the amount of premiums paid, the state will automatically deduct an income tax of 25.5% from the profit.
- If you make a partial withdrawal, you will not be able to receive tax refunds for further contributions.
