Country Panel Presentation: Belgium · 2016-05-23 · ‐ 65 until 31/12/2024 ‐ 66 as from 2025 ‐ 67 as from 2030 1st Pillar . 13 ... 1st Pillar 14 • Basic calculation formula

© International Group Program

Country Panel Presentation: Belgium

2016 IGP Regional EMEA Seminar Windsor, May 24-26, 2016

Patrick Mackowiak Kris Du Ville Executive Consultants, Major & International Accounts, AG Insurance, AG Employee Benefits

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This presentation was exclusively prepared for the attendees of the 2016 IGP Regional EMEA Seminar. None of the contents of this presentation may be copied or disclosed to any other party or used for any other purpose than the one mentioned above without IGP's prior written permission.


Key Topics

Background Information

Country and Company Info &

Background

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Belgian Social Security & EB Market

Retirement & Life with 1st, 2nd

and 3rd pillar


Trends


Disability


Medical


Introduction to Belgium

• Established in 1830, after secession from the Netherlands

• 11.250.585 inhabitants in 2016

• Ten provinces and Brussels as the capital city

• Famous for…

Basic facts

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AG Employee Benefits

• AG Employee Benefits is part of AG Insurance

• is leader on the Belgian insurance market for group insurance (28 % of market share) health care & disability insurance (25 % of market share)

• offers services to More than 4.000 private as well as public companies Sectors

• 1 out of 4 Belgian companies is customer

What is it?

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AG Employee Benefits What is it?

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Key Topics


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Trends




Trends

• Uniformity of all employees’ status differences between white collar and blue collar workers regarding

supplementary pensions will be forbidden

July 1st 2025

Cut-off date

January 1st 2015

Differences still allowed but it is forbidden to set new plans with

discrimination or to increase the existing differences

Standstill period

No more differences allowed between white and

blue collar


Trends

• Government’s proposals 2015 A series of proposals aimed to discourage retirement prior to age 65:

‐ the age to settle the capital from supplementary pension (2nd pillar) ‐ the survivor’s pension

Measures to control the (future) cost of medical expenses: ‐ review of hospital financing system ‐ less budget for reimbursement of new (innovative) medicines

• Communication Obligation for insurers to communicate into the Sigedis database =>

DB2P

Clients / individuals are becoming more and more demanding More and faster communication is expected Clear communication = key for client retention


Trends

• Disability The number of disabled persons is increasing:

‐ from 204.397 in 2004 up to 320.000 in 2014 (+ 56,5%)

The main reasons for this rise are: ‐ the changing demographic factors (e.g. ageing of the active population, more

working women) ‐ the ascent of psychological illnesses

• Prevention The last decade, an important increase of wellness diseases (such as

obesity or psychological problems) has become obvious

The importance of ‘prevention’ rises every year

By trying to change the people’s general lifestyle, the increase of those diseases should be limited or stopped


Trends

• Ambulatory Care

The duration of the hospitalization period becomes shorter

• More costs in ambulatory care

The number of one-day hospitalizations is rising

The main reason = medical knowledge and technology is changing rapidly

Therefore, the focus in medical care is clearly moving towards ‘homecare’


Key Topics


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and 3rd pillar





Retirement & Life

• Key characteristics (1/3) System

‐ Pay-as-you-go

Benefits ‐ 75 % or 60 % of average salary for employees in private sector with ceiling of

53.528,57 EUR ‐ 75 % of average salary of the last five years for public servants

Funding ‐ Premium payment by employees and employers

1st Pillar (= the legal pension)

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Retirement & Life

• Key characteristics (2/3) Indexation

‐ Employees: inflation ‐ Public servants: inflation + extra indexation linked to the growth of real

salaries of the active public servants

Retirement age ‐ 65 until 31/12/2024 ‐ 66 as from 2025 ‐ 67 as from 2030

1st Pillar

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Retirement & Life 1st Pillar

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• Basic calculation formula Single: n/45 x 0,60 x Salary Married couple: n/45 x 0,75 x Salary Salaries limited to a ceiling (53.528,57 EUR) taken into account

PENSION

Career Salary Family Situation

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Retirement & Life

• Key characteristics (3/3) Substantial gap between last

salary and legal pension

‐ 78% of the Belgian population believes that their legal pension will be over 1000 EUR a month.

‐ But, in reality only 38% of the Belgian pensioners receive 1.000 EUR or more.

The legal retirement age is 65, but the average retirement age actually is 59

1st Pillar

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Average gross pension 2014

Salaried employees

Men 1.155 EUR

Women 867 EUR

+/- 62% of Belgian pensioners receive a legal pension < poverty threshold

(1.085 EUR/month)


Retirement & Life

• Key characteristics (1/4) Financing vehicles

‐ Group insurance or pension fund • Group insurance represents 79% of the Belgian second pillar market

2nd Pillar

Sources: FSMA 2013 and Assuralia 2013

Premium income in 2013

1.2 BN EUR

Group

insurance 80%

Pension funds 20%

4.7 BN EUR

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Retirement & Life

• Key characteristics (2/4) Provisions in 2013

‐ Group insurance: 57 Bn EUR ‐ Pension fund: 18 Bn EUR

2nd Pillar

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Pension Funds in 2013 Insurance – Br 21 in 2013

Other 8,40%

Real Estate 7,20%

Participation rights 3,40%

Equity 5,30%

Bonds 75,70%

Cash 1,70%

Equity 48,20%

Bonds 44,30%

Other 1,90% Real Estate

3,90% Sources: Assuralia 2014 and BVPI 2014


Retirement & Life

• Key characteristics (3/4) Returns

‐ Group insurance • Real certainty: rigorous legal prudential regime (financial and solvency

requirements) controlled by the FSMA* • Low volatility of returns (volatility on 15 years = 0,50%) • Most Belgian insurance companies lowered their guaranteed interest rate

as from 01/01/2013

‐ Pension fund • Less strict prudent regime than insurance companies • Higher volatility of returns (volatility on 15 years = 9,80%)

2nd Pillar

* Financial Services and Markets Authority

Average over the last

2014 3

years 5

years 10

years 15

years 20 years

group insurance 3,50% 3,74% 3,87% 4,31% 4,39% 4,64%

Average over the last

2014 3 years 5 years 10 years 15 years 20 years

pension funds (nominal) 11,06% 9,94% 7,63% 5,77% 3,77% 6,49%


Retirement & Life

• Key characteristics (4/4) Benefits

‐ Supplementary Pension Insurance: building up a supplementary pension upon the date of retirement in a fiscally advantageous way

‐ Types of schemes • Defined Benefit • Defined Contribution • Cash Balance

‐ Life Insurance: • In case of death, the benefit is paid to the beneficiaries

Types of plans ‐ Company plan ‐ Sector plan

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2nd Pillar


Retirement & Life

• Company plan : 76 % of the companies 70 % of the employees, mostly white-collar workers

‐ But rather low level of contribution ( around 3%)

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2nd Pillar

0

500.000

1.000.000

1.500.000

2.000.000

2.500.000

2005 2006 2007 2008 2010 20112009

1.233.300

1.283.070

1.490.100

1.677.700

1.790.000

1.824.800

1.905.400

Evolution # employees 2nd pillar


Retirement & Life

• Sector plan : Supplementary pension (or other covers) can be set up and organised

at the level of the sector Often for the blue-collar workers Organised by Insurer or by pension funds

‐ Rate of contribution very low ( around 1%)

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2nd Pillar

Number of employees covered by a sector plan

Source : FSMA 2013

569.051 674.528

756.485

1.327.081

1.498.117


Retirement & Life

• Tendencies (1/3) Increasing success of cafeteria plans

‐ Thanks to Liberal HR-policy -> more and more employers choose flexible cafeteria plans

• Around 20 % of the employers offer cafeteria plans to their employees • Almost all cafeteria plans offer different choices for death coverage • Only a small percentage of plans offer choices with reference to disability

coverage ‐ Investment choices for employees regarding pension funds are possible

• => Limited in practice due to the required employer guarantee of 1,75 %

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2nd Pillar


Retirement & Life

• Tendencies (2/3) Increase of plans financed by employer premiums

‐ This graph shows the situation for white collar workers.

‐ For management we observe a similar tendency.

‐ For blue collar workers the increase is even more extreme.

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2nd Pillar

Source: AON Hewitt Pension Survey 2013

22%20%

28%

33% 33% 33%

37%

0%

10%

20%

30%

40%

without employee contribution

19961998200020022004200720102013

37%


Retirement & Life

• Tendencies (3/3) Evolution towards DC

‐ Newly set-up plans are mainly DC ‐ Switch from existing Defined Benefits plans towards Defined Contribution

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2nd Pillar

Source: AON Hewitt Pension Survey 2013


Retirement & Life

• Evolution towards DC => ! Dynamic plan management ! According to the law on the complementary pensions a « dynamic

management » must be applied when a employer transforms the DB plan into a DC plan

Acquired reserves and minimal benefits until the modification date are calculated based on the old plan

Acquired reserves and minimal benefits since the modification date are calculated based on the new plan

2nd Pillar


Retirement & Life

• Fiscal Framework Contributions

‐ Social security contribution: 8,86 % ‐ Tax: 4,40 %

Benefits ‐ NIHDI* Contribution: 3,55 % ‐ Solidarity Contribution: max. 2 % ‐ Withholding tax: changes in taxation of benefits in order to encourage a

longer career From 10,09% ( at 65) up to 20,19% ( at 60)

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2nd Pillar

(*) National Institute for Disability and Health Insurance


Retirement & Life

• Early retirement age: progressively to 63

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2nd Pillar

Year Minimum retirement age condition of length of career exception

in case of long careers

2016 62 years old 40 years 60 years old, if career of 42 years 61 years old, if career of 41 years

2017 62 years old & 6 months 40 years 60 years old, if career of 43 years 61 years old, if career of 42 years




Retirement & Life

• New Law December 2015 For DC plans : minimum return between 1,75% and 3,75%

• For 2016 and 2017 : 1,75% • Two methods : horizontal(most insured plans) & vertical ( pension funds)

New possibility for sleepers to subscribe a life insurance with few impact on the projected benefits

Withdrawal only if retirement age is reached

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2nd Pillar


Retirement & Life

• Pension Reform 2011-2012 Contributions

‐ Supplementary social security contribution for higher pensions • Period 2012-2015:

» If employer’s annual contribution > 30.000 EUR -> extra social security contribution = 1,5 %

‐ Should disappear with new calculation method of the 80% rule

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2nd Pillar


Retirement & Life

• Building up a complementary pension on individual basis in a fiscally advantageous way Pension Savings Long term Savings

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3rd Pillar (individual pension savings with tax benefits)

Sources: Assuralia

In insurance or financial institution

Pension savings Long term savings

Premium max in 2016 deductible from personal income tax

940 EUR 2.260 EUR

Lump Sum 10,0% anticipation tax on capital built paid at the age of 60.

• 16,5% on part constituted by premiums paid before 01/01/1993

• 10,0% on part constituted by premiums paid after 01/01/1993


Key Topics


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Disability



Disability

• Employer 100 % salary continuation for the first month of disability

• Social Security Reimbursements % of salary of Social Security Ceiling:41.574.00 EUR in 2015

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Key characteristics (1/2)

60%65%

60%55%

60%

40%

0%

10%

20%

30%

40%

50%

60%

70%

1st year (as from 2nd month) as from 2nd year

(1) With dependent persons (2) Single without dependents

(3) Married or cohabitant without dependents

(1) (1) (2) (3) (2) (3)


Disability

• Gap between salary and social security reimbursement

• High risk: significant loss of income -> need for extra coverage “guaranteed income”

33


€ 1.231,01€ 1.846,52

€ 4.310,00

0500

1.0001.5002.0002.5003.0003.5004.0004.5005.000

1st month 2nd - 12th month > 1 year

RIZIV-tussenkomst voor een bediende, samenwonend, met een inkomen van 4310 EUR bruto/maand

42,8%28,6%

Social security reimbursements for a cohabitant white collar worker with a gross salary of 4450 EUR/month

€4.450,00

€2.078,70 €1.385,80

46,71% 31,14%


Disability

• Yet, many employees are not covered in case of disability

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Market environment

Source: Assuralia & NSSO, 2014

8.81% 8.78% 9.13%

10.31%

11.12% 11.36%

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

0

100,000

200,000

300,000

400,000

500,000

600,000

2008 2009 2010 2011 2012 2013


Disability

Market trends

35

Market Trends


BURN – OUT MORE SICKNESS ABSENCE HIGH

WORK PRESSURE

BORE – OUT

FOCUS ON REINTEGRATION RISK ANALYSIS

WELL @ WORK

AGEING MORE SEVERE GOVERNMENT PSYCHOLOGICAL

DISEASES ON THE RISE

WE ALL HAVE TO WORK LONGER

EMPLOYERS? WHAT ACTION TO TAKE?

PREVENTION


Disability

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Market Trends



Disability

• Rehalto: A rehabilitation service in case of disability Observations :

‐ In 1/3 of cases, incapacity for work due to psychological problems ‐ Only 1/3 seeks professional help

Services : via Income Care, you may consult a specialised psychosocial

support service ‐ Content :

• Services adapted to the individual & organisational needs • Designed to promote the insured's ability to function effectively • The goal = a successful return to work.

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Additional services: Prevention & Rehabilitation (1/2)


Disability

• i change Prevention through a fully automated online coach Responds to the need of employers to keep employees fit and healthy Focused on effective and lasting behavioural change The goal = to achieve a healthy and balanced lifestyle, by focusing on

eight areas

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Additional services: Prevention & Rehabilitation (2/2)

weight

exercise alcohol food

smoking sleeping

depression stress


Key Topics


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Medical


Medical

• Legal Health Care insurance Increasing costs of medical expenses due to

‐ Ageing population ‐ New medical techniques

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Key Characteristics (1/2)

Expected costs of ageing in % of GDP (Estimation of Federal Planning Bureau 2015)

2014 2040 2060 ∆ 2014 -2040 ∆ 2014 – 2060

Health Expenses 8,0 10,1 9,9 2,1 1,9


Medical

• Private Health Care insurance Increasing success: already 8 million citizens are insured 33 % has a complementary health insurance @ a “mutuelle”

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Number of people covered by a private insurer

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Collective 3.339.000 3.459.000 3.677.000 3.692.000 3.957.000 3.977.000 3.618.000 3.802.000 3.888.000 3.892.000 3.886.000 Individual 1.104.000 1.136.000 1.200.000 1.220.000 1.277.000 1.324.000 1.539.000 1.563.000 1.567.000 1.578.000 1.583.000


Medical

• Number of insurance companies on the market decreases

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Market environment

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Medical

• Law “Verwilghen” for collective plans “Insurance for Life”: individual continuation

‐ Obligations to provide information about it • For the insurance company: to the employer • For the employer : to the employees (+on possibilities of prefunding)

‐ Prefinance = the possibility to pay a premium in order to avoid a premium increase upon continuation on a personal basis

• “Gender” Law impact on hospitalisation Gender-neutral rate No longer specific waiting periods for pregnancy and childbirth

43

Legal framework


Medical

• Changed fiscal treatment for ambulatory risks

Fiscal framework

Old system System as

from Jan. 2007

For employer Premiums deductible Premiums not deductible

For employee Reimbursement taxable Reimbursement not taxable


Questions & Answers

45


Contact Info

Patrick Mackowiak

Executive Consultant

+32 477 50.99.32 [email protected]

Kris Du Ville

Executive Consultant

+32 479 39.56.46 [email protected]

www.aginsurance.be

AG Insurance AG Insurance

www.aginsurance.be


Thank you for your attention! Key Topics We Discussed:


Country and Company Info &

Background

47



and 3rd pillar


Trends


Disability


Medical

Documents

Country Panel Presentation: Belgium · 2016-05-23 · ‐ 65 until 31/12/2024 ‐ 66 as from 2025 ‐ 67 as from 2030 1st Pillar . 13 ... 1st Pillar 14 • Basic calculation formula