The Private Pension System (BES) is a voluntary savings scheme that lets you build additional savings for retirement by investing the regular contributions you make throughout your working life over the long term. Your contributions are supported by a state contribution. Your savings are invested under professional portfolio management in pension investment funds that you select according to your risk preference.
BES is a long-term plan, and how productive your savings will be depends on your contribution pattern, fund selection and how long you remain in the system. The conditions for qualifying for the state contribution, as well as the rules for leaving and transferring, are set by regulation. Reviewing your goals, affordability and fund allocation together before signing is therefore key to keeping the plan sustainable.
Who is it for?
- Employees planning additional retirement income
- Families saving for their children’s future
- Individuals wishing to build a regular saving habit
- Companies offering employer-sponsored pension plans
Scope of cover
- Regular or lump-sum contribution options
- State contribution subject to regulatory conditions
- Pension investment funds matched to your risk preference
- Ability to change fund allocation during the year
- Right to transfer between pension companies
- Employer-sponsored group pension plan options
Scope of cover, limits and deductibles are determined by the insurer’s general and special conditions; the final scope is set out in the policy.
The Proxima Brokers approach
We work with you on your savings goals, affordability and risk preference to help plan your contribution pattern and fund allocation. We compare plans, fund options and charge structures across pension companies, and clearly explain the state contribution and the conditions for leaving the system. Throughout the contract we help you review your plan as your needs change.