The Driving Mechanism behind the"High Coverage Rate"of Individual Pension in Belgium
According to an international experience,the third pillar of individual pension is generally a non-mandatory pension plan.Therefore,mobilizing the enthusiasm of the public to participate in the plan is of paramount importance for the development of individual pensions.The individual pension system in Belgium consists of two schemes:pension savings and long-term savings.Benefitting from unique institutional environment,various incentive policies for the third pillar,as well as the relatively high net wealth of Belgian households,the individual pension plan in Belgium has covered two-thirds of the employed population,with the growing market size and importance.Although there are still issues such as high costs associated with the Belgian individual pension,its advantages,such as flexible incentive mechanisms,a wide range of pension financial products,and well-established pension financial education,are also prominent.
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