Premiums and Costs of Voluntary AOW Insurance in Westland

In Westland, renowned for its greenhouse construction and horticultural specialization, many entrepreneurs and expatriate workers opt for voluntary AOW (General Old Age Pensions Act) insurance to fill pension gaps. The premium amounts to approximately 20% of the minimum wage per year, which translates to roughly €1,500 to €2,000 per missing year in 2024. This premium is tax-deductible as a 'social insurance contribution,' making it particularly advantageous for higher incomes in Westland’s greenhouse horticulture sector. For partners, such as greenhouse workers or family businesses, a discount applies if both participate. The Social Insurance Bank (SVB) calculates the exact costs based on your gross annual income and indexes these annually, taking into account local incomes from greenhouse exports. Payment can be made in installments or as a lump sum, with exemption possible through special assistance for low incomes—useful for seasonal workers in Westland. According to the Decree on Voluntary AOW Insurance (Article 5), the insurance lapses in case of untimely payment, without refund. **Return on Investment:** For each supplemented year, you receive approximately €1,200 gross AOW per year extra, indexed for inflation. For example, supplementing 10 years costs €18,000 but yields €12,000 per year from the AOW retirement age, comparable to Westland’s savings traditions. Consider life expectancy; early death may result in a loss. Compare with private pension schemes or local cooperatives for the optimal choice in the Westland region. Contact the SVB or Westland advisors for personalized advice.