You may tie up part of your gross salary in an ABN-AMRO savings account for four years. The procedure is called ‘Save-As-You-Earn’ and the rules which apply to these savings have been laid down in the Save-As-You-Earn Scheme. You do not have to pay any taxes or contributions with respect to these savings. Participating in a save-as-you-earn scheme does not affect your pension, but does have consequences for possible benefits.
You may save up to a maximum of € 613 per year (with a minimum of € 60 per year). You may choose to save monthly amounts (of € 51.08 max.) or an annual amount. In the latter case, you have to submit a new application every year.
You may participate in the save-as-you-earn scheme if you have been in the employment of Utrecht University as of 1 January of the relevant year. You can only participate with one employer, namely the one dealing with your tax credit claims that year.
Every year you receive interest on your savings. The interest will be credited to the account into which your salary is paid. As a rule, you are not allowed to take out your savings for a period of four years. In the fifth year, the amount you saved in the first year will be automatically paid out to you, in addition to the interest. In the sixth year, the amount you saved in the second year will be paid out to you, etc.
In a number of cases you may take out your savings or part of your savings, including the amount you saved in the current year, before the four years have ended.
You are allowed to do so if you use your savings to:
- Buy a house;
- Pay certain life insurance contributions;
- Buy securities;
- Set up a company;
- Pay study costs;
- Compensate for loss of salary in case of unpaid leave;
- Take out an annuity policy;
- Save additional pension;
- Pay for child-care facilities.
If you take out your savings for one of the above-mentioned reasons, your savings will be paid out free of tax. If you take out your savings within four years for any other reason than the above-mentioned ones, your savings will be paid out by the salary administration, who will deduct any tax and contributions you owe. In both cases you will have to submit a form to unblock your savings account and send this to ASC. For more information about unblocking your savings account, please check the ABN-AMRO website.
Contact
ABN-AMRO Bank N.V.
F&S Bedrijfssparen (SK0000)
PO BOx 256, 3000 AG ROTTERDAM
Form
Send the form to:
ASC/Salary administration, Postbus 80.011, 3508 TA UTRECHT
Offered for: employees