Total amount deposited in life-course savings schemes stable, more withdrawals

12/05/2011 15:00

Employees saved 893 million euro in life-course savings accounts last year, approximately the same amount as in 2009. Withdrawals amounted to 233 million euro, an increase by 45 percent relative to one year previously. The total amount deposited in life-course savings accounts was nearly 4.1 billion euro by the end of 2010. The number of accounts remained just about the same.

Deposits and withdrawals life-course savings schemes

Deposits and withdrawals life-course savings schemes

Net deposit down for the first time since introduction

The total annual amount deposited in life-course savings schemes varied between 800 and 900 million euro in the past five years. In recent years, more people tend to opt for a period of sabbatical leave. Last year, 233 million euro was withdrawn. The balance of deposits and withdrawals fell from 733 million euro in 2009 to 660 million euro in 2010, the lowest net deposit since the introduction of the life-course savings scheme in 2006.

Number of life-course savings accounts fairly stable

The total amount deposited in life-course savings accounts and the number of life-course savings accounts remained virtually unchanged. The number of life-course accounts and insurances rose by only 1 percent in 2010 to 270 thousand. The average deposit is more than 15 thousand euro.  

Vitality scheme

In 2010, the government agreed to merge the life-course savings scheme and the salary savings scheme into the Vitality scheme. As yet, detailed information is still lacking. In 2010, there were 3.3 million salary savings accounts with a total amount deposited was 1.1 billion euro.

Maarten Molders and Stephanie Broeder (Dutch Association of Insurers)