The total amount outstanding in life course savings schemes exceeded 5 billion euros in 2012. Last year, deposits in life course schemes exceeded withdrawals by 367 million euros. Deposits are lower than last year, withdrawals used to finance a period of unpaid leave are higher than ever.
Smaller amount deposited, higher amount withdrawn
Participants in life course savings schemes deposited 710 million euros last year, a decline by 10 percent relative to 2011. The decline is due to abolishment of the scheme for new life course savings accounts and life course insurances. At the same time, it was no longer possible to make deposits in small schemes (less than 3 thousand euros).
Last year, 343 million euros were withdrawn to finance a period of unpaid leave, an increase by 27 percent relative to last year. The number of participants was reduced by 13 percent to 264 thousand in 2012.
Deposits and withdrawals life course savings schemes
Amount outstanding in life course savings accounts further up
Due to lower deposits and higher withdrawals, last year’s net deposit of 367 million euros was the lowest since the introduction of the scheme. The total amount plus interest outstanding in bank accounts and insurance companies at the end of 2012 had risen to nearly 5.1 billion euros, an increase by 10 percent relative to 2011.
Total amount outstanding in life course savings schemes, 31 December
Nearly 20 thousand euros per participant
The average amount per scheme grew by 25 percent in 2012 to 19.2 thousand euros. Deposits of less than 3 thousand euros by the end of 2011 will be made available to the participants in 2013.
Stephanie Broeder (Dutch Association of Insurers) and Henk Nijmeijer (Statistics Netherlands)