IKE and IKZE - protect yourself for the future


Currently, the topic of future pensions and the fact that they will be half of what today's pensioners receive is often discussed. The Economic Council advising the prime minister presented data on the development of the so-called replacement rate (ratio of the first pension to the last salary). The calculations show that in about 40 years it will be less than 33 percent. What does it mean? A person earning PLN 3,500 can count on only PLN 1,155 a month old pension (and at best).

So what to do? How to protect yourself in the fall of life? The answer is simple - save. Due to the expected difficult situation, apart from the first (ZUS) and the second (OFE) pillar of the pension system, a third one was created, in which saving for retirement is voluntary. There are three options to choose from:

  • occupational pension schemes (PPE),
  • individual retirement account (IKE),
  • individual pension security account (IKZE).

As for the first of them - PPE - participation in it does not depend on the person concerned, but on his employer. However, the decision to join IKE and IKZE is made individually by everyone.

How does IKE work?

The contract for the establishment of an individual retirement account can be concluded in six different forms with five types of financial institutions authorized to do so by virtue of the relevant law. These include: banks, insurance companies, investment fund companies, brokerage houses and universal pension companies. The main difference between them concerns the level of investment risk to which savers are exposed, and thus also the profit potential.

Products to help secure the future are:

  • a bank deposit with a variable interest rate, which does not require too much attention from the saver and is not burdened with high risk, but also does not guarantee high earnings,
  • Treasury bonds are also a simple form, offered only by Dom Maklerski PKO BP and only for retail bonds offered by the Ministry of Finance,
  • an investment fund, managed by investment fund companies, does not guarantee any profit - it only gives a chance for it, but even in double-digit values ​​per year, it is intended for people who have a good understanding of the investment risk related to, for example, investing in shares,
  • a life policy with a capital fund, which can be found in the offer of insurance companies, which is a combination of life insurance and the above-mentioned investment funds - compared to other options, it remains a relatively expensive solution,
  • a brokerage account, which gives the saver the greatest freedom, allows the use of many instruments, bearing various risks and characterized by different profit potential, intended rather for people who can boast of experience in the capital market,
  • voluntary pension funds - the youngest and least willingly chosen form, based on one selected investment strategy.

What is IKZE?

It is a relatively young idea, as it was introduced at the beginning of 2012. The solutions applied in individual retirement security accounts are similar to those that worked well in the case of IKE. IKZE was created as a response to the reduction of the contribution transferred to open pension funds.

They come in five different forms:

  • voluntary pension fund,
  • open investment fund,
  • insurance policy,
  • bank deposit,
  • brokerage account.

As you can see, in terms of the forms that IKZE can take, this method of saving does not differ much from IKE. So how do they differ?

The difference between IKE and IKZE

The main difference concerns the tax relief - in IKE, the saver receives it by withdrawing money from the account, and in IKZE - already when depositing funds. This means that payments to IKE are not deducted from the tax base, therefore, when transferring money to the account, income tax is paid on them. This translates into the fact that when funds are withdrawn, the saver is no longer charged with tax on the income obtained.

In the case of IKZE, the opposite is true. First of all, you can deposit 4 percent on your account. individual income (achieved in the previous year) constituting the basis for the assessment of contributions for retirement insurance, but not more than 4%. 30 times the average earnings. These payments are deducted from the basis of calculating the income tax (PIT). The relief is settled in the annual tax declaration.

Income tax is deducted when the funds are withdrawn. In the case of a one-off payment, the whole is shown in one tax return, and the tax is calculated and transferred according to the general rules. When paying in installments, the governing body will deduct the advance tax, which it will transfer to the tax office.

The two forms of saving also differ significantly in terms of the deposit limit. With IKZE, it is not more than the above-mentioned 4 percent individual income. In IKE, the limit is 300 percent. the average monthly salary forecast for a given year in the national economy. In addition, this limit in the following year may not be lower than the limit on payments to IKE applicable in the previous year. This year it amounts to PLN 11,139.

As it results from the calculations of the Pioneer Pekao investment fund, assuming that taxation remains unchanged, the final profit in IKE and IKZE is identical. This means that no matter which option you choose, it is important to take care of your future now, opting for a solution tailored to your needs and experience.