Can money be transferred from one wage savings plan to another?

Verified 03 June 2021 - Directorate for Legal and Administrative Information (Prime Minister)

Yes, the transfer of money from one wage savings plan to another is possible, in the cases authorized by the regulations. The holding period in the old plan shall be taken into account in the new plan, with all exceptions. The amounts transferred are not eligible for the employer's top-up payment.

The transfer transaction is the process of moving your vested rights from one payroll savings plan to another.

The transfer should not be confused with arbitration, which involves changing the allocation of sums to the different media available within the same plan.

Towards another wage savings plan

You can transfer your savings in the following cases:

  • Amounts held on a PEE: titleContent or a PEI: titleContent to a PEE: titleContent or a PEI: titleContent provided that the minimum period of unavailability of sums is equivalent in the original plan and in the new plan
  • Amounts held on a PEE: titleContent, one PEI: titleContent or a Perco: titleContent to a Perco: titleContent

FYI  

the amounts transferred from one plan to another are not taken into account twice in the calculation of the ceiling of payments on the various wage savings plans. It is limited to one quarter of the employee's annual remuneration.

Toward a Group company Retirement Savings Plan

If a Perco: titleContent has been set up in your company, the employer can decide to make a transfer of the rights of all employees to a Collective company PER.

This decision must be approved by collective agreement with the staff representatives.

The company must inform you, as an employee, of the consequences of the new plan and its differences with the Perco: titleContent.

You cannot refuse the transfer. He must intervene within 6 months of the decision.

Wage savings schemes are managed on behalf of companies by managing institutions.

When you want to transfer your salary savings from one company to another, you must contact the managing institutions of the 2 companies to know the transfer procedure. In general, the managing institution of the new company handles the formalities.

Please note

the transfer may give rise to charges that will be borne by you.

The sums transferred to a PEE: titleContent, one PEI: titleContent or a Perco: titleContent are blocked for the fixed duration in the new plan.

The hold period that has already occurred in the original plan is deducted from the hold time of the new plan. But the previous duration is not taken into account if the sums were used to subscribe to a capital increase. They are then unavailable for the duration of the new plan.

The amounts transferred are not eligible for a top-up payment from the employer (called abundance).

Nevertheless, the abundance may be paid in the following cases:

  • Transfer, on expiry of their unavailability period, of sums of PEE: titleContent or a PEI: titleContent to a PEE: titleContent or a PEI: titleContent
  • Transfer of sums from a PEE: titleContent or a PEI: titleContent to a Perco: titleContent