Optimize your occupational pension for the year-end with Pensure and Bokio
The end of the year is fast approaching, and for many business owners, that means it's time to close the books and review their finances. In the midst of all the numbers and reports, it's easy to overlook an important component of your future: your occupational pension. Reviewing and optimizing your occupational pension in the run-up to the year-end can not only benefit you financially now, but also ensure a more secure retirement in the future.
To make this process easier, Pensure and Bokio have partnered to help entrepreneurs with pension planning in a smooth and efficient way. By combining Pensure's expertise in occupational pensions with Bokio's user-friendly accounting solutions, we want to make it easier for you to take control of your pension and company finances.
Why is occupational pension important for the financial statements?
Planning for the future is one of the most important aspects of running your own business. The occupational pension is not only a benefit for employees; it is also a powerful tool for you as an entrepreneur to ensure your financial security when it is time to retire. In the run-up to the year-end, it is particularly beneficial to review and optimize your occupational pension for several reasons.
The importance of optimizing occupational pensions for financial security
The occupational pension complements the state pension and can make up a significant part of your overall pension. By actively optimizing your pension provisions, you can:
Building up a larger pension capital
Regular and strategic contributions increase your pension capital, giving you greater financial freedom in the future.
Tailor your pension savings to your needs
By reviewing your pension arrangements, you can adjust your savings according to your personal goals and risk appetite.
Securing your standard of living
An optimized occupational pension helps you maintain the same standard of living after retirement as you have today.
Tax benefits and opportunities to reduce your company's taxable profits
Making pension provisions before the closing of the accounts can bring significant tax benefits to your business:
Reduced taxable income
Pension payments are deductible expenses, which means that they reduce the company's profit and therefore the tax payable.
Lower tax rate on pension provisions
Instead of paying employer contributions of 31.42% on salary payments, the company pays a special payroll tax of 24.26% on pension contributions. This means a direct tax saving.
Deferred taxation for you personally
You pay income tax on your pension payments only when you actually draw your pension, which is often at a lower rate than during your active working years.
By taking advantage of these tax benefits, you can effectively reduce business costs while investing in your own future. It's a smart way to let the success of your business today contribute to your personal financial security tomorrow.
Common challenges for entrepreneurs when planning for retirement
Despite the obvious benefits of optimizing their occupational pension, many entrepreneurs put off or avoid pension planning altogether. This is often due to a number of challenges that can feel overwhelming in an already hectic workday.
Lack of time and knowledge
As a business owner, you wear many hats and are constantly juggling different responsibilities. Finding the time to familiarize yourself with pension issues can therefore feel like an impossible task. In addition, pension planning can be perceived as a complex area that requires specialized knowledge.
Lack of time
With the focus on running and developing the business, retirement often falls low on the priority list.
Gaps in knowledge
The pension market is full of different products, conditions and opportunities. Navigating it without expert knowledge can be difficult and time-consuming.
Complex regulations and administrative burdens
Pension planning involves not only choosing the right savings vehicle but also understanding and following the rules governing deductions, taxes and reporting.
Complex tax rules
The deductibility of pension costs, special payroll tax and other tax rules can be difficult to interpret and apply correctly.
Administrative work
Dealing with the documentation, reporting and accounting of pension provisions puts an additional administrative burden on your shoulders.
Risk of mistakes
Incorrect handling can lead to financial consequences such as tax penalties or disallowed deductions during an audit.
These challenges can leave many business owners feeling insecure and avoiding addressing retirement planning. But ignoring the issue of retirement can have negative consequences for both your future financial security and your company's finances.
The solution: Pensure and Bokio simplify retirement planning
Presentation of Pensure and their digital platform for occupational pensions
Pensure offers a digital platform specialized in occupational pensions for entrepreneurs and their employees. The platform is designed to make it easy and convenient to take out and administer occupational pension plans without cumbersome paperwork.
Digital and user-friendly
All management is done online, saving time and reducing administrative work.
Transparent conditions
Clear information on fees and conditions to facilitate informed decisions.
Licensed advisors
Access to professional advice to help you optimize your retirement savings.
Sustainable focus
Opportunity to choose sustainable investment options for your retirement.
How Bokio makes accounting and financial management easier for entrepreneurs
Bokio is a digital accounting service that aims to simplify financial management for small and medium-sized enterprises. By offering a cloud-based platform, it makes it easier to manage accounting, invoicing and payroll in one place.
Automated accounting
Smart features that automate the accounting process and reduce the risk of errors.
User-friendly interface
Intuitive design that makes it easy even for those without previous accounting knowledge.
Accessibility
As the service is cloud-based, you can access your financial data wherever you are.
How the collaboration between Pensure and Bokio creates a complete solution
Combining Pensure's expertise in occupational pensions with Bokio's efficient accounting solutions offers a comprehensive solution covering both pension planning and financial management. This collaboration offers several advantages:
Effective administration
By using both platforms, you can reduce the time spent on administrative tasks related to pensions and accounting.
Holistic solution
Facilitates the accounting of pension provisions and special payroll taxes, reducing the risk of errors and facilitating the preparation of financial statements.
Economy-wide perspective
Get a comprehensive overview of your company's financial situation, including pension costs, to help you make strategic decisions.
Easy access to support
With the support of both Pensure and Bokio, you get help with both pension issues and bookkeeping, providing peace of mind and saving time.
The partnership aims to make pension planning less complicated and more accessible for entrepreneurs. By simplifying the processes, you can focus more on developing your business and less on administrative details.
Upcoming webinar: Learn how to optimize your pension before year-end
To help you navigate through your pension planning for the year-end, Pensure and Bokio invite you to a joint webinar. This is a unique opportunity to get expert insights and practical advice directly from industry-leading specialists.
Date and time of the event
Date: December 18, 2024
Time: 11:00-12:00
Registration: Optimizing your pension for the year-end
What can you expect to learn?
The importance of occupational pensions for the self-employed.
How to maximize deductions and reduce taxes for year-end closing.
Tips to simplify and digitize pension management.
Q&A session and personalized advice with experts.
Closure
Acting before the end of the year can make a big difference to both your personal pension and your company's financial situation. By optimizing your occupational pension now, you can benefit from tax advantages and ensure a more secure future.
Take the opportunity to benefit from the expertise of Pensure and Bokio by attending our upcoming webinar. We're here to make retirement planning simple and efficient, so you can focus on driving your business forward.
If you want to learn more about how to optimize your occupational pension for the year-end, read our in-depth article on the subject: Optimizing your occupational pension for the year-end - How to reduce taxes and secure your future as a small business owner
