Luxembourg's Prime Minister, Jean-Claude Juncker on Tuesday unveiled plans to amend private pensions legislation in order to encourage more people to invest in pension schemes.
Mr Juncker explained that under the new rules, private pension investors will be granted more freedom and flexibility, and will be able to take advantage of greater tax benefits.
The Prime Minister went on to reveal that under the new scheme, capital paid out by pension funds will be subject to a maximum 19% tax, and 50% of monthly payments will be tax free. The ceiling on tax deductions for investors has also been raised, according to a report from the Luxembourg News on Wednesday.
Investors in private pensions will now be permitted to claim between 1,500 and 3,200 euros per year, depending on their age. Currently, the rate is fixed at 1,190 euros.
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