Germany Upper House Considers Bill to Introduce Tax Allowance for Occupational Pensions

The German upper house of Parliament (Bundesrat) Nov. 21 accepted for consideration a bill to introduce a tax allowance for the promotion of occupational pensions. The bill includes measures to: 1) apply a maximum allowance of 159 euros (US$175) of monthly pension payments and one-off capital disbursements; 2) allow beneficiaries whose pension began before 2020 or whose capital payment was less than a decade ago to benefit from the allowance; and 3) index the allowance to change annually according to the social security reference value. The law would generally take effect Jan. 1, 2020. [Germany, Bundesrat, 11/21/19]

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