Employee savings scheme

The University of Twente has an employee savings scheme. In principle the employee savings scheme works as follows: each month, the university withholds an amount from your gross salary. This savings amount is deposited on a specially opened savings account at ING Bank. The savings amounts are blocked for a period of four years (i.e. 16 full calendar quarters). This means that the savings amount that you deposited in the 1st quarter, will be released in the 17th quarter. The savings amount that you deposited in the 2nd quarter, will be released in the 18th quarter. Etcetera. The interest accrued over time can always be withdrawn free.

For the year 2010 the maximum savings amount is € 613 per year (€ 51.08 per month).

You can participate in the employee savings scheme of the University of Twente in any calendar year if you meet the following conditions:

Because the deposits under the employee savings scheme are withheld from your gross salary, you do not pay any wage tax and social security premiums. The amount that you save every month under the employee savings scheme is therefore higher than the amount by which your net salary is reduced by the monthly withholding of the savings amount on your gross salary. Participation in the employee savings scheme has no consequences for your pension build-up with the ABP or for the level of any benefit in case of illness or disability. Participation in this scheme may however have consequences for the level of your unemployment benefit (WW/BWNU) in case of dismissal. When calculating any unemployment benefit the blocked savings amount does not count as salary.

Employee savings scheme UT

For the Employee savings scheme the University of Twente has taken out a group contract with ING Bank. When participating in the employee savings scheme you agree to the opening of a savings account with this bank. After signing and returning the application form a separate bank account is opened for each staff participant. After each quarter ING informs you about your balance and the interest via quarterly statements. You also receive an annual statement showing the dates on which the balances are released. The released amounts and interest accrued credited to your account are administered on your savings account. You will receive the same interest over this free deposit as you do over the blocked deposit.

Application

You can find and print the application form on the PA&O webpage. Please use the English version as a specimen, and always fill in this Dutch form. The bank will not process the specimen form. Please enclose a copy of a valid ID (driving licence or passport) with your application form. This copy is a statutory requirement for opening a bank account.

Withdrawal deposits

The released deposit can be withdrawn at all times. If desired in cash at the ING Bank branch in your place of residence.

In the following situations you are allowed to withdraw the blocked deposits prior to the expiry of the blocking term:

Do you wish to make a premature withdrawal for one of the above purposes?

Please contact the Bedrijfssparen department of ING Bank (0900-0933).

If you wish to apply, you can ask for an application form via this email address.

If you have a current account with ING Bank, you can send the form without stamp to:

ING, Afdeling Bedrijfsparen, Antwoordnummer 8, 1000XC Amsterdam.

If you do not have a current account with ING Bank, you must hand in this form at a branch of ING Bank or post office. Be sure to bring a valid ID along with you.
This is a statutory requirement for opening a savings account.