The INPS has given the go-ahead to the first applications of the voluntary Ape, the new tool for those who want to leave work early. Unlike the "social" version, entirely paid for by the State, the voluntary pension advance requires those who want to take advantage of it to contract a secured bank loan with a duration of 20 years.
Here's how it works.
THE REQUIREMENTS
Workers with the following requirements will be able to access the voluntary Ape:
- At least 63 years of age in 2018 (i.e. those born before 1955) or 63 years and 5 months in 2019 (i.e. those born before 31 July 1956). The difference is due to the fact that from next year the retirement age will rise to 67 for everyone due to the adjustment to life expectancy.
- 20 years of contributions.
- Aging of the requirements for the old-age pension within 3 years and 7 months.
- Una future pension not less than 710,388 euros (equal to 1,4 times the minimum INPS treatment), net of the loan repayment installment. To demonstrate that you possess this requirement, you need to ask INPS for the so-called "Bee certification".
Those who have already acquired the right to a pension cannot obtain the Ape.
The loan is granted only if the monthly amortization installment, added to any installments for loans still open, does not exceed 30% of the pension treatment (net of any installments for tax debts and any divorce or child maintenance checks).
THE CHEQUE
The minimum that can be obtained is 150 euros per month for six months. L'check amount (which is paid out over 12 months, without a thirteenth month) cannot exceed the following thresholds:
- 75% of the future pension in the event of an advance of more than three years;
- 80% if the duration of the loan is between 24 and 36 months;
- 85% between 12 and 24 months;
- 90% for loans of less than 12 months.
The maximum duration of the Ape is 3 years and 7 months.
THE INSTALLMENTS
The money comes from a bank loan (with related interest) which will be repaid through a deducted from the pension allowance in the first 20 years of effective retirement. Only the 13th will not suffer any reduction.
The withholding tax on the pension takes into account the capital, the interest rate, the cost of the insurance premium against the risk of dying and the guarantee fund and will be equal to approximately 4,6% annually. The incidence of the actual costs (excluding the return of the Ape received) for a 12-month loan is approximately 1,6%. An annual tax credit is recognized in the amount of 50% of the interest on the loan and of the insurance premiums to cover the risk of predecease. The Bee, being a loan, it is exempt from taxes and contributions.
Early repayment of the loan or partial repayment is possible with the definition of a new amortization installment.
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