En 2026, en Belgique, dans une démarche d'investissement personnel visant la constitution d'un capital en vue de la retraite, lequel de l'épargne-pension, de l'épargne à long terme ou du compte-titres offre le capital final net le plus élevé, et dans quelle mesure la taxe sur les plus-values de 2026 modifie-t-elle cette hiérarchie ?

Details

Supervisors

Janssen, Frédéric

Faculty

Louvain School of Management

Degree label

Master [60] en sciences de gestion (horaire décalé)

Abstract

enIn Belgium, individual investors saving for retirement typically choose between three vehicles: pension savings, long-term savings and a direct securities account. Since 1 January 2026, a 10 % tax on capital gains realised on financial assets has reshaped the trade-off between them. This study systematically compares the three vehicles using a single criterion, the net final capital at age 65, computed through a deterministic simulation over a broad parameter space combining starting age, gross annual return and annual contribution, declined into three fee scenarios and four tax scenarios. The results show that no vehicle is uniformly superior: the ranking depends on the parameters, and recurring fees are the most decisive factor over the long run, more so than exit taxation or the 2026 capital gains tax.