Calculated interest
The interest rate actually used to discount an actuarial reserve is referred to as the actuarial interest rate . Also in the premium calculation in the life insurance rate used is often referred to as, or as a guaranteed interest rate , as well as to § 20 Income Tax Act to be applied in investment income in life insurance contracts.
Tax definition
Contract concluded by 1994
Calculated interest is the interest with which the actuarial capital earns interest according to the business plan. Cover capital is understood as the capital that is allocated to contribution components that are neither used for risk assumption ( biometric risks such as death protection, occupational disability) nor for costs and are accumulated with interest.
Contract conclusion since 1994
Since 1994 the calculated interest has been the difference between the sum of the savings in the contributions and
- the lump-sum settlement if the lump-sum option is exercised at the start of retirement, or
- the insured lump-sum payment in the event of death, if the death occurs during the deferment period (contract qualification phase), or
- the current value of the insurance before adjustment of a possible cancellation deduction (e.g. termination or dissolution of a pension insurance) before the occurrence of the insured event.
The interest arising from surplus shares is referred to as non-accounting interest for tax purposes .
Effects
The effects of the distinction often only exist in nuances, but are methodologically relevant.
In the case of life / annuity insurances concluded up to 1994, the premium reserve consisting of the actuarial capital increased due to every further contribution payment and the imputed credit of interest. For insurance policies taken out afterwards, discounts are made. In the case of lump-sum payments, for example, in the form of unrealized "inheritance gains". For lump-sum payments in the event of death e.g. B. the difference is adjusted by the "risked capital".
Differentiation from the maximum discount rate
Calculated interest must be recorded in accordance with Section 20 of the Income Tax Act and is subject to an examination of capital income . If the relevant exemption requirements are met ( Section 20 (1) No. 6 EStG), they are not tax-relevant in this context (see 60/12 rule).
The maximum discount rate is different . This interest represented by the BaFin is determined based on § 2 of the cover Reserve Regulation (DeckRV) whose authorization basis the Versicherungsaufsichtsgesetz is (VAG). The maximum actuarial interest rate is the maximum value of the interest rate that may be used to discount the actuarial reserve. The statutory interest in official usage is the interest actually used for the actuarial reserve. The confusion of the two terms that is often encountered is based on the fact that both interest rates are mostly the same; 0.9% each since January 1, 2017. It is therefore also necessary not to equate the concept of the maximum technical interest with that of the technical interest. The actual investment income of the insurer that exceeds the calculated interest is referred to as interest. These amounts are included in the profit sharing .
The term calculated interest is also used for the discount rate used when calculating the contributions. Since this determines the performance contractually promised by the insurer, which it must at least provide plus surplus participation , this interest is also known colloquially as guaranteed interest , even if the insurer does not explicitly promise a specific interest rate.
literature
- Hartmut Milbrodt, Manfred Helbig: Mathematical methods of personal insurance . de Gruyter, Berlin 2008, ISBN 9783110197952 . Calculated interest in context
Web links
- Tax exemption with the 12/60 rule ( Memento from May 9, 2007 in the Internet Archive )
Evidence / Notes
- The reference date for the distinction between new and old law is July 29, 1994.
- The Federal Minister of Finance IV B 4-S 2252-77 / 79 (BStBl. 1979 I p. 592) / legal situation until 1994
- The Federal Minister of Finance IV B 4-S 2252-465 / 88 (BStBl. 1979 I p. 592) / legal situation until 1994
