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      Bienvenida Account for self-employed workers and companies

      New bank, zero fees on the usual services. Whether you are self-employed, an SME or a company, a new bank has many advantages.
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      This number indicates the plan's risk level and may vary over time.

      It will only be possible to receive payments and exercise rights of redemption if any of the contingencies or exceptional liquidity circumstances governed by the law on pension funds and plans occur.

      The value of the transfer rights, for the benefits and exceptional liquidity circumstances depends on the market value of the pension fund assets and may cause significant losses.

      Prudent pension plans for self-employed workers

      Invest more safely for your retirement

      • You will contribute an average of 21.5% to equities (up to 33%), assuming less risk than with other plans.
      • You can contribute €5,750 a year and deduct it for tax purposes.
      • You will choose a management company with more than 30 years of experience.

      Sign up for your plan and a Bienvenida Negocios Account 100% online.

      Apply for plan

      How do I open a Prudent Pension Plan?

      • Open your Bienvenida Negocios Account

        In just a few minutes, you will get an account with no fees or conditions, as well as a fee-free debit card.
        Apply for plan
        See account
      • Open the plan in just a few steps

        Once you're a BBVA customer, you'll be able to open it from your app or private area on bbva.es.
      • And make your first contribution

        To activate the plan, make a contribution of at least €30 within 180 days. If you want, you can schedule your contributions.

      To increase your income now and in the future

      • More tax savings

        You can save more on taxes by contributing €5750 a year and deducting it from your personal income tax (€1500 as an individual + €4250 for being self-employed).
      • Fewer fees

        You will pay fewer fees than with an individual plan: 0.45% per process and 0.04% per deposit.
      • Combined investment

        Combined investment: up to 33% will go to equities and the rest to fixed income and alternative assets.
      • Control from the app

        You will be able to consult your plan in detail from your phone and analyze how the profitability you are generating is evolving.
      Apply for plan

      Make your plan save for you

      Schedule regular contributions to invest a small amount each month. This will help your savings to grow automatically, and you will earn more in the future.
      More benefits of regular contributions

      How the Prudent Pension Plan for the Self-employed works

      Do you want to invest it in your future?

      Join the more than 3,000 self-employed individuals with a BBVA pension plan

      Get answers to all your questions

      It is important for you to know and understand the documents required to open this account. You can view them here:

      IP Autónomos Bienvenida Account You can view the list of the most common payment account services here

      This plan is aimed at independent professionals or self-employed individuals who live in Spain and who are not BBVA customers. You can sign up for the plan and a Bienvenida Negocios Account 100% online at bbva.es and via the BBVA app.

      With regular contributions, you can invest in your plan comfortably and achieve greater returns in the future. Here are the main advantages:

      • You will start to save automatically, and your contribution will be just one more transaction in your account.
      • You can contribute from €30 a month and continue to have liquidity in your daily life.
      • You can earn more by making gradual, long-term investments.
      • You will have less uncertainty, as you will contribute amounts at different times, rather than taking a risk by making a single contribution.
      • You will avoid market volatility, as the effect of market gains and losses will be minimized.

      Simplified employment pension plans for the self-employed (PPES) were created with Law 12/2022, which came into force in January 2023. They work in a similar way to the occupational pension plans that some companies have for their employees.

      A pension plan for the self-employed allows you to invest up to €4,250 per year. And, if you combine it with an individual pension plan, you could invest up to €5,750 (€1,500 + €4,250).

      With the BBVA pension plan for the self-employed, you can start investing as low as €30 and make regular contributions if you want to invest the maximum.

      You must make your first contribution within a period of 180 calendar days from the date you sign the contract. If you do not make a contribution within this period, the plan will be cancelled.

      Every year, you can contribute up to €4250 to your pension plan for the self-employed and deduct it from your personal income tax. And, if you already have an individual pension plan, you can combine your two plans and deduct up to €5750 a year (€4250 + €1500).

      The money you invest will be subtracted from your taxable income, so you won't be taxed on it. For example, if you earn €40,000 per year and contribute €4,250 to your pension plan, you can claim back up to €1,572.5.

      Yes, Royal Legislative Decree 1/2002, of November 29, 2002, which approves the revised text of the Pension Plans and Funds Regulation Law, allows contributions to pension plans that are 10 years old to be redeemed.

      There are other specific circumstances in which you can redeem the investment before retirement: in cases of unemployment, disability, dependency or severe illness, among others. Ask us about the best way of doing it.

      Retirement is one of the situations that allow for the redemption of the pension plan.

      Contrary to what happened in the years of contribution to the plan, the income that is withdrawn from the pension plan (once in retirement) will increase, and not reduce, the personal taxable income, since it will be considered as 'earned income'. It is therefore important to take into account the form in which the pension plan is redeemed in order to assess its tax impact.

      To give you a clearer idea, here is an example taking into account the general tax scale. Please note that these calculations may be affected by the personal and family circumstances of each taxpayer.

      If we take the previous example again: after contributing for 35 years, with a gross salary (per year) that, in the last decade, has been €22,000, an approximate pension (per year) of €19,615 remains. In accordance with the rate of personal income tax brackets, retirement income will be taxed at 19% (first 12,450 euros) and at 24% for the remainder (up to 19,615 euros).
      Now, and based on the above, we proceed to redeem the pension plan, for which there are several ways to do so:

      Pension plan redemption: as a single payment

      This modality will allow 100% of the capital accumulated in the pension plan to be redeemed, i.e., the contributions that have been saved over the years and the "possible" profitability derived from them are recovered.
      When the pension plan is withdrawn in this way, only one tax payment is due (related to the amount saved in the pension plan). To calculate it, the annual public pension of €19,615 must be added to the amount redeemed (for example, €90,000) and the marginal rate will be raised to 45%. Everything exceeding 60,000 euros (49,615 euros in our example) is taxed at this rate of 45%.

      Practically the rest of the amount coming from the plan (between 35,200 and 60,000 euros) is also taxed at a high rate: 37%.

      In the following years, tax is again levied exclusively on the state pension, since no other income is received, and the marginal rate will be reduced again. However, the tax impact of the redemption of the pension plan is very high.

      Pension plan redemption: as regular income

      This type of pension plan redemption means that you receive, periodically (monthly, quarterly, half-yearly or annually), an amount of money that can be, in turn, fixed or variable (depending on the type of income you have chosen):

      • If you opt for a "guaranteed income": Since the performance of a pension plan is subject to market movements, the contribution received may vary over time. This does not occur in the case of insured annuities, and the same amount is always collected when the pension plan is paid.
      • If you opt for a "financial income": In this case, the amount received periodically for the redemption of the plan varies according to the plan's profitability.

      Back to the example: If, as we indicated above, one enjoys a state pension of €19,615 and has 90,000 saved in the pension plan, redeeming it as insured income over a period of 20 years will yield approximately €6,569 per year. When added to the state pension, this gives a total of €26,184, which is taxed as follows:

      • First 12,450 euros: 19%.
      • Between 12,450 and 20,200 euros: 24%.
      • The rest, up to 26,184 euros: 30%.

      The redemption of the pension plan in the form of an annuity, as opposed to that taken out 'in the form of capital', usually has a more progressive tax impactsince the taxation is distributed in different tax years. It is usually the most efficient way of redeeming a pension plan, although you must plan the redemption correctly in order to determine which annual amount minimizes the tax bill and to try to avoid passing into the higher IPRF personal income tax bracket.

      Pension plan redemption: mixed redemption

      A third way of redeeming a pension plan is the mixed redemption, which consists of receiving a part of what has been saved in capital and, subsequently, receiving a periodic income.

      Again, it is important to calculate the point up to which you would be interested in receiving a portion in capital, and therefore facing an increase – or not – in your personal income tax bracket.

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      1. Pension plans
      2. Prudent pension plans for self-employed workers
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