What is an EPSV?

We explain to you what EPSVs (Volunary Social Benefit Entities) consist of

Voluntary Social Benefit Institutions (EPSVs) help to create a savings system that increases income for retirement. They aim to complement income received upon retirement age, with the aim of keep the same living standard. They allow participants to balance out income from their active and passive earning periods (usually at a lower level), while also protecting against the contingencies of death, disability, severe illness, or long-term unemployment.

They are promoted by a financial institution so that its customers can establish a savings scheme. Any individual can be member of an EPSV and establish their savings through regular or one-off contributions.

As well as the contingencies mentioned above, there is the possibility of redeeming it after 10 years. However, specific regulations will govern the actual contingencies that are covered.

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Benefits

  • Tax savings: contributions to an EPSV reduce your income tax base.
  • Freedom of modification: you can set up an EPSV for any amount and frequency.
  • "Customized" investment: at BBVA we offer a wide variety of Individual Pension Plans that are adapted to any investor profile, from Money Market and Fixed-Income products to Mixed, Variable-Income, and Guaranteed plans.
  • Freedom of mobility, free of charge, between the different employee pension plans included in the EPSV, either to match your risk profile at all times or to protect you from changing market situations.
  • Immediate liquidity (set out in the Rules of each Benefit Plan), when exercising benefits and/or redemptions of your Benefits Plans due to one of the contingencies.
  • Availability of the entire BBVA branch network for your daily transactions, whether contributions, benefits or financial/fiscal information on your Plans.

Tax reduction

Make your contribution and you will be able to save up to 45% on your next tax return1. You will enjoy considerable benefits.

For example: If you make a contribution of €4,000 to your plan, you could save €1,800 on your next tax return.

Come into your nearest branch and request information about the Norpensión Employee Pension Plans that most interest you.

Fiscal residence in the Basque Country

The contributions made to Pension Plans, EPSVs and other social benefit systems may be subject to reduction in General Taxable Income2, with the following individual limits per participant:
Tax base reduction general Araba, Bizkaia, Gipuzkoa
Tax base reduction general
Own contributions
Araba, Bizkaia, Gipuzkoa
€5,000
Tax base reduction general
Company contributions
Araba, Bizkaia, Gipuzkoa
€8,000
Tax base reduction general
Overall limit on deductions
Araba, Bizkaia, Gipuzkoa
€12,000

The contributions that could not be reduced due to exceeding the foregoing limits or due to an insufficient General Taxable Income could be transferred to the five subsequent tax years, so long as the individual has not retired. In the case of the latter, exceptionally, there is a transitory period in 2014 in which the surplus of the 2009-2010-2011-2012-2013 fiscal years can be reduced.

There is no possibility of reducing the contributions made to social benefit systems as of the period following that in which the member is retired.

With regard to contributions made in the same year in which a benefit is received in the form of capital due to the contingency of retirement or voluntary termination, the reduction will be limited to the amount of contributions made in the year that corresponds to the income included in taxable income (except for contributions made to EPSVs for use by the spouse or disabled people).

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Contributions on behalf of third parties

It is possible to make contributions to employee pension plans on behalf of a third party, with the contributor, and not the plan holder, benefiting from the tax advantages.

This takes place for:

Contributions in favor of spouses
Basque Country
Contributions in favor of spouses
With no income below
Basque Country
€8,000/year
Contributions in favor of spouses
Reduction limits
Basque Country
€2,400/year
Contributions made on behalf of people with disabilities
Basque Country
Contributions made on behalf of people with disabilities
Contributions made by the disabled person
Basque Country
€24,250/year
Contributions made on behalf of people with disabilities
Contributions on behalf of the disabled person
Basque Country
€8,000/year (person associated with the disabled person)
Contributions made on behalf of people with disabilities
Total contributions, including those made by the disabled person
Basque Country
€24,250/year

1 Contributions to Norpensión Benefit Plans are deductible from income subject to personal income tax up to the limits established in the tax regulations, so the savings indicated will depend on the member's marginal rate.

2 Consisting of: paychecks, salaries, benefits from employee pension plans, earnings from intellectual property, rents, rentals for real estate that is not housing, prizes.

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