Rescue your pension plan, what involves?

Optimizes the charge of your plan.

Rescue a pension plan is the last step in the life of this product. Previously, has passed by a phase of accumulation in which the participant has gone carrying out your contributions during a long period of time, while the Managing Entity sees to invest and manage the capital with the aim of obtain the great profitability possible for the participants. 

In this phase, moreover, the capital invested in the pension plan reduces the basis of assessment of the PERSONAL INCOME TAX with the limits yearly established for the legislation in every territory (in the general plan, the smaller amount among 8,000€ yearly or to 30% of net yield of the work or economic activities of the exercise) what translates if applicable, in a smaller tax payment. 

The period of investment, on the other hand and if save for the retirement, can last decades, what does that must take into account certain aspects in order obtain the maximum yield. As in any other product of investment, invest in pension plans involves assume a certain risk level since these products offer a variable profitability to the investors, being able to cause losses in the event of stages negative. Except for in the case of plans guaranteed, the initial investment of the customer not is guaranteed and the profitability depend on the evolution of the assets in which the plan has invested the capital. For that reason is so important select that product or products that better conform to our preferences and risk profile.

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Moreover, remembers that can carry out transfers between pension plans (in the case of individual and associated plans) for what be able to invest initially in plans with highest level of risk (with skills of offer a higher profitability in the medium term) and go evolving towards a blander risk profile or conservative as pass the years and brings closer the moment of the retirement. 

After these, and as have advanced, proceeds to the rescue of the plan. (The value of the rights of mobilization of the benefits and of the exceptional suppositions of liquidity depends on the market value of the assets of the pension fund, and can cause losses relevant). A phase in which the participant is paid the money generated, which can request in particular cases.

When request the rescue of my plan

Only can rescue the pension plan if gives some contingencies or exceptional suppositions of regulated liquidity in the regulation of plans and pension funds and mentioned in the specifications of the plan. Emphasize: 

  • The retirement, whether ordinary, anticipated or procrastinated. Additionally, and as exception if thus it contemplate the specifications of the product, can anticipate the be casualty of a COLLECTIVE DISMISSAL PROCEEDING or to the cause cancellation in the Social Security Institute after fulfill 60 years and have the requirements of access to the pension corresponding. 
  • The total incapacity for work or permanent, if is the profession usual, or absolute and permanent for all work. Additionally contemplates the severe disability. All the cases establish according to the regime that corresponds of Social Security Institute. 
  • High dependency or, also, cases of premise severe. 
  • Deaths that generate rights in favor of an or several payees, are heirs or designated. 

There are also exceptional suppositions of liquidity relating to cases of severe illness, long-term unemployment or liquidity for seniority of the contributions. This last one involves that, after the new reform of the Regulations of Plans and Pension funds, from the January 1, 2025 be able to request the reimbursement of shares with a seniority minimum of 10 years. 

Moreover, there is a transitional arrangement according to which, the benefits perceived in the shape of capital enjoy a reduction of 40% for the part of the benefit that corresponds to contributions carried out before 01/01/07, provided that the Plan copper within the calendar established to this end depending on the moment in the happens the contingency.

Options that have for rescue my pension plan

The formulas for rescue every pension plan come collected in the specifications of the same one, a document that specifies your operation and the conditions that you are of application. The ways of rescue more usual for the pension plans are the following ones: 

  • As capital: receives the total amount in a charge only which can be immediate, that is, to the happen the contingency, or procrastinated in a date chosen for the payee. 
  • As income: is paid in a periodical way (monthly, quarterly, half-yearly or yearly) a cash amount that can be fixed or variable on the basis of the type of income chosen (policyholder or financial). 
  • Mixed: combines the two previous, that is, a part of what was saved in capital and another in a periodical way.
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What happens to the rescue my pension plan?

If you are in some contingencies or suppositions exceptional that have aforementioned previously, can rescue your pension plan if it wish. Owe take into account that, if for example you retire, the incomes that receive from that time increase the basis of assessment of the PERSONAL INCOME TAX to the consider outputs of work. For that reason is important take into account the way of rescue of your plan since the same one has fiscal implications. 

If carry out the rescue in the shape of capital, the tax payment be only and the above-mentioned capital rescued add to the earned incomes of the exercise. This increase the marginal type doing that the fiscal impact in the exercise of the rescue can be very high. 

In regime common, if the contributions have carried out until the 12/31/2006, be able to apply a reduction of 40% to the earned income, what does that only is necessary to pay taxes for the remaining 60%. For profit from this reduction, the rescue owes happen in the exercise of the contingency or in the 2 next if the contingency takes place from the January 1, 2015, being the margin of 8 exercises for the contingencies happened between 2011 and 2014. In regulation autonomous can change. 

If choose rescue your pension plan in the shape of income, your fiscal impact is more progressive and, moreover, is the way more flexible to the be able to stop and reactivate when is necessary or vary the amount (increasing it, reducing it or setting, even, an update increasing). That yes, owe have it all good planned for determine in advance how be able to affect your fiscal bill.

Last of all, if your choice is the rescue mixed, earlier owe consider up to what point are interested in receive the capital share and face the increase, or not, of the stretch of the PERSONAL INCOME TAX. Additionally can happen the one which not have clear how do it. If is your case, from BBVA want help you and, for this, have willing a calculator of pension plans with which can simulate the amount that go to receive on the basis of the option that choose and the fiscal impact of the same one, being able to compare between all your options in looks for of the optimal one.

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