The new law states that pension plans can be accessed after 10 years

Any contributions plus any earnings on those contributions may be accessed after a decade
The government has changed the law governing pension plan withdrawals. Thanks to the Royal Decree amending the Regulation on Pension Plans and Funds with regard to Liquidity and Fee Reductions, approved by the cabinet on February 9, 2018, starting in 2025 pension plan holders will be able to withdraw any contributions that were made at least 10 years earlier, along with any possible earnings on those contributions. In other words, in 2025 pension plan holders will be able to withdraw any contributions they made up to 2015 and the possible earnings on those contributions; in 2026, contributions and possible earnings up to 2016, and so forth as contributions reach the ten-year mark.
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Around eight million private pension plan participants will benefit from this measure. Before this they had to wait until retirement (or one of the exceptions included in the law had to apply to them) to be able to withdraw contributions they made to these plans, but now they will be able to make withdrawals from their pension plans after 10 years.

Goals of the new measure

According to what the Spanish government itself stated, the goals of the new pension plan withdrawal regulation are twofold. Firstly, provide more liquidity to pension funds. Secondly, it will also reduce the management fees applicable in these kinds of products.

Pension plan withdrawals after 10 years

Another of the new measures that will go into effect will enable employment pension plan withdrawals after ten years. This measure will apply provided that it is permitted by the plan's specifications. Up until now contribution withdrawals could only be made under the following circumstances: retirement age has been reached, severe illness, long-term unemployment, disability, dependency, the participant or the designated beneficiary has passed away (provided that the plan's specifications covered all these contingencies and extraordinary liquidity circumstances).
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Lastly, regulations have been put in force for the maximum annual amount of pension plan withdrawals, meaning that participants can withdraw any contributions that were made 10 years earlier starting in 2025. These regulations are aimed at adding liquidity to this product and at making it more appealing for younger people, who normally do not like the idea of liquidity restrictions for plans.
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