Savings plans

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Pension plan

A pension plan is a long-term savings product designed to complement one’s retirement pension with economic benefits. The amount of these benefits will depend on the capital contributed and the income earned, but it is important to remember that, by law, a pension plan cannot give a guaranteed interest rate. At Costa Serra we inform you of the most convenient pension plan for you.

The rapid aging of the population has led to an imbalance in the public pension system. On one hand, the number of beneficiaries is increasing, and on the other, the number of taxpayers is decreasing. Therefore, to guarantee the sustainability of the system, the retirement age has already been increased and the payments have been reduced. Following this trend, it is expected that public retirement pensions will become lower and, in consequence, the different retirement plans such as pensions are presented as an effective alternative to ensure your future.

Pension plans are based on periodic or one-off contributions invested based on higher or lower risk investment strategies according to the conditions specified by contract.

There are different pension plans, and the most common are:

  • Fixed-income plans
  • Balanced fixed-income plans
  • Variable income plans (with different proportions of fixed income and variable income)
  • Guaranteed pension plans

At Costa Serra we help you to choose the most suitable plan for you and with the insurance company that guarantees you the best conditions.

In 2015, a new regulation was approved to make the redemption of pension plans easier. Consequently, if you signed your pension plan contract before 2015, you can redeem your pension plan after 2025. Otherwise, you can redeem it 10 years after you signed your contract.

Also, you can recover your investment at any time subject to certain conditions and situations:

  • Long-term unemployment

Employee: proving a legal situation of unemployment, enrolled in the job market and having exhausted the contributory benefit or not having had access at all.

Self employed: registered in the social security labour exchange and certifying that the right to receive contributory benefits has been exhausted.

  • Permanent disability (total, absolute or severe disability)
  • Serious and certified illness of the holder or direct relatives.
  • Death of the holder.
  • And, of course, retirement

It is important to state that when you eventually redeem your pension plan, all capital will be taxed as work income.

Yes, you will have to pay the corresponding IRPF tax as work income but never the inheritance and donation tax.

It’s advisable to sign up for your pension plan as soon as possible, preferably as soon as you begin working. If you have many years ahead of you before retirement, you could be willing to take more risks in your investments in exchange for higher profitability.

As a maximum, you can deduct the lower of the following amounts: either 30% of the net income from work and economic activities or up to 8,000 euros, which is the maximum amount of contributions from pension plans. If you exceed this limit, you can transfer the excess to the IRPF (personal income tax in Spain) within 5 years.

Guaranteed pension plans

Do you want your savings to be as safe as possible in case of crisis?

In guaranteed pension plans, there is guaranteed profitability, provided that the holder keeps their money in the plan until the plan has matured. The law does not allow any other plan to have these kinds of conditions.

The Spanish Tax Reform of 2015 has modified the conditions applicable to recovering the investment of pensions plans. Therefore, if you signed up for a guaranteed pension plan prior to the new regulations, you can redeem your money after 2025. Otherwise, you can redeem your money 10 years after you opened your guaranteed pension plan. Also, you can recover your investment in the following cases: long-term unemployment, illness (yours or that of close family), absolute disability, severe dependence or major dependence, and death.

Antonio is our expert on pension plans and on all fiscal products, and as at Costa Serra we work with all insurers, we can advise you on which product is the one that gives you the most guarantees and most profitability according to your profile.

Savings plans

Savings plans allow you to methodically save money with the aim of supplementing this money with accumulated interest based on the amount deposited.

Each savings plan has its own investment conditions according to the pre-agreed contract and pre-agreed level of profitability and risk.

With savings plans you can access your money whenever you want, while with pension plans you can only do it under certain conditions and in certain situations. Another main difference between the two products is that pension plans have tax benefits while savings plans don’t.

Depending on your age, your income and your predisposition to risk investments, among others, our managers can recommend the best savings plan for you. At Costa Serra we will offer a proposal specially tailored for you with no obligation.

Individual Systematic Savings Plans (PIAS)

The individual systematic savings plan (PIAS) is a financial product with the objective of saving money for retirement, although the owner can use their money whenever they need it.

One of the biggest differences between a PIAS and a pension plan is that with the first you can always access your money. In contrast, with pension plans you can only access your investment in some cases such as retirement, illness, disability or death. At Costa Serra we advise you about which financial product is the most suitable for you.

At Costa Serra we work with all the first-rate insurance companies, and we know which ones offer the best conditions and suit your risk profile best.

  • The policy holder, the insured and the beneficiary must be the same person (except in the case of death).
  • The limit of contributions is 8,000 euros per year or 240,000 euros in total.
  • You can transfer capital between different savings plans accounts.
  • The minimum initial duration to open a systematic individual savings plan is 5 years.
  • You will have the right to access your money whenever you need it.
  • If at the time of receiving the savings you choose the life annuity method and its durations exceeds 5 years, you will have tax benefits since you will not have to pay for the accumulated returns.

Individual Long-Term Savings Plan (known as SIALP)

The individual long-term savings plans, or SIALP, are financial products with possible tax exemption. The goal is to accumulate a large amount of long-term savings for retirement, although as the holder you can access your money whenever you need it.

  • The policy holder, the insured and the beneficiary must be the same person (except in the case of death).
  • You can have only one SIALP account.
  • The maximum annual contribution is 5,000 euros.
  • There is tax exemption for the accumulated benefits if the minimum duration of the savings deposited is 5 years or more, without exceptions.
  • By law, the minimum guarantee at the end of the contributions is 85%, but most of the companies we work with guarantee 100% of the contributions.
  • If needed, you can access your savings, but with the loss of the tax exemption.

Investment funds

An investment fund brings together the contributions of different savers so they can be invested together. The purpose is to achieve maximum profitability by following the investment rules previously established (mainly, more or less risk and location of investments).

The investment funds are formed as assets under management, without legal status, and divided into shares. Each saver may enter or leave the investment fund at any time, paying or receiving the amount that each of the shares costs at that moment.

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