What are Simplified Employee Pension Plans for the self-employed?

As a self-employed person, in addition to individual plans, you can also save for your retirement with simplified employee pension plans (PPES). You can pay into them regularly or on a one-off basis, with total flexibility depending on your situation.

These pension plans are specifically for the self-employed and people who work for themselves and allow you to save for your retirement without any increases in your social security calculation basis.

Choose the best self-employment pension plan for you


Santander Self-Employed Fixed Income Mixed

Invest 75% in fixed income and 25% in equities.

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Santander Self-Employed Equity Mixed

Invest 50% in fixed income and 50% in equities.

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How do I arrange a pension plan for the self-employed?

If you are already a customer, you can arrange your simplified employee pension plan 100% online. You simply need to go to your private area and select the plan that suits you.

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You can also ask an agent for help at any Santander branch.

If you are not a customer, become a customer here to sign up for your Simplified Occupational Pension Plan for the Self-Employed or go to your nearest branch.

Pension plans with sustainability criteria

The management of these pension plans involves the application of financial and non-financial criteria with the aim of taking sustainability into account when investing. Here you can access information about the sustainability of these products.

What are the tax advantages of pension plans for the self-employed?

With simplified employee pension plans, you can pay more in annually than with individual plans, since you can pay in up to €5750 per year, as follows:

Types of pension plans Annual limit

Individual pension plans

Up to €1500/year

Simplified employee pension plans (PPES)

Up to €4250/year

Total contribution limit

Up to €5750/year

The contribution of €1,500 to individual plans can be made to the Simplified Occupational Pension Plan.

Frequently asked questions about simplified employee pension plans

  • What requirements do I need to meet in order to be able to arrange a simplified employee pension plan?

  • There are few requirements: you need to be over the age of 16, be resident in Spain and be self-employed.

  • Do I need to be part of an association in order to be able to arrange a pension plan for the self-employed?

  • No, under no circumstances. You simply need to meet the requirements mentioned above.

  • Can the incorporated self-employed arrange an employee pension plan?

  • Yes, you can still arrange a simplified employee plan, which you will pay into on behalf of yourself.

    If the self-employed person has employees and wishes to make a contribution on their behalf, the former will have to arrange an employee plan, as if they were a company. They can only make contributions to this plan if they are registered with Social Security in the same way as employed workers pursuant to Article 136.2 c) of the consolidated text of the Spanish General Social Security Act.

  • What happens with my simplified employee pension plan if I am no longer self-employed?

  • Vested rights in the plan always belong to the participant. When you are no longer self-employed, you can either keep it or transfer it to another employee plan.

    If you cease to be self-employed, you will only be able to make the individual contribution of €1500 but not the additional contribution of €4250.

  • How are individual pension plans for the self-employed redeemed?

  • The PPES can be paid out as below:

    • Capital: lump sum.
    • Actuarial or financial income: regular payments.
    • Combination: a portion as capital and a portion as income.
    • Sporadic payments.

Want to talk about it?

To learn more, just visit any of our branches.

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