Based on your age

Saving in a single plan

Based on the risk

You want to assume

Based on the asset

You want to invest in


For the Basque Country


My Sustainable Santander Project Range

Choose a plan that invests with sustainability criteria, and save according to your age without changing plans until your retirement.

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Range my Santander Plan

Each plan in the range invests in different percentages of fixed and variable income so that you save according to the risk to be assumed.

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Variable Income Pension Schemes

Choose your plan to save by investing in companies listed on the markets.

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Fixed Income Pension Schemes

Save for your retirement by investing primarily in government and private bond markets.

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Social Provision Schemes

If you live in the Basque Country, start saving for your retirement today in the form of an EPSV.

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FAQs about Pension Plans

  • How should I choose my pension plan?


    The investment strategy of a pension plan should be adapted to your needs based on the time remaining until your retirement. To save, using the same pension plan until your retirement, you can use the My Sustainable Santander Project range.

    This range of pension plans uses a life-cycle strategy.
    This means that each plan has an initial risk level based on age and the investment time until retirement.
    Over time, the exposure to risky assets is reduced and fixed income investment is increased.


    If you want to choose a pension plan based on the risks you are willing to take you can consider the My Santander Plan range.

    You just have to decide between three levels of risk.
    Based on this, a team of experts will invest your savings in varying percentages of fixed and variable income, according to what you have chosen.


    With the Plan Simulator, discover how much you need to contribute each month to achieve the income you want in your retirement.

    By answering 5 questions, you will know how much you need to save each month so that your retirement income is what you envision and what the tax savings will be until your retirement.


    If you want to have a guaranteed minimum interest that does not depend on market fluctuations, your best option are Insured Retirement Plan2.

    An Insured Retirement Plans (IRP) is a savings insurance, and as it guarantees a minimum return it will be the most suitable for you if you have a conservative profile.

  • What tax deductions are associated with a pension plan?

  • The contributions made to pension plans result in a direct reduction in the tax base for personal income tax (IRPF). These contributions have an annual limit:

    • For the holder, either €1,500 or 30% of net income from employment and economic activities, whichever is lower. This amount will be increased by €8,500 when the difference can be attributed to employer contributions or employee contributions to the same social welfare instrument for an amount equal or less than the respective employer contribution.
    • In favour of the spouse, provided that he/she has a net income from work and economic activities of less than € 8,000, € 1,000 per year.
    • For people with a disability, including those made by themselves, there is an annual limit of €24,250. For relatives, the limit is €10,000.

    In the event that the fiscal limit is exceeded, the excess may reduce the tax base of the following five years with the same limit.

    Also, this tax benefit is never lost. After retirement, we can continue to contribute to the pension plan and deduct these contributions.

    The benefits, in general, can be redeemed in the form of capital (in one go) or income (by selecting the amount or time period), and are included in the income tax base at 100% as income from work.

    The amount received in capital may be reduced by 40% for contributions prior to 2007. A time limit is set by law for applying this reduction, depending on the date of retirement.

    Transfers can be made between pension plans without taxation.

    Taxation applicable to common territory, for the provinces, their own taxation in force at any given time will be applied.

  • How can I make a redemption from a pension plan?

  • Pension plans can only be rescued in certain contingencies and assumptions, since the objective of the savings invested in these products is to save for retirement:

    • If you have retired.
    • If you suffer a total, absolute permanent disability and high disability.
    • If you pass away.
    • If you have severe dependency or high dependency.
    • If you or an immediate relative suffers a serious illness.
    • If you are long-term unemployed.
  • What other benefits do pension plans offer?


    A reliable investment alternative.

    Clients and their contracted products are protected by the General Directorate of Insurance and Pension Funds (Dirección General de Seguros y Fondos de Pensiones - DGSFP), the public body that supervises pension plans.

    In addition, the management company carries out management and risk control on a daily basis, issuing a periodic management report.


    Right from the beginning you will have all the necessary information in the Fundamental Data for the Investor document, the product file, the Scheme Specifications and the financial reports of the pension funds. In these documents you will find all the information you need to clearly and easily understand the pension plan in which you will invest your assets.


    With pension schemes you can plan a long-term savings strategy, establishing a periodic contribution plan to help you save small amounts little by little, more comfortably than once a year with a much higher amount.


    All product categories have different investment objectives. This allows us to diversify our savings and choose the one that best suits our needs:

    • Life cycle pension plans that automatically adjust investments based on our age.
    • Profiled pension plans that offer us a diversified investment based on our risk profile.


    A large team of professionals makes the appropriate decisions in line with the investment policy of each plan, following the established risk criteria. Our highly qualified investment manager is Santander Pensiones (

    The capital of the pension plans and the EPSVs' provision plans are exposed to fluctuations in market prices and other variables, and therefore the recovery of the initial capital invested cannot be guaranteed.

FAQs about Welfare Retirement Plans

  • What are EPSVs?

  • Voluntary Social Welfare Entities (EPSVs) are a type of legal entity in the Basque Country which provide a voluntary retirement-savings platform for their members through Welfare Retirement Plans.

    EPSVs and, therefore, welfare retirement plans are controlled and overseen by the Basque Government.

    You can choose an EPSV welfare retirement plan based on the following criteria:

    • Based on your age: choose welfare retirement plans that follow the life cycle strategy, i.e. plans which reduce the investment risk as the retirement age approaches, such as the Mi Proyecto Santander Sostenible range.
    • Based on the risk that you would like to assume: there are welfare retirement plans that combine various fixed and/or equity assets as a way of diversifying your investment. Therefore, you simply need to choose how much risk you would like to assume and a team of experts will then select the assets. For the Mi Plan Santander there are three risk levels.
    • Based on the asset type: if you would like to save for your retirement using welfare plans that mainly invest in a specific asset type, you can do that too. Discover our fixed and equity plans.
  • How are welfare retirement plans taxed?

  • Contributions made to welfare retirement plans are directly deductible from your taxable income for the purposes of income tax (Spanish IRPF). These contributions are subject to an annual limit:

    • For members, the deductible limit is €5,000 for their own contributions and €8,000 for employer contributions, with a joint limit of €12,000.
    • To the spouse, provided that their net income from employment and economic activities is less than €8,000, €2,000 per year.
    • For persons with a disability, including contributions made by this person, the annual limit is €24,250. For relatives, the limit is €8,000.
  • If this threshold is surpassed, the overrun can be carried over to your taxable income for the following five years, subject to the same limit.

    Once the holder has retired, they cannot apply these deductions from the start of the tax period after they retire.

    Generally speaking, benefits can be redeemed in the form of capital (in one lump sump) or instalments (selecting the amount of term); they are fully subject to income tax as if they were income from employment.

    • If they are received in the form of capital (in one lump sum), there will be a 40% deduction on them, with a maximum of up to €300,000 for the first payment.
    • If they are received in the form of instalments, they are fully subject to tax.
  • Transfers can be made between welfare retirement plans without being subject to taxation.

    This tax regime applies to the Basque Country. The other autonomous regions will apply their own tax regime in force at the time.

  • How can you redeem a welfare retirement plan?

  • Welfare retirement plans can only be redeemed in specific circumstances and eventualities, as the saving invested in these products is intended for saving for the holder's retirement:

    • If you have retired.
    • If you suffer a total permanent disability, an absolute disability and a severe disability.
    • If you die.
    • If you have a severe or great dependency.
    • If you or your immediate family suffers a serious illness.
    • If you are unemployed long term.
  • Holders of individual EPSVs can generally redeem their redeem their accrued benefits from the 10th year after they pay their first contribution into a EPSV.

Always Connected

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Contact your manager by phone, email or chat. Make face-to-face appointments or use the assistant to answer questions and learn how to make transactions through videos.

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