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Banco Santander
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Pension Plan Redemption Simulator

With the pension plan redemption simulator you will be able to know the tax impact of the redemption of your plan, the conditions and the tax savings of each of the options you have to do so, so that you can choose the one that suits you best.

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How does the pension plan redemption calculator work?

Based on the data you provide on your accumulated savings, retirement date and autonomous community, the simulator calculates the different possible redemption options and their tax impact.

You will get an overview of all four options capital, mixed, financial income or insured income.

You can adjust the redemption amount settings to simulate partial redemptions as well.

The tax savings for each scenario are presented in comparison with the most taxed option, which is the Total Capital option.

The simulator allows you to plan the redemption and takes into account the units eligible for a tax reduction prior to 2007 (common territory).

When can I redeem my pension plan?

In order to be able to use the money saved in your pension plan, the most common requirement is to have reached the retirement age stipulated at the time, but there are exceptional circumstances where you can collect the amounts saved before that time. These cases are:

  • Permanent total, absolute or severe disability of the holder.
  • Death, which would result in rights transferring to heirs.
  • Situations of severe or high dependency.

We should also bear in mind that there are a number of situations where a certain portion of the amount saved in the plan may also be available:

  • In case of serious illness.
  • If the holder is in a situation of long-term unemployment.
  • From 1 January 2025, if you have been making contributions for 10 years or more, you can draw on your vested rights.

What are the different ways of redeeming my pension plan?

If you need to draw on the money you have saved in your pension plan before retirement age, you have four options:

  • As a lump sum: with this option, you receive the full amount of the pension plan directly in one single payment at the time it is requested.
  • As income: here, you receive an agreed fixed amount on a regular basis (monthly, quarterly, annually); in addition, these payments can take different forms:
  1. Temporary or lifetime: this means that you can receive amounts for a specific period of time or until death.
  2. Constant or variable: this means that you can always receive the same amount with the same frequency, or you can set the amount to be paid depending on the changes in a reference index.
  3. Insured income: you take out an insurance policy to guarantee the payment of a fixed amount.
  4. Reversible income: with this option, if the holder dies, the income from the pension plan passes to the beneficiary they have specified.

  • Finally, you should bear in mind that there are mixed options, which allow you to receive part of the savings from the plan in the form of a lump sum and another part as income; and flexible options, where you freely decide the dates and amounts of the income to be paid in, according to the conditions set out in the pension plan contract.
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