Secure savings

Santander's PIAS range

Investment savings insurance policy with a regular premium and a smart investment strategy aimed at building future capital, with the option of converting that capital into a life annuity.

You decide how much you want to pay in and when, from €30 per month.
Access your money at any time.
Take advantage of the smart investment strategy: life cycle.

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What is Santander PIAS Insurance?

Santander PIAS Insurance is a range of products that allows you to start saving immediately, through regular or one-off contributions. You can transform these accumulated savings into recurring income through a guaranteed lifetime annuity. In addition, you enjoy tax exemption on all income generated, provided that the applicable legal requirements are met¹.

The Santander PIAS range is a set of four Individual Systematic Savings Plan (PIAS) products in the Policyholder risk mode. This means that you will be able to save regularly with liquidity from the outset and with a life cycle investment strategy in which the product itself will reduce its exposure to equities as it approaches the defined time horizon.

How do Santander's Individual Systematic Savings Plans work?

The PIAS range is aimed at individuals between 18 and 65 years of age with tax residence in Spain.
You will be able to choose a target time horizon of 2030, 2035, 2040 and 2045.
You will have the option of making regular and one-off contributions:

Regular contributions from €30 to €666 per month.
Non-recurring contributions from €1,000 to €8,000.

You can access part or all of your accumulated savings whenever you want:

Partial withdrawals of accumulated savings from €1,000.
Total availability of accumulated savings.
Availability in the form of an assured life annuity, meeting the conditions for tax benefits.

In partial and full withdrawals, the surrender value will be calculated according to the market value as detailed in the policy. Consequently, you may receive less than the initial premium invested. In the event of death, the person or persons you choose will receive the accumulated savings plus an additional capital amount of 3% or 1% of the accumulated savings depending on whether death occurs before the age of 65 or at 65 and onwards, respectively.

Life cycle strategy

The investment in equities will be in accordance with your time horizon.

Each of the PIAS has a time horizon with an initial equity exposure, which is reduced to a maximum of 30% when the specified time horizon is reached, maintaining this exposure until the insurance is surrendered in the form of equity or capital.

	Santander PIAS 2030	Santander PIAS 2035	Santander PIAS 2040	Santander PIAS 2045
Risk Indicator²	3/7	4/7	4/7	4/7
Time horizon for my savings	2030	2035	2040	2045
Maximum exposure to equities	Year 2020: 80% Year 2030: 30%	Year 2020: 95% Year 2035: 30%	Year 2020: 100% Year 2040: 30%	Year 2020: 100% Year 2045: 30%

These insurance policies do not expire. The time horizon set forth in each refers to the date on which the insurance policy will have its lowest exposure to risk.

Main risks

Market risk: Risk that the assets in which this insurance policy invests will decrease in value due to changes in market conditions. Such market conditions may include, for example, changes in interest rates, credit risk of fixed-income bond issuers, the valuation of investment assets and the exchange rate.
Liquidity risk: It corresponds to the risk of suspension of the valuation of the underlying assets that make up the Investment Fund. In exceptional circumstances, the valuation of the underlying fund may be suspended when, for any reason, the valuation of the assets is suspended or restricted, in which case no transactions may be made on the underlying fund.
Credit: Risk that the Insurance Company will not be able to meet its payment obligations to the Policyholders.

This is an Insurance Policy in which the Policyholder assumes the investment risk. Therefore, the Insurance Company does not under any circumstances guarantee recovery through the use of its own assets of the amount invested by the former, or any profitability.

Tax treatment of the Santander PIAS Insurance Range

The income obtained will be taxed as income from movable capital. However, if the insurance is taken out in the form of life annuity and the requirements are met, the income generated will be tax exempt.

At present, the legal requirements for the income generated during the whole lifetime of the insurance to be fully tax exempt are as follows:

How do Santander's PIAS work?

More than 5 years must have elapsed since the first current contribution to the PIAS.
No more than €8,000 per year must have been contributed to the total PIAS taken out.
You must not have total accumulated PIAS premiums of more than €240,000.
A life annuity must be set up with the total sum insured.

Provided you meet the above requirements and start collecting your life annuity, you will be taxed on a portion of your annuity depending on your age and the applicable tax law.

Insurance with intermediation of Santander Mediación Operador de Banca-Seguros Vinculado S.A., tax number A28360311, through its distribution network Banco Santander, S.A. Insurance operator filed with the Registry of the General Directorate of Insurance and Pension Funds with number OV-0042. Civil liability and financial capacity covered in accordance with applicable law. Insurance Company: Santander Seguros y Reaseguros Compañía Aseguradora, S.A. You can check the list of insurance companies with which the operator has an agency agreement in place for the distribution of insurance products at www.santandermediacionobsv.com.

1. Tax benefits will always depend on the policyholder's personal situation.

2. The summary risk indicator is calculated based on the parameters and methodologies specified in the PRIIPs regulations under which this PIAS product is covered. It is a guide to the level of risk of this product compared to other products. The product is classified on a 7-level scale, where 1 means “lowest risk,” 2 means “low risk,” 3 means “medium-low risk,” 4 means “medium risk,” 5 means “medium-high risk,” 6 means “second-highest risk,” and 7 means “highest risk.”