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CHARACTERISTICS
Plan de ahorro flexible para tu jubilación
The Insured Pension Schemes (PPAs) are savings insurances that allow you toaccumulate savings to supplement your state pension at the time of retirement.
There are two types of Insured Pension Schemes depending on your present circumstances:
- With the Plan Futuro PPA you can build up capital to enjoy at the time of your retirement.
- With the Plan Ahora PPA you can use the savings you have accumulated for retirement in the form of flexible income.
Plan Futuro PPA
The Plan Futuro PPA is a flexible savings insurance, with which you can accumulate capital that you will receive at the time of retirement. For people between 18 and 65 years old.
The characteristics of this insured pension scheme are:
- Design your own savings plan: choose the amount you want to contribute, from a minimum of € 30 a month to a maximum of € 8,000 a year1, as well as the frequency (monthly, quarterly, half-yearly or annually).
- You can make extraordinary contributions whenever you like2.
- Your savings have guaranteed profitability: the guaranteed minimum rate could be increased by a better rate of interest every six months.
- When you retire, you will receive the accumulated savings in the form of a lump sum, income or combination of both.
- In case of death, your beneficiaries will receive additional capital.
Plan Ahora PPA
If you already have retirement savings in a pension scheme or a PPA and the time has come for you to enjoy it, you can mobilise it to the Plan Ahora PPA to receive an income tailored to your needs while the rest of the savings continues to increase.
The Plan Ahora PPA allows you to:
- Design your own income. Choose the frequency and the amount you want to receive. You can change both the amount and the frequency, if you consider it appropriate.
- Received guaranteed interest. You will receive a guaranteed minimum rate could be increased by a better rate of interest every six months.
Tax Benefits of Pension Schemes PPAs
Insured Pension Schemes (PPAs) have tax benefits1.
If you take out the Plan Futuro PPA or the Plan Ahora PPA you can obtain the following benefits:
- For making contributions to a PPA, you will be able to reduce the general income tax base by up to 30% of the sum of the net income from work and economic activities, with a limit of € 8,000. In the case of provincial territories, the limits of their tax regime will be applied.
- Furthermore, if your spouse has no net income from work or economic activities, or obtains them in an amount less than € 8,000 per year, you can reduce your tax base by the contributions made to the Plan Futuro PPA of which said spouse is the holder, with the maximum limit of € 2,500 per year. These contributions will not be subject to Inheritance and Gift Tax. In the case of provincial territories, the limits of their tax regime will be applied.
- People with disabilities arranging a PPA, as well as those with whom they have direct kinship up to and including the third degree, the spouse or those who are under their care, i.e. guardianship or foster care, may make contributions of up to 10,000 euros per year (and a total limit of € 24,250) with a right to a tax reduction. In the case of provincial territories, the limits of their tax regime will be applied.
- The benefits received in the form of capital will have a reduction of 40%, provided that they come from contributions made until 31/12/2006. The application of this reduction will depend on the year of retirement. In the case of provincial territories, the limits of their tax regime will be applied.
Shall we discuss it?
If you would like more information, visit any of our branch offices.
FAQs
Can I redeem my savings from a Plan Futuro PPA?
Insured pension schemes are illiquid contracts, so they can only be redeemed in the event of any of the contingencies covered occurring. However, it can be redeemed in advance in cases of serious illness or long-term unemployment. Starting in 2025, premiums paid at least ten years prior can be redeemed.
What is the half-yearly enhanced rate?
The Plan Futuro PPA has a guaranteed minimum interest rate, but Santander Seguros may apply a higher interest rate than the guaranteed one, which is calculated every six months and based on the return of the assigned investment portfolio.
Can I redeem my savings from a Plan Ahora PPA?
The moment you start collecting your Flexible Income, you will have full access to your savings. Prior to this, the product is illiquid, therefore, they will only be able to be redeemed in the event of any of the contingencies covered occurring. However, it is possible to recover them in cases of serious illness or long-term unemployment. Starting in 2025, premiums paid at least ten years prior can be redeemed.
How long does my Flexible Income last?
The amount of income that you have defined will decrease the accumulated balance that you hold in the Plan Ahora PPA. The balance, as well as the amount and frequency of the income, will determine its duration. You will stop receiving the Flexible Income when the accumulated balance in the product is 0 euros.
Shall we discuss it?
If you would like more information, visit any of our branch offices.
FAQs
-
Can I redeem my savings from a Plan Futuro PPA?
What is the half-yearly enhanced rate?
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Insured Pension Schemes (PPAs)
Reduces the tax base on your tax return.
Get guaranteed interest on your savings.
Decide how often and how much you will contribute.
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