1 / 6

This number is indicative of the risk of the product, being 1/6 indicative of lower risk and 6/6 of higher risk.

Ministerial Order ECC / 2316/2015: of November 4, relative to the obligations of information and classification of financial products

The collection of the benefit or the exercise of the right of redemption is only possible in the event of any of the contingencies or exceptional cases of liquidity regulated in the regulations of pension plans and funds.
The value of the redemption or mobilization right depends on the market value of the assigned assets and can cause significant losses.

Savings insurance

Insured Pension Schemes: PPAs

Save comfortably and safely so you can have the greatest flexibility on your retirement.

Reduce your tax base on your income statement.
Get guaranteed interest on your savings.
You decide when and how much you pay in.

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Flexible savings plan for your retirement

The Insured Pension Schemes (PPAs) are savings insurances that allow you to accumulate 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 € 1,500 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 arrange the Plan Futuro PPA or the Plan Ahora PPA, by paying into a PPA, you can reduce the tax base used to calculate your income tax by up to 30% of your net income from work and economic activity, with a maximum limit of €1,500.

The maximum annual amount eligible for a tax deduction in common Spanish territory is €1,500 a year. The relevant autonomous tax legislation will be applied to autonomous regions.

FAQs

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.

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.

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.

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.

1. The maximum annual contribution that grants the right to a tax reduction for the common territory is € 1,500 per year. For the foral territories, the corresponding foral tax legislation will apply.

2. Where accepted by the Insurance Company.

Insurance brokered by Santander Mediación Operador de Banca-Seguros Vinculado S.A., Tax No/NIF A28360311, through its Banco Santander S.A. distribution network. Operator entered in the Register of the Directorate General of Insurance and Pension Funds with no. OV-0042. Civil liability and financial capacity covered in accordance with current legislation. Insurance Company: Santander Seguros y Reaseguros Compañía Aseguradora, S.A. Consult the Insurance Companies with which the Operator maintains an Agency Contract for the distribution of insurance products at www.santandermediacionobsv.com.

More information at www.santanderseguros.es.