Pension Schemes

Your future is very important to us. That is why our team of specialists design products that are tailor-made to guarantee the security and peace of mind of your future. 


Pension Schemes and Funds are long-term savings products aimed principally at accumulating capital for retirement and topping-up state retirement pensions. In addition to retirement, pension schemes provide protection against other risk situations, such as invalidity, severe dependency, death, or in the event of serious illness or long-term unemployment (for which no contributory benefit is paid). Except under these circumstances, pension schemes are illiquid products.

Even though they are not liquid, the accumulated balance can be transferred between pension schemes and Assured Savings Plans (ASP) and vice versa.

Pension Schemes are integrated into a Pension Fund which forms the assets of the Schemes that make it up,  but the product in which we actually invest our money is the Pension Scheme.  


There are different types of pension scheme depending on their Investment policy:

> Short-term fixed income:  100% fixed income assets (money and promissory notes).


The mean term of the portfolio will be equal to or less than two years:

> Long-term fixed income: 100% fixed income assets. The mean term of the portfolio will greater than two years:

> Mixed fixed income: has at least 30% of the portfolio in variable income assets.

> Mixed variable income: has between 30% and 75% of the portfolio in variable income assets.

> Variable income: has more than 75% of the portfolio in variable income assets.

> Guaranteed: schemes with an external guarantee of return for a specific period, issued by a third party.

> Assured (ASP): where there is a guaranteed interest rate. ASPs are long-term savings-insurance policies with the same characteristics, contingencies covered, liquidity and tax regime as pension plans.


Another important factor is the costs incurred by the pension schemes, which may be of two types: commission and other expenses. However, under no circumstances can commission be charged for the transfer or movement of a pension scheme or for the payment of the established benefits.

Contributions may be regular or exceptional.

One of the principal characteristics of Pension Schemes and ASPs is their attractive fiscal nature, since they allow tax deferral. The contributions made lower the general Income Tax base, up to an annual limit, set on the basis of the participant's age:

For individuals up to 50 years of age, the lesser amount between 30% of the sum of net income from work and from economic activity and 10,000 euros.

For individuals over  50 years of age, the lower amount between 50% of the sum of net income from work and from economic activity and12,500 euros. 

The benefits, however they are perceived, and whoever receives them (participant or beneficiary) and the contingency from which they derive, are always taxed as earned income, subject to the progressive scale of taxation.



Pension Schemes | ISP | Systematic Saving | Mutual Funds