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Because at BanSabadell Pensiones we are experts, we’ll design a plan in line with the employee pension commitments you already have

Advantages of employer pension plans

  • For your employees They provide both individuals and families with peace of mind in regards to retirement, as they will be able to supplement their public pension funds with money from their employer pension plan.
  • For your company They offer a differentiating advantage when it comes to recruiting talent and will also help build employee loyalty.
  • Tax benefits for your employees and your company Contributions from both the company and the employee make it possible for the employee’s personal income tax to be reduced.
  • Our recognition and expertise in employer pension fund management In 2021, we once again received three IPE Awards: best defined contribution fund in Europe; best employer pension fund in Spain; best active strategy for employer pension funds.
  • Availability of lifecycle investing that adapts to the retirement horizon of each employee. Under this scheme, investment strategies become more prudent as an employee’s retirement age draws closer.

Employer Pension Plan Covers

Retirement

Total, permanent and major disability

Death

Severe or major dependency

Contributions

In an employer pension plan, contributions can be made by both the employer and employees.

Although there is a limit of €1,500 for individual contributions to individual pension plans, insured savings plans and employer plans, this amount can be exceeded in the event of:

  • Company contributions to the employer pension plan.
  • Individual contributions to the employer pension plan for an amount equal to or less than the contributions made by the company on your behalf.

Remember that €10,000 per year is the total joint limit of individual and company contributions per participant to all pension products (individual and employer pension plans, insured pension plans, company pension plans and mutual pension funds).

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Tax advantages

  • For the employee Contributions made by the company and the employee reduce the employee’s personal income tax base for the year in which they are made. The maximum annual reduction of the general personal income taxable base, under national regulations and those specific to Navarra, will be the lesser of the amount of the contributions made or 30% of the sum of the net income from work and economic activities according to prevailing tax regulations. According to regulations specific to the Basque Country, the limit for annual reductions in the personal income taxable base is €5,000 for individual contributions and €8,000 for company contributions. There is also a joint limit of €12,000 for both types of contributions.
  • For the company Contributions to an employer pension plan are tax-deductible expenses for corporate income tax purposes.
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In what situations can money be withdrawn early? 

  • Serious illness of the participant, spouse, children or parents
  • Long-term unemployment
  • Early withdrawal of all or part of the vested rights for individual and employer contributions for at least 10 years (for plans whose rules so provide).
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What else can we help you with?

FAQ

Have any other questions?

Which employees should be offered an employer pension plan?

An employer pension plan should be offered to employees with at least one month of seniority in the company, although it could be offered to all employees.

Is it possible to contribute to both an employer pension plan and an individual pension plan?

Yes, this is possible.

Total maximum annual contributions to an employer pension plan, including employee and employer contributions on the employee’s behalf, may not exceed €10,000. However, the legal aggregate limit for annual employee contributions to their individual pension plans, insured pension plans or PPAs, employer pension plans, company pension plans or PPSEs and/or mutual pension funds is €1,500. This limit can be increased with individual contributions to the employment pension plan for an amount that will depend on the contributions made by your company in your favor and the income from the work you have:

  • Participants with full income from work greater than €60,000 or with contributions from your company greater than €1,500 , may exceed €1,500 of individual contribution for an amount equal to or less than that contributed by your company.
  • Participants with full earnings from work of less than €60,000 may exceed €1,500 of individual contribution for an amount equivalent to multiplying the company's contribution by 2.5 if the company's annual contribution is up to €500; or by the result of the operation €1,250 +0.25 x (contribution of the company -€500) if the annual contribution of the company is between €500.01 and €1,500.
Is there a minimum company contribution to employer pension plans?

The company sponsoring an employment plan must make regular contributions, although there is no minimum amount. The amount is to be set out in the specifications of the employer pension plan, or in the annex thereto in the case of jointly sponsored employer pension plans. The amount can be fixed or based on other factors such as salary, seniority, social security contributions, etc., depending on what’s stated in the specifications or in the annex to the specifications.

Is participation by an employee in an employer pension plan compulsory or voluntary?

The employee’s participation in these products is always voluntary. Although some of these products may have automatic onboarding systems to facilitate participation, the employee always has the final say.

Can balances accumulated in an employer plan be transferred by a beneficiary?

In regards to retirement, redemption or transfer to another product is no longer possible after the employee has retired, the only exception to this rule being the termination of the employer pension plan.

Do you want all information to be sent to you in digital format?

If you’re a participant in or beneficiary of an employer pension plan and you want all information to be emailed to you, you can easily request this. I want it

Are you looking to enhance your managers’ engagement?

You’re sure to find the products you’re looking for in our retirement plans. They offer specific protection to a portion of your workforce and serve as a demonstration of your concern for the safety and well-being of your managers and employees, as well as for their families. Learn more
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RIC (Internal Code of Conduct)

The product is only available to residents of Spain. In non-guaranteed pension plans, the overall performance of each plan is linked to the performance of each pension fund’s asset portfolio.

INVESTMENT. The risks inherent to these investments (market, interest rate, currency, credit and liquidity), together with their monitoring and control, are described in the fund’s statement of investment principles.

Managing entity: BanSabadell Pensiones, EGFP, S.A., holder of Tax Identification No. A58581331 and with registered office at Calle Isabel Colbrand, 22, 28050 Madrid, registered in the Madrid Companies Register and in the Register of Management Entities of the Directorate-General of Insurance and Pension Funds (DGSFP) under code G-0085. Depository entity: BNP Paribas, S.A., sucursal en España, holder of Tax ID No. W-0011117-I, and with registered office at Calle Emilio Vargas, 4, Madrid. Registered in the special register of pension fund depositories of the Directorate-General of Insurance and Pension Funds (DGSFP) under code D-0197. Pension plan marketing entity: Banco de Sabadell, S.A., holder of Tax ID No. A08000143 and with registered office at Av. Óscar Esplá, 37, 03007 Alicante. Registered in the Alicante Companies Register and in the Directorate-General of Insurance and Pension Funds (DGSFP) under code D-0016. Each of the companies or entities participating in the jointly sponsored pension plan will have the status of sponsor, and each company that formalises a plan will be a sponsor of the respective employer pension plan.