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At BanSabadell Pensiones we want to provide you with tools that allow you to boost your financial planning, taking advantage of the new regulatory and fiscal environment.

Advantages of Pension Plans for the Self-Employed

  • For you who are self-employed You can get a greater tax relief by saving for your retirement, since you can deduct an additional €4,250 from the tax deduction on contributions to individual plans (€1,500).
  • Life cycle investment that adapts to the time horizon of each self-employed person Thus, the closer the retirement age is, the more prudent the investments become.
  • Maximum flexibility in contributions, allowing periodic and/or extraordinary contributions You can adjust it to your needs and availability at all times.
  • Our recognition and expertise in the management of employment plans In 2021 we once again received three IPE Awards: for the best defined contribution fund in Europe, for the best employment pension fund in Spain, for the best active strategy in pension funds of employment.

Pension Plan Coverage for the Self-Employed

Retirement

Total, absolute and severe permanent disability

Death

Severe dependency or great dependency

Contributions

  • The contributions made by the self-employed person will always be voluntary.
  • The plan will allow extraordinary and/or periodic contributions to be made, and at any time, the self-employed person may modify the amount or frequency, as well as suspend payment thereof.
  • In no case may contributions exceed the annually established legal limits. Starting in 2023, self-employed workers can contribute up to €5,750 (€1,500 generic limit to any social security system + €4,250 to the simplified pension plan for self-employed workers).
  • The plan will accept mobilizations from other pension plans, which will not affect the legal contribution limits.
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Tax advantages

  • The contributions made reduce the personal income tax tax base for the year in which they are made, and represent an increase in the contribution and deduction limits in personal income tax, versus contributions to individual pension plans.
  • The maximum annual reduction of the general personal income tax tax base, in the common territory and in the provincial territory of Navarra, will be the lesser amount of the contributions made or 30% of the sum of the net income from work and economic activities according to the current tax regulations.
  • In the regional regulations of the Basque Country, the maximum limit of annual reduction of the tax base in personal income tax for individual contributions is €5,000, €8,000 for business contributions and a joint limit of €12,000 for individual contributions and business contributions.
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In what cases can the money be withdrawn early?

  • Serious illness of the participant, his or her spouse, children or parents.
  • Long-term unemployment.
  • Advance provision of the amount, total or partial, of the consolidated rights corresponding to business contributions and contributions made at least 10 years ago (in those plans whose specifications contemplate this).
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What else can we help you with?

FAQS

What else can we help you with?

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.

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.
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 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.

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.

Are you self-employed and want extra protection?

The self-employed are one of the most vulnerable professional groups. If they stop working due to illness or accident, they are likely to see their income decrease. For these situations, having life insurance can give you peace of mind and greater stability. Click and discover all its benefits!

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Legal information

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