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How you can draw on your pension plan

  • As a capital sum One-off payment of your pension plan’s accumulated capital. The payment can be immediate or at a future date of your choosing.
  • As an annuity Periodic payments over a fixed period or in a fixed amount according to your needs.
  • As an annuity without capital consumption You’ll receive a guaranteed monthly income for life, while 100% of your invested capital will be left for your heirs.
  • As an annuity with capital consumption You’ll receive a guaranteed monthly income for life that includes capital consumption in an amount higher than under the “annuity without capital consumption” option.
  • Free disposition Small redemptions as you need funds.
  • You can also combine any of the above options!

Bring your individual pension plan and get higher returns!

Bring your individual pension plan with a minimum amount of €4,000 before 30 June 2023 and we’ll give you 6%!* Learn more

What else can we help you with?


Do you have more questions?

How can a pension plan benefit you in terms of taxation?

One of the main advantages of having a pension plan is that you are guaranteed a personal income tax deduction in the general taxable base. It can provide a tax advantage of up to 47% on your next tax return.

Take, for example, Silvia, who has a pension plan, and Mario, who does not. The difference in tax savings is remarkable!



WITHOUT​ pension plan​

WITH​ pension plan

Income from work

30.000 €​

30.000 €​

Total net returns

30.000 €​

30.000 €​

Minimum personal and family allowance

-5.550 €​

-5.550 €​

Pension plan contribution

0 €​

-1.500 €​

General net tax base

26.095 €​

24.595 €​

Net tax liability​

4.938,00 €​

4.488,00 €

Tax savings​

+450 €


What’s the difference between a Pension Plan and an Insured Pension Plan?

Both products feature the same tax advantages but differ in terms of investment type. Pension plans are established through pension funds that invest according to a certain investment policy, which can be more or less conservative, while the insured pension plan is a savings insurance policy with guaranteed returns.

To know more about our pension plans, click here.

When can I collect my contributions?

Pension plan benefits may be collected when any of the following contingencies occurand also in exceptional liquidity situations. ​​

  • Retirement
  • Total, absolute permanent disability and major disability ​
  • Death
  • Severe or major dependency
  • ​Serious illness
  • Long-term unemployment
  • And from 01/01/2025, you will be able to dispose of in advance the consolidated rights of contributions made at least 10 years previously.
How can you cash in your pension plan?

We offer you a wide range of collection methods for your pension plan and a consultancy service where we will explain all your options and help you choose the best collection method for you.


For more information, click here.

How to plan your contributions?

You can make contributions from as little as €30, periodically or whenever you want.​

The best way to plan for retirement is to make periodic contributions on a regular basis, which you can supplement with additional contributions whenever you are able to invest an extra amount.

  • Maximum contribution of €1,500 For individual pension plans, insured pension plans (PPA) and employer pension plans, the maximum annual contribution is €1,500.
  • Supplement your savings with an employment pension plan You can complement this amount with contributions to your 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 earnings from work greater than 60,000 euros or with contributions from their company greater than 1,500 euros, may exceed 1,500 euros of individual contribution for an amount equal to or less than that contributed by their company.
    • Participants with full earnings from work of less than 60,000 euros may exceed 1,500 euros 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 euros +0.25 x (contribution of the company -500 euros) if the annual contribution of the company is between €500.01 and 1,500 euros.

Find out about other policies

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BanSabadell Pensiones E.G.F.P., S.A., holder of Tax ID No. A58581331, with registered office at Calle Isabel Colbrand, 22, 28050 Madrid. Registered in the Madrid Companies Register and in the Insurance Entities Register of the Directorate-General of Insurance and Pension Funds (DGSFP) under code C-0085.

Insurance brokered by BanSabadell Mediación, Operador de Banca-Seguros Vinculado del Grupo Banco Sabadell, S.A., holder of Tax ID No. A-03424223, with registered office at Avenida Óscar Esplá, 37, 03007 in Alicante, and registered in the Alicante Companies Register and in the Administrative Register of the Insurance Entities Register of the Directorate-General of Insurance and Pension Funds (DGSFP) under code OV-0004, having taken out a liability insurance policy pursuant to prevailing regulations on private insurance and reinsurance distribution.