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Taking a slice from the pension plan has the days numbered, but the banks still give 6%

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The Government will cut the maximum amount entitled to deduction in personal income tax for individual pension plans, as set out in the Preliminary draft of the General State Budget Law 2021. This means that this will be the last year for which participants will be able to obtain a greater benefit by contributing to this product destined to savings for retirement. In the last campaign launched by financial institutions, bonuses reach 6%.

Until 2,000 eurosThis will be the maximum amount for which those who have contracted a pension plan will deduct the contributions they make from next year. Currently, the maximum contribution of individual pension plans with right to deduction in personal income tax stands at 8,000 euros. The Association of Collective Investment Institutions and Pension Funds (Inverco) and the Insurance Business Association (Unespa) describe this reduction as "drastic".

They foresee that the cut in social security systems will affect about 8.5 million Spaniards. Specifically, according to their calculations, there are more than 7.5 million participants in individual pension plans and almost 1 million insured in insured pension plans (PPA) who are going to be directly and immediately affected by the measure. The Government also intends to raise the maximum contribution from 8,000 euros to 10,000 euros for business plans. With this measure, the Executive estimates save 580 million euros by 2022.

So far this year, the assets under management of pension plans have lost 2,530 million euros due to the negative performance of the portfolios amounting to 3,147 million and partially offset by net deposits of 616 million euros, according to data from Vdos, which also shows that the assets managed in individual pension plans in Spain are It stood at 74,625 million euros at the end of September, 3.28% less year-on-year.

By type of asset, mixed plans obtained the highest net deposits, with 1,061 million euros. In contrast, guaranteed plans are those that have suffered the highest net reimbursements, with 972 million euros reimbursed. Thus, mixed vehicles maintain their preponderance in the Spanish market, with 45,568 million euros and a market share of 61%, followed by those of fixed income, with 11,208 million euros.

FISCAL ADVANTAGE

The money that is contributed to a pension plan each year is exempt from paying personal income tax, that is, investing in a pension plan allows save taxes, reducing the amount of money on which personal income tax is calculated. In fact, tax savings are the greatest advantage of pension plans and should be the main reason to invest in them, as explained by sources from the financial comparator HelpMyCash.

"Once retired, when recovering the savings invested in the pension plan, these will be taxed as income from work, which means that the money taken out of the plan will be added to the rest of the income obtained year, such as the retirement pension, and will be subject to the payment of personal income tax. Generally, the income when we retire is lower than when we work, so, depending on the money that is taken out of the plan each year, it is likely that the sum is less than what was collected before retirement, paying less taxes, "they detail .

Therefore, it is important to know that money can be redeemed in several times and there is no reason to do it all at once. "So, we can avoid increasing the income tax bracket and paying too many taxes. For this reason, it is vital to know what is the ideal amount that we should recover each year to avoid the hack of the Treasury, "they say.

BONUSES OF UP TO 6%

Among the offer available in the financial institutions of our country, today, the greatest bonus is offered by Unicaja, which gives up to 6% for the annual sum of the periodic contributions made by clients, complying in each case with a commitment of permanence. In addition, it offers bonuses both for transfers from other entities (up to 4% of the amount transferred) and for extraordinary contributions (1% of the amount contributed).

For its part, Bankia will pay 5% for contributions and transfers from other entities to their pension plans. Of course, the bonuses vary depending on the amount contributed or mobilized from other entities, the destination plan and the commitment to stay. The same percentage offers Santander, up to 5% for transfers from another entity as well as to its clients who make periodic contributions. It will be necessary to transfer more than 100,000 euros with a permanence of eight years. Depending on the variation in the amount and time, the bonus will decrease. Clients of Sabadell Who wish to qualify for this benefit, will have to transfer at least 4,000 euros with a commitment of eight years. In addition, periodic monthly contributions will be made for an amount equal to or greater than 150 euros for two years without interruption.

Bankinter includes a cash payment of up to 4% for transfers from other entities. Specifically, for an amount equal to or greater than 30,000 euros there will be a 3% discount on the transferred balance. For transfers of less than 30,000 euros and equal to or greater than 1,000 euros, the bonus will be 2% gross. In both cases, the client may obtain an additional 1% bonus if they register a monthly periodic contribution during the term of the campaign of an amount equal to or greater than 100 euros and keep it for 24 months. In all cases, the maximum amount of the bonus will be 5,000 euros and a minimum period of stay of six years is established as a requirement.

By last, BBVA gives up to 3% for transfers over 25,000 euros, 2% if the amount goes from 8,000 to 25,000 euros, 1% for lower amounts. Here, the commitment to stay is five years. CaixaBank a 1% discount on the amount transferred and an additional 2% if a periodic contribution of at least 100 euros is contracted or a single contribution of at least 3,000 euros is made.

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