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Pension Plans

General Information

Contributions

Who contributes and how much.

Only the individuals who establish them can make contributions to these pension schemes, that is the participants themselves. For occupational pension schemes, the promoters can make contributions to the scheme for their employees.

Exceptionally, they can also make contributions in favour of people with physical or sensory disabilities greater than or equal to 65%, mental handicaps greater than or equal to 33%, as well as the disabled who have a legally admitted disability, regardless of its degree. These contributions can be made by the spouse or immediate relatives or those up to a third degree, or the legal guardians caring for the disabled person in question.

The amount of the contributions to the pension scheme can be freely established, but can never exceed the set limit, which is currently €10,000 euros per participant and per year. These limits include contributions that, where applicable, are made by the promoters of occupational pension schemes.

For participants who are at least 50 years old, this limit is increased to €12,500 a year.

If the annual contributions exceed the established maximum, excesses can be withdrawn before 30 June of the following year with no penalties applied, and the excess amount is reimbursed.

The frequency of the contributions can be established freely by participants, who can also set their development and growth and, modify or suspend them at any time.