Frequently Asked Questions

It's a good idea to take out a life insurance policy or life savings policy from the moment you start working. You never know when a problem may arise that prevents you from maintaining your current lifestyle. When you start paying social security contributions, it's a good time to consider your quality of life during retirement.

This depends on your risk profile and your financial needs. There are options for more conservative profiles as well as for others with less risk aversion.

In a life insurance policy, look at the capital sum insured and the insurance cover, in other words, whether it covers all risks and especially whether it covers not only death but also invalidity. In the case of life savings insurance, look carefully at the profile of the assets in which the capital contributions are invested.

These plans adjust your investment to the years remaining until retirement. They work as follows: first, savings are made to grow and as the retirement date approaches, the investment strategy gains stability.

The Destino Plan portfolios are widely diversified. This is the key. Some years it will be the stock exchanges in emerging markets, in others it will be gold or European bonds. This strategy helps reduce investment risk while maintaining a profitable outlook.

Yes, pension plans are the only financial product you can deduct from your tax return. The deductible amount on the annual income tax return will be the lesser of the following amounts: a) 30% of the sum of the net income from personal work and economic activities received individually during the financial year. b) €1,500. This limit shall be increased by €8,500, provided that the increase comes from employer contributions, or from contributions by the employee to the same social security instrument for an amount equal to or less than the respective employer contribution.

This pension plan is recommended for people aged between 40 and 50. The percentage of variable income investment will be higher or lower depending on the years remaining until retirement.

The maximum annual contribution is 30% of the income from work and economic activities received individually throughout the year, or €1,500. This limit shall be increased by €8,500, provided that the increase comes from employer contributions, or from contributions by the employee to the same social security instrument for an amount equal to or less than the respective employer contribution.

You can receive payment when any of these contingencies occur: retirement, disability, death or dependency. Savings can also be redeemed in the event of serious illness or legal unemployment.

In the form of capital (one-off payment); income (periodic payments); combining capital and income or payment to the beneficiaries in the event of death.

Variable income refers to the purchase and sale of shares in publicly traded companies. The return is higher than with fixed income. However, the risk is higher. It is not recommended for investors with a conservative profile.

When the time frame until retirement is long or when risk aversion is not a problem.

This plan invests in riskier funds and markets to achieve higher returns, but is subject to market fluctuations.

Fixed income works primarily with debt issued by countries and companies. This refers to bonds, bills and obligations that pay interest after a period of time has elapsed. The risk is minimal.

They are ideal pension plans for investors who are approaching retirement age or looking for a stable return.

The risk profile determines the exposure to equity in the portfolio you are investing in. It is possible to adopt a more conservative profile, with a greater focus on fixed income, or a more aggressive profile, with more exposure to equity. To determine what is best for you, you must ask yourself some questions. First, it is important to establish what your saving expectations are, that is, what your target is. Second, you must calculate how much time you have to achieve this. If there is still a long way to go until retirement, the most rational decision is to benefit from the growth that equity can provide since volatility concerns are minimised by it being over the long term. Nearer to retirement date, it is advisable to adopt a more conservative, stable profile. The help of an expert is always good support when making these decisions.

100% of the assets managed by VidaCaixa are invested following what is known in Spain as the ASG principles, that is, taking into account environmental, social and good corporate governance factors. This commitment derives from VidaCaixa's commitment to the United Nations-supported Principles for Responsible Investment (PRI), the world's largest project to promote responsible investment management. VidaCaixa was the first bank in Spain to adhere globally to the UN's PRI as a life insurer and pension plan manager.

Since 1 January 2013, the time of retirement has depended on the age of the person concerned and the social security contributions accumulated throughout their working life. The retirement age in Spain will gradually increase until 2027, when it will be 67 years old. In 2018 it will be 65 years and six months old for a full pension.

You have the option to pay your own social security contributions through special agreements to maintain all of your pension rights. Talk to an advisor.

The deceased person must have been signed up with the social security and be proven to have contributed over a certain period. The calculation depends on the status of the deceased (active worker or pensioner) and the cause of death (common or professional cause). Seek advice.

Supplementing your income for life through an annuity is a good way to optimise the use of the savings you have accumulated. In addition, these solutions allow you to organise the family`s assets, leaving some of the capital as inheritance. Depending on the income chosen, you can ensure that part or all of the capital goes to those closest to you.

We are living longer and with better health, so it is becoming more important to carefully plan the income we will have during retirement. To protect our quality of life and welfare at this stage, it is important to have a supplement to the state pension and this comes from our savings. Start by calculating how much you will receive when you retire and set yourself a savings target that allows you to match your income to your needs.

On reaching retirement and starting to receive the state pension, you can opt to continue adding to your savings and not redeem the pension plan. You can even continue making regular or one-off contributions if you wish. In this way, your savings continue to work for you and you can redeem them at a later date, when you need them.

These plans adjust your investment to the years remaining until retirement. They work as follows: first, savings are made to grow and as the retirement date approaches, the investment strategy gains stability.

The Destino Plan portfolios are widely diversified. This is the key. Some years it will be the stock exchanges in emerging markets, in others it will be gold or European bonds. This strategy helps reduce investment risk while maintaining a profitable outlook.

Yes, pension plans are the only financial product you can deduct from your tax return. The deductible amount on the annual income tax return will be the lesser of the following amounts: a) 30% of the sum of the net income from personal work and economic activities received individually during the financial year. b) €1,500. This limit shall be increased by €8,500, provided that the increase comes from employer contributions, or from contributions by the employee to the same social security instrument for an amount equal to or less than the respective employer contribution.

It is possible to deduct the contributions made for workers from corporation tax. An additional deduction can also be made for the employee's contribution from the tax liability (with a combined limit for all deductions of 35% or 50% of the net tax liability). Contributions to workers do not incur social security contributions.

With the contributions to your employees it is possible to achieve a 47% tax saving in your income tax return. The contributions made for workers are a deductible expense in your Income Tax Return in the direct estimation model and do not incur social security contributions.

In addition to a highly valued non-salary remuneration, the contributions made by the employer are allocated as income from work and subsequently reduced by the same amount in the general tax liability. You can benefit from a 47% tax saving in your tax return.