General matters

This is a contract that allows you to insure capital to cover unforeseen situations in the event of death (or disability, if this coverage is included).

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It is a document that contains the conditions of the insurance. It comprises, inseparably, the general conditions, the specific conditions and, where applicable, the special conditions and/or the subscription certificates, as well as the supplements that modify or complement the previous ones.

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A pension plan is a product that allows you to save comfortably so you can have capital or income when you retire or in the event of disability and, when you die, so your beneficiaries can have it. Pension plans are also currently a product that allow you to maximise savings on your income tax returns.

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Pension and retirement plans

In the case of retirement:

When you retire, you will have to decide how and when you want to collect on your plan by contacting your branch of "la Caixa".

If you do not have entitlement to retirement (due to the fact that you have never paid social security contributions, etc.), the contingency will be deemed to have occurred after the ordinary retirement age in the General Social Security System (65 years), at the time when the participant does not work or has ceased working and is not contributing towards the retirement contingency in any social security system. However, the benefit may be paid in advance as from:

  • age 60
  • age 45, if the policy holder is disabled
 

In the case of disability:

The plan may take effect in the event of total and permanent disability for the usual occupation, or absolute and permanent for any type of work, or severe disability.

In the case of death:

In the event of death, both in the period in which the contributions are made (participant) and in the period in which benefits are received (beneficiary).

In the case of serious illness:

When it is accredited with a medical certificate from the Social Security or an approved body:

a) any physical or mental illness that temporarily incapacitates the patient for a continuous period of at least 3 months and that requires a major surgical intervention in or treatment at a hospital.

b) any physical or psychological illness or injury with permanent consequences that partially limits or totally prevents the usual occupation or activity, whether or not assistance is required from other people.

In the case of long-term unemployment:

When the participant is legally unemployed (not voluntary), provided that he or she is registered with the National Employment Institute (INEM) or the competent body and does not receive contributory benefits.

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In the event of death, either during the period in which the contributions are made or in which an annuity is already being received, the accumulated balance will be paid to the spouse, children or any other person who has been named by the policy holder.

As a capital sum:

All accrued consolidated rights are paid in the form of a one-off capital sum.

As a financial income:

This consists of an income, the amount and frequency of which (monthly, quarterly, half-yearly) is decided by the customer and which is paid until the accumulated balance is exhausted. The balance outstanding or part of it may be paid at any time, in which case the subsequent annuities will not be paid until the balance advanced has been offset.

As a capital sum and financial income (mixed):

One part is collected in the form of capital and the other part in the form of financial income.

As an assured income or as an insurance:

It is possible to receive an annuity for life, for one or two lives, and with or without life insurance. Furthermore, if you wish, you can choose to take out an annuity for a certain period of time, but without capital on death.

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A pension plan is a product that allows you to save in a convenient way so that you can have a capital sum or an income at the time of retirement or in the event of invalidity and in the event of death, so that your beneficiaries can receive it.

But also, at the moment, pension plans are the product that allows you to obtain the maximum tax saving in your income tax return.

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Maximum annual contribution:

The maximum annual contribution you can make is €8,000.00.

This limit includes contributions to all pension plans, insured benefit plans, company benefit plans, certain Mutual Benefit Societies and private insurances that exclusively cover the risk of severe dependency or major dependency, and also includes company contributions.

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Prevention of money laundering

VIDACAIXA S.A. DE SEGUROS Y REASEGUROS, like all other insurance and financial institutions, is required to have an up-to-date copy of the current identification documents of customers to comply with the provisions of Law 10/2010 on the Prevention of Money Laundering and Financing of Terrorism.

The insurance institution must have the required documentation before 30 April 2015. If this is not the case, the products that have been taken out with our company will be blocked.

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Life-savings plan insurance

As a general rule, anyone over the age of 18, resident in Spain, can take out a life savings plan insurance policy.

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It is of particular appeal to:

  • People who wish to build up capital for the future.
  • People who value liquidity and security.
  • People who wish to supplement their Social Security retirement pension.
  • People who wish to build up savings for a minor.

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Life-risk insurance

Life insurance is an immediate, easy and affordable way to guarantee future financial security for people close to us who are financially dependent upon our income.

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To facilitate the assignment of beneficiaries in the event of death, at the time of signing the contract we will provide you with a form where you can specify them. You can change these names as many times as you wish.

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Depending on your age and the capital sum you wish to insure, you will be asked to undergo medical tests, ranging from a brief health questionnaire to a medical examination. If you have to undergo a medical examination, you will be able to do so in reputable centres in your city or province, and always free of charge.

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Life insurance premiums are calculated based on, among other factors, the age of the insured person. The older the insured, the higher the premium. For this reason, if you take out Family Life insurance under the renewable annual method, for which the premium is calculated annually, it will increase slightly each year. If you prefer, you can also take out a fixed-term Family Life insurance, which insures you for a defined period of time, for example for 5 years. In this case, the monthly premium will always be the same.

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A life insurance policy allows you to allocate a portion of these savings to new projects without jeopardising the future of those who depend upon you. In addition, these people, if they receive a capital sum from a life insurance policy, will have significant tax advantages, which they would not otherwise have. For example, in the event of the death of the insured person, when the beneficiaries are the spouse, an ascendant or a descendant of the insured person, a reduction of 9,195.49 euros (1,530,000 pesetas) may be applied to the Inheritance and Gift Tax.

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In the area of life insurance, the company may, depending on the type of contract, establish maximum ages that operate as limits for cover, and which are usually between 18 and 64 years of age, limits that it is advisable to know.

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Other frequently asked questions

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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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Yes, pension plans are the only financial product that can be deducted in the income tax return. Savings invested in a pension plan - up to €8,000 per annum - are fully deductible in the annual income tax return.

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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.

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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.

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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.

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The maximum annual contribution is 8,000 euros or 30% of earnings from work and economic activities.

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

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

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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.

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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.

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

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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.

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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.

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Yes, pension plans are the only financial product that can be deducted in the income tax return. Savings invested in a pension plan - up to €8,000 per annum - are fully deductible in the annual income tax return.

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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.

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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.

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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.

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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.

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