What happens if I take out a retirement product but need the money earlier?

You can have the money from your systematic individual savings plan (PIAS) or individual insurance policy for long term saving (SIALP) whenever you want, although you will not enjoy its tax advantages. In the case of a pension plan, you can redeem it after 10 years or for different demonstrable reasons.

It is possible to redeem a PIAS or SIALP at any time. However, maintaining a SIALP for a minimum of 5 years allows you to enjoy its tax advantages: the returns will be tax-free. The PIAS will be tax-free if you opt for payment in the form of an annuity. The pension plan is specifically designed for long-term saving and for it to be redeemed when reaching retirement. However, it is also possible to redeem the money in the event that this necessary due to disability, death, severe or high dependence, long-term unemployment or serious illness.

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Systematic Individual Savings Plan (PIAS)

Through flexible systematic contributions, the holder can generate capital for the future. The return will be based on the linked investment.


Immediate. It allows partial and full redemption, and the redemption value will be based on the market value of the investment.

Other benefits

Important tax advantages if a life annuity is chosen, at least 5 years after the first contribution.

Individual Insurance Policy for Long Term Saving (SIALP)

Through systematic and flexible contributions, the holder can generate capital for the future. The return will be based on the guaranteed technical interest rate.


Immediate. Only full redemption is allowed.

Other benefits

Important tax advantages if, at the time of redeeming the capital, at least 5 years have passed since the first contribution.

Pension plans

Generate savings for your retirement that will supplement your state pension


On the date of retirement, although it can be brought forward in other specific situations.

Other benefits

Important income tax savings.


An annuity is a product that transforms savings into a guaranteed monthly income for life/ Immediate.


It can be redeemed at any time if needed, except in the case of transferred capital.

Other benefits

It has an attractive return and an advantageous tax treatment in addition to liquidity at any time, guaranteed interest for life and the possibility of having one or two holders.

Frequently Asked Questions

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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