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From Loreto we want to inform about the legislative developments corresponding to the new limits of contributions to our products, as well as the tax benefits and reduction of Social Security contributions that affect both companies and mutual society members & participants.


With effect from 1 January 2023, the following legal limits apply:

  • Business contributions and joint ceiling:

The joint limit of maximum contributions, or that the company can make  in favor of its workers, in Loreto Mutua,  MPS or in Loreto Empresas, PPE is 10,000 euros.

  •  Individual contribution of the worker:

For all products, you can always contribute 1,500 euros per year. Keep in mind that this will be the maximum amount you can contribute in the event that, first, you are a participant in Loreto Optima PPI, or second, you are a mutual society member or participant in the employment plan and your company does not make any contribution in the year.

On the contrary, if you belong to the Mutual Society or participant of Loreto Empresas, you can increase your contributions according to the following table, depending on the amount of the business contribution:

Annual amount of contributionMaximum contribution of the worker
Equal to less than $500.The result of multiplying the business contribution by 2.5.
Between 500.01 and 1.500 euros.1,250 euros, plus the result of multiplying by 0.25 the difference between the business contribution and 500 euros.
More than 1,500 euros or workers with yields > 60,000 eurosThe result of multiplying the business contribution by 1.

It continues to be maintained that the amounts contributed by the company that derive from a decision of the worker (flexible remuneration systems), will be considered for these purposes as contributions of the worker.

Here are some examples:

  1. If the company contributes 500 euros

The worker can contribute up to 2,750 euros more: 1,500 from individual contribution + 1. 250 according to table [= 2.5*500].

A total of 3,250 euros, takinginto account that the full income from work received in the year is less than 60,000 euros.

2. If the company contributes 1,500 euros.

The worker can contribute up to  3,000 euros more: 1,500 from  individual contribution + 1,500 according to table [= 1250+(0.25*1500-500)]

A total of 4,500 euros, takinginto account that the full income from  work received in the year is less than 60,000 euros.

3. If the company contributes 5,000 euros.

The worker can contribute up to 5,000 euros more, either:

  • 1,500 euros from individual contribution  + 3,500 euros according to table.
  • Directly up to 5,000 euros more,  through contributions through the company resulting from a decision of the worker.

The mutual society members and participants who are already part of Loreto, can consult in their private area in, the  contributions made in the year to your products and the options to be able to increase them.


Whether the contributions of a business or individual nature, they have a reduction in the general tax base of the IRPF, which the worker may apply, with the limits indicated above, provided that they do not exceed 30% of the net income from work / economic activities (the lower of these amounts will be applied).   This means direct savings for the worker.


Corporate Tax Deduction

It includes a new deduction of the full amount of the tax, which is a 10% of the business contribution that applies to all our products.

  • In the case of employer contributions in favor of workers with gross annual remuneration of less than € 27,000, the deduction is 10% of the entire business contribution.
  • In the case of workers with gross annual remuneration equal to or greater than € 27,000, the deduction is applied for the proportional part of contributions corresponding to the first 27,000 euros.

Employer’s social security contribution reductions for PPE

The employer’s contribution to Social Security can be reduced for common contingencies, exclusively for the increase in the contribution derived directly from the employer’s contribution to the occupational pension plan (Loreto Empresas, PPE).  Current legislation excludes social welfare mutual societies at the state level, so it is not possible to apply this reduction to protective companies.

The maximum reduction is the one that results from multiplying by thirteen the quota resulting from applying to the minimum daily contribution base of group 8 of the General Social Security Regime for common contingencies, the general contribution rate borne by the company for the coverage, of said contingencies.  This is about 340 euros / year per worker.

We are available to our mutual society members, participants, protective companies and companies in any sector to expand this information or clarify any doubts that may arise.

If you are interested in establishing an employment plan for your workers (PPE) or want to join the mutualityas a protective company, do not hesitate to contact us.

We continue one more year supporting our protective companies and our customers on the road to a good retirement.

Madrid, February 2023

Loreto Mutua MPS

91 7589650