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Preguntas Frecuentes Planes Pensiones

Frequently Asked Questions about Pension Plans

Check the most common doubts

Can I redeem my benefit if I am affected by an ERTE (temporary lay off)?

On April 1, RDL 11/2020 of March 31 was published, which in its twentieth additional provision regulates the possibility of collecting pension plans as a consequence of the health crisis. The regulation is very brief and pending regulatory development that will surely be done in the coming days. In advance, we inform you that this exceptional settlement can only be requested by those who go to unemployment, as a result of an ERTE (temporary lay off) derived from the health crisis, and only for the wages that they stop receiving during the ERTE. That is, as a supplement to unemployment. We expect soon to have more information. However, if you want to be informed about this exceptional case, send us an email to

What is a pension plan?

A pension plan is a savings product, which will allow you to have a capital or an income at the time of your retirement or in case of disability, and in case of death, your beneficiaries can have it.

In addition, pension plans allow you to obtain the maximum tax savings in your income tax, as they allow you to deduct the contributions made, thus deferring the payment of the tax at the time of collecting the benefit.

Why do you need a pension plan?

To maintain the current standard of living, it is necessary to complement the Social Security public pension, since the substitution rate is everyday decreasing (the difference between the last salary and the pension is increasing).

We must add the existing uncertainty surrounding the viability of the current public pension system.

What are the advantages of a pension plan?

It is an optimal product from both a financial-fiscal point of view, as in addition to the profitability accumulated over the years, we must add the tax relief that the contributions mean. Moreover, it allows for consistent and periodic savings to cover any future risk.

Can you contract several individual pension plans at the same time?

You can hire as many personal plans as you want. You just have to take into account that the annual contributions of the participant to all of them must not exceed the maximum allowed by law in total (8.000€/year).

I have a pension plan in my bank, can I transfer the consolidated rights to Loreto Mutua? What is the cost?

Yes, you can transfer your personal pension plan, from your bank/entity, to the Loreto Óptima Individual Plan without any economic or fiscal cost.

What are the advantages of periodic contributions? Can they be complemented?

It supposes a gradual effort, since the ideal thing is to treat said contributions as if they were a recurrent expense (electricity, water,...).

When a contribution is made, you are purchasing shares of the plan at that time. Therefore, when you are making periodic contributions, participations are being purchased at an average price throughout the whole year, consequently reducing troubles and risks.

You can always complete the periodic contributions with other extraordinary ones until the legal limit of 8.000€/year. Such extraordinary contributions can be made throughout the year, any time you like.

When I will be able to collect my pension plan?

When any of the contingencies covered by the plan, retirement, disability, great disability and death are met. In addition, the Regulations also contemplate the possibility of anticipating the collection of the benefit in the following circumstances: After a L.F.A.P (labour force adjustment plan), after an exceptional settlement for unemployment and finally,  for over 60 years, with the specifications set by the Law.

Likewise, they may have as of January 1, 2025, the amount of their rights corresponding to contributions with at least ten years old.

How can I collect my pension plan?

In the form of capital: All the accumulated consolidated rights, at one time are collected

In the form of uninsured temporary income: Monthly payments of the desired amount are received, until all the consolidated rights are exhausted. At any time, a total settlement of the outstanding balance or part of it can be made.

In mixed form: One part is charged in the form of capital and another part in the form of unsecured temporary income.

In the form of insured temporary income: Consists of hiring a fixed income for a specific period of time