A pension plan is a long-term savings-investment product, a mechanism that consists of periodically depositing money into this financial product so that a manager is in charge of investing it in money markets, fixed income, variable income... It is about an option to ensure greater purchasing power when retirement arrives, although it is not without risk.
Created to provide the retiree with economic resources, the product only allows the money to be recovered, which is known as rescuing a pension plan, in four specific conditions: retirement, disability, death or severe or great dependency.
However, in recent years regulations have been approved to add so-called exceptional liquidity cases to pension plans. Thus, the money invested can also be redeemed, partially or fully, in cases of long-term unemployment, serious illness, ERE or 10 years after making the first contribution. This last contingency will only be applicable from January 1, 2025, when 10 years have elapsed since the approval of the standard.
It should be noted that, in order to qualify for exceptional liquidity cases, these must be reflected in the pension plan signed by the holder. Likewise, according to a BBVA article, in the event of long-term unemployment or serious illness, the participants who receive their consolidated rights in the form of income, must renew the documentation provided every three months to prove the maintenance of the situation that motivated the exceptional case.
Another possibility is to anticipate the payment. As of the age of 60, the holder of the pension plan can begin to collect the investment, as long as he has stopped working and does not yet meet the requirements to receive the retirement benefit from Social Security.
When it comes to rescuing money from the pension plan, it must also be remembered that the taxes generated by it are paid, since everything saved in personal income tax is really just a deferral.
When retirement arrives and we want to rescue the pension plan, that capital will now increase our tax base, just like a return on work. We can choose:
According to the criteria of The Trust Project
