The pension plans In Spain they have established themselves as a key tool for planning retirement and saving for the future in a complementary way to the public Social Security pension. These financial products, which in practice are used as pension instruments, not only offer long-term savings adapted to the needs of each person, but also benefit from an attractive tax component, since they allow for tax advantages that They help us optimize our income tax return.
Despite its relative stability, the market continues to evolve with innovative proposalslike those offered by ABANCA, one of the reference entities in retirement advice. Although receiving individualized advice is essential for this crucial economic decision, in the following lines we explain how to make an informed decision when choosing a pension plan.
Key advantages of pension plans
The main strength of pension plans lies in their ability to adjust to savings rates and objectives of each person. It is essential to choose a plan that allows us to adapt the financial contributions to our particularities. Pension plans offer great flexibility and multiple tax benefits, allowing clients to adjust their financial contributions, whether periodic or extraordinary, to their particular needs.
Furthermore, the contributions made reduce the personal income tax tax base, generating double immediate and long-term savings. The diversification of investments, early payment options in exceptional cases and the personalized advice They make pension plans an attractive option for long-term financial planning, guaranteeing well-being in retirement and meeting ESG criteria for those seeking sustainability.
Another notable advantage is the possibility of dispose of capital in advance in the case of some exceptional cases such as long-term unemployment or serious illness.
ABANCA’s approach: planning and customization with Júbilo
ABANCA has gone one step further with its ‘Júbilo’ service, a free counseling program designed to offer its clients a detailed study of their future retirement. The bank’s team of professionals and experts meets with the client to study the savings possibilities they have for their retirement.
Based on that conversation, they create a personalized study based on your profile and needs. In this document you will be able to see reflected what your retirement will be like taking into account the different scenarios of salary, pension, savings, retirement, etc. This information will allow the client to plan the contributions they would have to make to their pension plan, know the evolution of the accumulated capital or the tax benefit they will obtain.
‘Júbilo’ also includes specific advice on tax matters, so that the client knows how this product can benefit them in their income tax return. The approach of ‘Júbilo’ is aimed at both young people and people close to retirement and reflects the versatility of pension plans as financial planning instruments.
The most outstanding offer of the year
In 2024, ABANCA has reinforced its catalog with new products that range from conservative profiles to experienced investors. Its offer includes pension plans and Voluntary Social Security Entities (EPSV): a long-term savings product exclusive to the Basque Countrywhich is marketed through Bankoa ABANCA, the brand under which the bank operates in this autonomous community.
ABANCA’s guaranteed pension and EPSV plans are individual social security products whose profitability, at the end of the guarantee period, is guaranteed by the bank. In this line, the entity has two new marketable plans only until January 14, 2025:
- New ABANCA pension plan Guaranteed Jubilee 2030: a retirement savings solution adapted to the group of ABANCA clients with a very conservative investment profile.
- New Bankoa ABANCA Individual Social Security Plan Guaranteed Júbilo IV: Retirement savings solution adapted to the group of tax resident clients in the Basque Country with a very conservative investment profile.
For its part, in the selection of new ABANCA pension plans, the following stand out:
- ABANCA Pension Plan Variable Income Dividend: This pension plan is totally designed for those who are aware of the behavior of the financial markets and seek maximum long-term profitability, with a distant retirement horizon.
In addition, ABANCA has in its offer a specific long-term savings instrument for self-employed or self-employed people, which is very advantageous to complement the retirement pension of this group:
- ABANCA Entrepreneurs and Professionals: an innovative simplified employment pension plan designed to self-employeda group that has traditionally faced greater difficulties in supplementing their retirement. Therefore, this solution is designed to allow them to generate greater savings than individual pension plans and, consequently, a greater tax deduction.
Promotions and exclusive experiences
With the aim of encouraging savings in pension plans, ABANCA has launched a promotion valid until January 31, 2025, which offers bonuses that can reach up to 4% for transferring pension plans or Voluntary Social Security Entities (EPSV) from other entities.
This incentive is complemented by a unique marketing strategy: the organization of gastronomic events in several cities, where renowned chefs cook for the public. In these haute cuisine meetings, they talk about the conceptual similarity between elite gastronomy and pension plans, as well as the importance of making decisions in the present to build a future to one’s liking.
Financial facilities and digital tools
Finally, for those who want to take advantage of the tax advantages of pension plans but who face liquidity limitations at this time, ABANCA offers financing solutions, such as specific loans for contributions and lines of credit with exclusive conditions:
- Free financing for a period of 12 months, of extraordinary contributions to your pension plans through the ABANCA Seguros Flat Rate.
- Exclusive financing with loans for contributions for clients who wish to finance their contribution for a period of more than one year.
- Loan to use savings in plans financed under special conditions.
In any case, through this website, you will be able to find out which pension plan best suits your profile. Once contracted, through ABANCA’s MiPLAN digital tool you will be able to manage and view savings plans comfortably both in mobile banking and on the web.
In a context where the sustainability and adequacy of public pensions generates uncertainty, ABANCA has managed to position itself as a key player in the social security market. Its focus on personalization, product diversification and financial education reinforce the message that planning for the future is not only necessary, but also accessible. Because pension plans are more than just a complement to the public pension: they are an investment in peace of mind.