Retirement Insurance is a product designed to complement the public pension through a system of provision or contributions facilitated by the employer.
How is it used?
You can request any retirement product available in your app. Once selected, you will receive detailed information about the contract and coverage of the policy via email/letter.
If you leave your current company tomorrow, you can transfer all your savings to another insurer.
What happens to my Retirement Insurance if I leave the company?
Where can I use it?
When the Retirement time comes, the employee can choose how to receive the funds accumulated with their insurance:
- As a lifetime annuity.
- Receiving the entire capital.
- In a mixed way: part in capital and part in lifetime annuity.
When can the insurance money be used?
What limitations does it have?
This benefit is exempt from Personal Income Tax (IRPF) up to €100,000 per year, regardless of how much the employee and the company contribute.
These expenses have deferred taxation.
This means that you don't have to pay IRPF and other taxes on it now (it is exempt), but you will have to do so when you recover the money from this product and for the capital gain.