Since January 1, 2025, pension plans from before 2015 can be redeemed without any justification.

We would like to remind you that, since January 1, 2025, it has been possible to redeem pension plans older than 10 years without needing to justify special circumstances such as retirement, disability, or long-term unemployment. This measure, resulting from the reform implemented by Royal Decree 62/2018, increases the liquidity and flexibility of these financial products, benefiting millions of participants.

1. Main changes in regulations

• Redemption without exceptional justifications: From 2025, the vested rights corresponding to contributions made up to 2015 may be redeemed, provided that at least 10 years have passed since the investment.
• Fee reduction: Regulations have also reduced management fees, averaging 1.25% and down to 0.85% for fixed-income funds, to make plans more accessible and profitable.

2. Rescue options

Participants will be able to access the vested rights of their plans through three main methods:

• In the form of an income: It allows you to receive periodic payments, reducing the tax impact by distributing the income over several years.
• In the form of a capital sum: This involves receiving the entire amount in a single payment, which can significantly increase the taxable base and the applicable marginal rate of personal income tax.
• In mixed form: A combination of income and capital, tailored to the needs of the participant.

3. Taxation of the bailout

• Taxation as employment income: The redeemed capital is integrated into the general base of the IRPF, adding to other income and affecting the applicable marginal rate.
• 40% reduction for contributions prior to 2007: If you redeem contributions made before January 1, 2007 in the form of capital, you may benefit from a 40% tax reduction, provided that the redemption is made in the year in which the 10-year period is fulfilled or in the following two years.
• Impact of second payer: The redemption counts as a second payer, which could generate the obligation to file an income tax return if the income exceeds the established limits.

You can contact this professional office for any questions or clarifications you may have.

Warm regards,

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MGI Àmbit

A Àmbit Assessor, SL has 40 years dedicated to the tax, comptable and labor consultancy of the Pime.

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