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Retirement plans
The reward for work well done
The objective of retirement and pre-retirement plans is to guarantee a sum or income for the worker insured as a supplement to Social Security payments so that they reach a certain percentage of their salary at the time of retirement.
It is possible to link this insurance to the Social Security retirement payment and decide whether you prefer to receive it in the form of an income or a lump sum.
It allows you to set the amount of contributions and their frequency, without there being an annual limit.
Your employees will have an additional payment and you will be able to reduce costs to your company through tax exemptions.
In the event of the death of the party insured, the designated beneficiaries will receive the amount stipulated in the insurance agreement.
If for any reason the worker insured suffers total permanent incapacity, he/she will receive the sum insured.
Guarantee your workers payment of the sum insured as well as a return free of any unforeseen eventualities.
Intended for companies of any size that are seeking to provide their employees with an insured income that, together with the first two years of unemployment benefit or the Social Security retirement benefit, as the case may be, provides additional remuneration to maintain the standard of living that they had while they were working.
It is therefore at times an addition to a salary level agreed between the company and the worker or workers who have taken early retirement.
It is also used by those companies which have surplus labour and which find with this product a solution which contributes to a worker's value as it allows him/her to maintain a certain wage level and continue contributing towards his/her future retirement and receive additional income.
As for the company, pre-retirement plans are a cost saving, since the contributions made are a deductible expenditure in the corporation tax.
This product type enables remuneration plans linked to when the employee retires. Thus, the worker will receive an additional payment which, together with the Social Security pension payment, will allow him/her to reach a given percentage of his/her usual income.
In addition, the beneficiary of the insurance has the option of receiving this payment supplement in the form of income or a lump sum.
From the company's point of view, retirement plans can be redeemed in the cases provided for in legislation, such as the employee leaving the company, transferring the pension commitments into another insurance or pension plan, or even by the employee if they are suffering from a serious illness or are long-term unemployed.
There are basically three differences between a retirement plan and a pension plan:
Return A retirement plan offers a moderate return, based on legal technical interest, whereas with a pension plan the return is determined by the pension fund's investments, be they shares, bonds or both, shown by the level of risk which the client wants to assume.
Taxation
The beneficiaries of a retirement plan are taxed when they receive payment on the difference between the sum received and the contributions made. On the other hand, pension plans allow you to deduct your contributions in your annual tax return, the maximum being 8,000 euros a year.
Availability With a retirement plan, the holder can redeem the money at any time in accordance with the cases provided for by current law. With pension plans, on the other hand, you may only have the money constituted at the time of retirement or in the cases laid down by law, i.e. in the event of serious illness or long-term unemployment. In addition, with effect from 2025 those pension plans which are at least 10 years old may be redeemed.
Pre-retirements have become a tool much used by companies to make adjustments to their payrolls and are very well accepted by workers.
With them companies assume the commitment to supplement unemployment pay until a given amount of a worker's salary is reached over a maximum of two years while keeping up Social Security contributions.
If what is sought is to encourage the most valuable employees by giving them an additional income subject to them staying with the company or at the end of certain projects, the best thing is to resort to bonuses for employees, loyalty plans and also annuity insurance.
On the other hand, if the aim is to adjust the payroll in an orderly manner, well perceived by the workers, by giving them an additional payment to supplement payments linked to Social Security, you ought to think about pre-retirement plans.
Lastly, if you want to contribute to your employees receiving a payment that supplements their retirement pension when they retire, the solution is retirement plans.
When receiving the payment, the party insured will be able to choose between receiving it in the form of a lump sum or an income, depending on what he/she prefers.
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