How to recover the pension plan

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The pension plan can be recovered only when attend contingencies Of the same. Unemployment is one of these contingenciesAún cuando no todos los desempleados disponen la oportunidad de recuperar su dinero de jubilación, este post te ayudará a saber si eres acreedor del mismo.

Pension plans provide the long-term savings purpose, Therefore, very relevant restrictions were designed when recovering the money invested. Lack of liquidity It is a very big disadvantage that it has compared to other products such as investment funds, which, due to its other characteristics, works in a similar way.

Actually, one of the The main characteristic of pension plans is that the lack of liquidity. In other words, it is only feasible to recover the money invested in very specific cases and situations determined by predefined statutes for its achievement. Being unemployed is one of them.

How does the option to bail out the plan for the unemployed work?

Until a few years ago, it was necessary to differentiate between the long-term unemployed and the common unemployed. The former are those who have not worked for more than a year, the latter therefore are those who have been unemployed for less than a year.

Spain is the second country in the European Union with the highest number of long-term stoppages.

Con más de 2,2 millones de persons en esta situación, según datos recogidos por el Instituto Nacional de Estadística (INE). La long-term unemployment rate Compared to the total number of unemployed citizens, it is 11.4%.

This figure is almost 10 times higher than that registered before the outbreak of the crisis, with Eurostat figures. In the case of Greece, it presents a long-term unemployment rate higher than Spanish, with 18.2%, thus becoming the country with the highest unemployment in the European Union.

Recover the pension plan, the option of the unemployed

We must pay attention to other factors, such as the fact that the Spanish rate is almost seven points above the community average, which today is 4.5%.

In spite of everything, during the government of 2013 various modifications arose, with these it is no longer necessary to prove the current strike, in order to rescue the pensionIt will be enough to show that you are unemployed, clearly complying with the following assumptions:

• Be in unemployment legally, following the provisions of the Law on the Regulation of Pension Funds and Plans. The legal strike is generated by the termination of the labor or administrative relationship, as well as by the suspension of the contract established from the beginning.
• Has been deprived of unemployment benefits at the tax level or having exhausted these benefits and no longer having them.
• At the time of application, be registered as job seeker in the respective public employment service.
• In the case of the self-employed who have previously been affiliated with a Social Security scheme and have been laid off in their activity.

As the current situation stands, it has motivated many savers to run into serious financial problems and prefer to use their savings to invest in their retirement.

The legislation only makes it possible to rescue pension plans in case of retirement, total and permanent incapacity for work and death of the worker. But when realizing the number of people who were left helpless with these few specific pension cases, the alleged cases of long-term unemployment and a serious illness were added as new conditions to be able to rescue the pension. At this time, the pension plan can already be redeemed 10 years after having made the first investment.

What happens if you collect the subsidy?

Legislation marks that you should not collect unemployment at the contributory levelThis is equivalent to the unemployment benefit. Something very different is happening with the subsidy. You can buy the pension plan collecting the subsidy, but to do so in this dynamic, it is necessary to pay attention to how the pension plan is taxed in these cases, because it can cause the loss of this non-contributory subsidy.

To explain this complicated chapter, when rescue the pensionThis plan will be taxed as earned income, by this I mean a salary to use. In order to have the option to collect the non-contributory subsidy, it is necessary to prove the lack of income and not exceed certain limits established by the legislation, since, in case of passing them, the right to receive this support will be completely lost. . The established limit is the 75% of the monthly minimum wage situated at 491.40 euros in 2015, taking into account that the monthly minimum wage is 655.20 euros.

Obligations of the beneficiaries

Clearly the the government defines obligations to all beneficiaries of the pension plan, what must be respected to continue receiving constant support, among these obligations, is to communicate to the Public Employment Services of the State, any type of alteration in the incomes that are received and these include rescuing the pension plan in a situation unemployment. In the hypothetical case of a person who receives a monthly amount that exceeds the limit established by the SMI, the pensioner could even lose the right to receive this benefit.

With this in mind, there is a law that regulates the benefits granted to the unemployed, defines in it that the benefits Income obtained in a single paymentSince the achievement of the pension plan is supposed to work in case of being unemployed, it must be divided into 12 monthly payments. This procedure is essential for the future of this procedure since it will check whether or not it directly affects the level of income received.

Ways to get the pension plan

We already know how to get the pension plan and limitations What this entails, selecting the modality to do it, is the last thing you want to know to recover your years of work and get paid as you deserve. And it is that, to achieve this, there are various formulas to rescue the pension money, each formula carries its respective advantages and disadvantages.

There are 4 ways to recover the pension plan:

1. In the form of capital:

The consolidated rights accumulated in a single payment exhibition are charged, otherwise, all the savings that have been inserted in the plan are recovered in a single deposit.

2. In the form of income:

It is charged through the periodic collection (monthly, semi-annual etc.) of a certain amount, the latter decided by the account holder, being able to carry out the settlement of the pending balance at any time, totally or partially, but In the event that If this dynamic is carried out, successive rents will cease to be paid until the expected balance is compensated.

Once done, that money will begin to be taxed in the income statement as if it were the salary, in other words, it will pay taxes according to other established parameters.

3. In a mixed way:

This is the combination of the other two ways to rescue the pension plan, doing it in the form of capital and in the form of income.

4. In the form of insured or insured income:

In short, there is the insured income method, in other words, collect an income for life and with or without life insurance.

Bailing out a pension plan can be an effective way to raise money if necessary. But the side effects that it generates in our future can be extremely considerable.

The key points that have changed with the recent changes to the tax rules are as follows:

• The contribution limit in favor of the spouse has been kept at 2,500 euros, as long as he receives income that does not exceed 8,000 euros per year.
• The sections and marginal rates of personal income tax are reduced.
• The opportunity to repay contributions to pension plans with a minimum age of 10 years remains latent, which has begun to be accounted for as of January 1, 2015, so that the first capital repayments may be effective on January 1, 2025.
• Stay connected through the «My Retirement» platform to keep up to date with what is happening in terms of your retirement, savings and pension.
• Modifications have been made to the sections of the Savings Tax Base. These sections are divided into three, the first goes from 0 to 6,000 euros, the second from 6,001 to 50,000 and the third more than 50,000 euros.
• Rates for 2017 are reduced by 0.5%.
• The contribution limits remain unchanged. This limit is the lower of these amounts: 8,000 euros or 30% of income from employment or other gainful activities.
• The transitory regime remains fixed, by which a reduction of the 40% can be applied in the amortization in the form of capital contributions.

With this information you will be able to have a clearer and more concise idea about the pension plan and how to rescue it, as well as the various formulas to do it in the most convenient way for your economy.