PIAS Dynamic Management is a unit-linked life-savings insurance policy where the policyholder assumes the investment risk.
PIAS: start planning your retirement today.
Still not sure what a PIAS is?
It's a Systematic Individual Savings Plan or, to put it more simply, a life insurance savings plan designed for long-term investment with the aim of supplementing your state pension or private pension plan. It allows you to build your financial planning step by step, with flexible contributions and the ability to access your savings whenever you need them.
Since not all paths to retirement are the same, this solution includes both tax and insurance benefits, integrating a global savings strategy, aligned with your investment goals in the accumulation period, to then offer tax and insurance alternatives to support you throughout our retirement.
More services, more advantages
Invest at your own pace.
Content Invest at your own pace.Access your money when you need it.
Content Access your money when you need it.An extra boost for your retirement… or a solution that works on its own.
Content An extra boost for your retirement… or a solution that works on its own.Taxation
Content Taxation- While you hold your investment, any possible returns are not taxed and are deferred until the time of redemption.
- At the time of redemption, you have two options:
- If you need the money at any time, either partially or in full: You will only be taxed on any returns obtained, which will be treated as capital gains subject to the tax withholding in force at the time.
- The returns will be exempt from taxation : If you choose to recover the accumulated assets in the form of a life annuity, this option is particularly suitable when redeeming the investment for retirement since you will convert your assets into a guaranteed income that will last a lifetime, supplementing your state pension.
Protection for those you choose.
Content Protection for those you choose.If you die, the designated beneficiaries will receive the capital accumulated up to that point, according to the terms of the contract.
You can decide at any time who the beneficiaries are and change them if your personal circumstances change.
This feature means that a PIAS is not only a financial planning tool, but also a way to transfer the accumulated capital directly, without having to wait for the settlement of the rest of your estate, according to the applicable legislation for life insurance. Because in case of death, your beneficiaries will receive an extra 5% on the accumulated balance with a maximum of €6,100 for those under 65 and €625 for those over 65.
PIAS – Choose where and how to invest.
PIAS Dynamic Management allows you to invest your contributions in three managed portfolios and ten types, ensuring that your investment adapts to your risk profile, whatever it may be: conservative, moderate, dynamic/aggressive.
- Managed portfolios. Select the portfolio that suits your risk profile. Our team will diversify it into investment funds according to criteria and risk control (VaR)
- Types. Each type is based on a single investment fund from different categories.
- Types. Each type is based on a single investment fund from different categories.
A small increase in your regular contributions can make a big difference in the long run.
Plan your retirement now by performing a simulation with our PIAS calculator.
If you’re still unsure why you should take out a PIAS, we’ll help you find the reasons.
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A PIAS allows you to plan your future with flexibility.
Adapting your contributions to each stage of your life while retaining the ability to access your assets whenever you want.
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A solution designed for those who want:
Do you have any questions about PIAS?
T&Cs
Age
You can set up an Individual Systematic Savings Plan (PIAS) if you over 18 year old.
Amount
The initial minimum premium is €600, with subsequent minimum premiums of €50.
Liquidity
You can perform a full or partial redemption without any type of penalty 15 days after the insurance comes into effect. If you want to perform a partial redemption, you must keep a minimum of €600 in your PIAS.
Ownership of the insurance
To access the tax benefits offered by PIAS, the policyholder, insured person and beneficiary of the income must be the same person.
Beneficiaries
Since this is an insurance policy, you can designate the beneficiary or beneficiaries in case of your death. If you do not do this, the beneficiaries will be your legal heirs.
Taxation
When assessing the taxation of a PIAS, it is important to consider the period during which the PIAS remains invested—that is, while it is not redeemed—and the time when you receive the payout.
During the savings or capitalisation period:
the premiums paid are not tax deductible but you do not pay tax on any accumulated returns. This zero fiscal impact also applies to any redistributions between the baskets or types of investment that you might make during the life of your plan.
When you receive the payout:
one of the features of PIAS is that you can receive your payout in two ways.
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By setting up an annuity
You can choose this option if: the annual contributions do not exceed €8,000; the accumulated amount does not exceed €240,000; more than five years have passed since the first contribution; and the beneficiary of the insurance is both the policyholder and insured person. In this case, the returns generated by your PIAS have no tax impact. Plus, the income you receive will be treated as capital gains, and the rate at which this is taxed as income depends on the age of the insured when the PIAS is arranged:
- Under 40: 40% of payments received are subject to tax
- Between 40 and 49: 35% of payments received are subject to tax
- Between 50 and 59: 28% of payments received are subject to tax
- Between 60 and 65: 24% of payments received are subject to tax
- Between 66 and 69 years old: 20% of payments received are subject to tax
- Over 70: 8% of payments received are subject to tax
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If an annuity is not set up
In this case, any income generated is not tax exempt but is subject to capital gains tax for personal income tax purposes (IRPF), with the corresponding withholdings.
Taxation in the event of death
If the insured person dies, in addition to the general deductions for kinship, the PIAS offers an additional deduction of €9,159.48 for each beneficiary who is a spouse, parent/grandparent or child/grandchild.
Fees and charges
- Arrangement fee: €0
- Contributions: €0
- Portfolio/type changes: €0
- Redemption fee: €0
- Management fee: 0.10% per annum of invested assets plus that of the underlying fund.
- Life insurance: Variable cost depending on age and invested assets.
IMPORTANT INFORMATION
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Bankinter Seguros de Vida, SA, de Seguros y Reaseguros, sold through Bankinter, S.A. as the related BANCASSURANCE OPERATOR, with registered office at 29 Paseo de la Castellana (28046 Madrid), recorded under Volume 1857, Folio 220, Page 9643 of the Madrid Companies Register, holder of TIN A-28157360 and registered with the special administrative registry of the General Directorate of Insurance and Pension Funds at the Ministry of the Economy and Finance (44 Paseo de la Castellana, 28046 Madrid), http://www.dgsfp.mineco.es, under the bancassurance operator code OV-0028, has taken out the civil liability insurance required under Article 152 of Royal Decree-Law 3/2020 of 4 February on urgent measures, which incorporates into Spanish law various directives of the European Union concerning public procurement in certain sectors: private insurance, pension plans and funds, and taxation and tax litigation.
The bancassurance operator has entered into insurance agency agreements with the institutions specified in the following link.
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Basic information about data protection. Bankinter Seguros de Vida, S.A de Seguros y Reaseguros will process your data for the following purposes: (i) in compliance with legal obligations; (ii) for the comprehensive and centralised management of your insurance contract; (iii) to ask doctors and healthcare providers to supply the data and medical history required to prepare the contract and protect your interests; (iv) to analyse and develop profiles to ensure the correct execution of the insurance contract; and (v) to contact you with information about products or services that may be of interest to you since they are similar to the ones you already have with us. To be able to inform you about the products and services mentioned above, we will analyse your personal data to create a profile that will allow us, by whatever channel we may use to reach you, to tailor our commercial announcements as closely as possible to your needs, tastes and preferences. Please also refer to the additional information about data information published by Bankinter Seguros de Vida, S.A de Seguros y Reaseguros.
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