PIAS (SYSTEMATIC INDIVIDUAL SAVING PLAN)

Save while you save.

A long‐term savings plan that invests in investment funds so you don’t pay any tax on your returns while you’re saving. And if you opt for a life annuity when you redeem your savings, you won’t pay any tax at that point either.
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Pay in to your plan whenever you want

The minimum initial premium is €2,000. After that, you can make contributions from as little as €90, up to to an annual maximum amount of €8,000.

Access your funds

Once you have held the plan for 15 days, you can redeem all or part of your savings without any charges or penalties.

With tax advantages

As long as you don’t redeem any of your savings, you won’t pay tax on the returns.

When you redeem your savings, if you opt for a life annuity and have held your plan for at least five years, you won’t pay tax on the returns.

Also includes life insurance

In the event of the death of the holder, the beneficiaries would obtain the accumulated balance plus an additional 5% with a maximum of €6,100 for those under 65 and €625 for those over 65 years of age.
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YOU CHOOSE WHERE AND HOW TO INVEST

See the range of portfolios and investment funds available. You can change them whenever you want, free of charge and without any tax implications.

INVESTMENT TYPES (54.3 KB)

See Terms and conditions Terms and conditions

Age

You can contract an Individual Systematic Savings Plan (PIAS) if you are of legal age.

Amount

The initial minimum premium is €2,000, with subsequent minimum premiums of €90.

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

As this is an insurance policy, you can designate the person or persons who are the beneficiaries in case of death. If you do not do this, the beneficiaries will be your legal heirs.

Taxation

You have to consider two periods when assessing the taxation of a PIAS: the savings or capitalisation period, and the period when you receive the benefit.

During the savings or capitalisation period:

the premiums paid are not deductible but the accumulated returns are not taxable. Neither do any redistributions amongst the baskets or forms of investment that you might make during the life of your plan have any fiscal impact.

When you receive your benefits:

one of the features of PIAS is that you can receive your benefits in two ways.

  1. 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 the policyholder and the insured person. In this case, the returns generated by your PIAS have no tax impact. In addition, the income you receive will be treated as capital gains, and the rate at which this is taxed in income tax depends on the age of the insured when they arranged the PIAS:

    • 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 46 and 69: 20% of payments received are subject to tax
    • Over 70: 8% of payments received are subject to tax
  2. If an annuity is not set up

    In this case, the income generated is not tax exempt, and is taxed as capital gains for personal income tax purposes (IRPF), with the corresponding withholdings.

Tax in the event of death

In the event of death of the insured person, 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, ascendant or descendant.

Fees

PIASs have an annual fee of 0.10%, which is deducted monthly from the accumulated fund.

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