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Occupational pension plan – Bankinter Empresas II

Today's benefits, tomorrow's peace of mind.

Occupational pension plans allow you to offer a work supplement to your employees in the form of a contribution to a pension plan. A company perk for the future with tax benefits from day one that can be offered by any small or medium-sized company that meets these requirements:

  • Have under 250 employees.
  • Have an annual business volume ≤ €50M or a balance sheet ≤ €43M.

Improve the working relationship with employees

Because contributions to pension plans are perhaps the company benefit most valued by workers. In the case of occupational pension plans, the benefit extends to the entire workforce, since all employees must necessarily be included.

With tax benefits for your company

Employer contributions to the employment pension plan are tax deductible from corporate income tax and are also exempt from withholding in personal income tax.

Our plan for your company: Bankinter Empresas II Plan

The Bankinter Empresas II Plan is a joint promotion plan that is attached to the Bankinter Empresas II Pension Fund, a pension fund set up with the aim of offering a pension scheme service.

Contributions

The maximum contributions made by each employee amount to €2,000 per year, and €8,000 per year for employer contributions, with the joint limit (employee plus company) being up to €10,000 per year.

Composition

The fund investment policy is of mixed fixed income, investing a maximum of 30% in equities (mainly European) and between 10% and 90% in fixed income and money market assets.

Management

Behind the fund's investment decisions is Bankinter Asset Management. Our management company has more than 35 years of experience and commitment in investment management.

We're here to help you,

through your local branch and our specialised channels.

Insurance experts line: 91 807 09 84

Monday to Friday from 08:00 to 17:00.

Insurance mailbox

We'll study your needs and an insurance expert will advise you on the best policy and how to take it out.

Ver Taxation Taxation

For the company

Contributions are exempt from personal income tax withholding and are tax deductible for corporation tax. Contributions made by individual employers, regarding the contributions they make for themselves as promoter and participant, they will be considered employer contributions.

For employees

The contributions received from the promoter (from the company) have a neutral effect on the personal income tax base, since they are taxed as work-related income not subject to withholding, thus increasing the personal income tax base, but the contributions in turn reduce the income tax base by the same amount.

The employee's own contributions to the plan reduce their personal income tax base. This contribution is compatible with any made to their individual pension plan without exceeding the total individual annual contribution of €2,000.

Limits

The maximum contribution limit with the right to reduction based on participant's contributions to individual or employment plans is 2,000 euros per year and the reduction may not exceed 30% of the net income from work and economic activities. This limit may be increased to 8,000 euros per year for business contributions, in which case the joint reduction limit (unit holder and company) would be 10,000 euros per year.

The contributions that individual employers make to employment pension plans or mutual pension funds, of which they are in turn the promoter and participant or policyholder, as well as those made to business social welfare plans or collective long-term care insurance schemes of which they are in turn policy holders and insured parties, will be treated as business contributions for the purposes of these limits.

In Navarra, the limit for individual annual contributions is €2,000 or 30% of net income for people up to 50 years of age and €5,000 or 50% of net income for people over 50 years of age, and employer contributions have their own independent limit of €5,000 per year. In the Basque Country, individual contributions have a limit of €5,000, employer contributions of €8,000 and a joint limit of €12,000.

These limits are shared with other pension schemes, such as mutual pension societies, insured pension plans or employer pension plans.

Ver FAQs FAQs

Does it cost my company or my employees anything to adhere to the BK Empresas II Employment Plan?

The formalisation and start-up, in addition to being simple and fast, does not entail any expense for the company or for the employees.

Can I select which employees to include in the Employment Plan?

No, it is not possible. All company employees must be integrated into an employment plan, although it is possible to require a minimum seniority of up to 2 years for employees to access the pension plan. It is also interesting to know that the employer contribution may not be the same for all employees, being able to adjust it according to the criteria of each company: organisation chart, category, seniority, etc.

How much can you contribute to an employment plan?

The maximum limit for contributions made by each employee is €2,000 per year. This limit may be increased to €8,000 per year for employer contributions, in which case the total limit on reduction of contributions (participant and company) would be €10,000 per year.

What taxation do the contributions involve for the company?

Employer contributions are exempt from personal income tax withholding and are tax deductible for corporation tax.

Contributions from individual employers, regarding the contributions they make for themselves as promoter and participant, will be considered employer contributions for the purposes of contribution limits.

What taxation is involved for the employee?

It is necessary to distinguish between the taxation on the contributions made by the employer and those made by the employee themself.

Contributions made by the employer

At the time of receiving them, they are not subject to personal income tax withholding. When filing their tax return, contributions increase the employee's work-related income while they benefit from the reduction applicable to pension plans, so there is a cancelling-out effect.

Contributions made by the worker themself

The contributions they make reduce their personal income tax base. This contribution is compatible with the any that could be made to their individual pension plan, always without exceeding the total individual annual contribution of €2,000.

The maximum reduction for all contributions, both those made by the worker and by the employer, cannot exceed 30% of the net income from work and economic activities received individually in the year.

What happens if an employee leaves the company?

Contributions made by both the company and the worker belong to the latter and, therefore, in the event of leaving the company, the participant's consolidated rights may be transferred to any individual pension plan of the employee's.

When can employees redeem the pension plan?

The contingencies to be covered are retirement, total permanent disability and death. The accumulated capital may be collected in the form of capital, income or a combination of both. Fiscally, the benefits received by the beneficiaries of a pension plan will be integrated into the personal income tax base as income from work.

Who supervises occupational pension plans?

Pension funds are subject to continuous supervision by the Directorate-General for Insurance. In addition, each of the pension funds has its own individualised audit carried out by an independent auditor and, lastly, the pension fund investment portfolio is subject to supervision by the depositary entity.