The changes in the limits for contributions to pension plans in Spain may be good news, despite the reductions in their tax benefits, if initiatives such as the one promoted by Banca March, together with others, reach more decision centers within business organizations.
The insurance and banking sector begins to look for solutions to face the limitations that will come from the reduction of contributions to pension plans.
Insurance contracts are a great solution to cover the savings and investment needs of executives in retirement. That is why the communication of the benefits of insurance, as Banca March does, should serve to better understand these products.
The taxation of pension plans in terms of their contributions is not the same as the taxation of insurance contracts.
This is the reason why Banca March, with good judgment, has launched a series of products on the insurance market to solve retirement, death and disability, contingencies that can be contracted according to individual needs.
The most important is the capitalization of savings for retirement, without allocation of premiums, or payment of any type of tax, up to 100,000€ per year and manager.
The potential for capital accumulation for retirement is much greater because there is no tax to pay while the manager is saving.
The actuary and economist Jaume Quibus holds a master’s degree in Financial Economics and Accounting, a degree in Actuarial and Financial Sciences, a degree in Economic and Business Studies from the University of Barcelona and has completed the Management Development Programme at the IESE Business School of the University of Navarra. He is a full member of the following associations: the Catalan Actuarial Association, the Spanish Actuarial Association, the Catalan Economists Association, the International Actuarial Association, the Catalan Association of Accounting and Management and also a member of the IESE Business School Alumni. He was a founding partner in 1998 of the actuarial company Quibus, and is corporate member number 6 in the Catalan Actuarial Association.