This independent fiscal control body, which began operating in 2014, has the mission of ensuring the sustainability of public finances as a way to ensure economic growth and the well-being of society in the medium and long term.
The Government entrusted AIReF with a study of all the tax rebates and, specifically, of the operation of the incentives corresponding to the pension plans , with a view to a possible modification of them.
This has caused alarm among savers who use this formula as a way to supplement pensions for their retirement . From the insurance employer, Unespa , its president, Pilar González de Frutos , has called for “authentic tax incentives” to promote private pension plans and build a second pillar for the pension system: employment pension plans.
And it is that the concern of the sector is manifest before what could be the end of one of the main attractions of these plans.
Actually, the tax advantages consist of a deferral of the payment of taxes at the time the plan is redeemed, with double taxation for the reimbursement and for the consolidated rights (which are the sum of the capital contributed and the profitability obtained). The contributions made to the pension plan throughout the year reduce the income to be declared in the personal income tax . Naturally, there are limits to these deductions: you can contribute a maximum of 8,000 euros per year, or the equivalent of 30% of the tax base, plus another 2,500 euros for the spouse’s contributions, if the latter does not obtain income.
Taxation Of The Rescue
If it is redeemed at once, the savings are taxed as work income, with which the tax bill can go up to 45% of the total redeemed .
To avoid this tax impact, there are other formulas, such as recovering savings in the form of monthly, quarterly, semi-annual or annual income . In this case, withholding is much lower, since the tax base is reduced.
There is a third option, which combines the redemption in the form of capital and income.
Complement The Pension With Physical Gold
Given the uncertainty surrounding the future of the taxation of private pension plans, as well as their profitability (which last year had negative figures), there are other formulas to complement public pensions , which are less burdensome in fiscal terms.
One of them in the investment in physical gold . As we have already explained in this blog, physical gold has multiple advantages for investors: it is a safe asset, especially appreciated in times of instability ; it has immediate liquidity , at any time and place; It’s a great way to diversify your investments and protect yourself against inflation or loss of purchasing power .
An important advantage for investors, since it reduces the bill by 21% when investing, with the consequent benefit when you want to sell the gold.
The only taxation to which investment gold is exposed occurs at the time it is sold and a profit is obtained, which is subject to capital gains or capital gains tax , which can range between 19 and 23%.
