Savings and Pension Insurance
Savings and Pensions
Pension Plans and retirement savings insurance offer various options and are specially designed to ensure the well-being of self-employed workers at the time of their retirement.
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Well-being for the future
The Pension Plans and retirement savings insurance offered by Grupo Baeza offer various options designed to ensure the well-being of self-employed workers in their retirement stage.
- Savings through one-time or periodic contributions
- One solution for every savings profile
- Expert advice to help you achieve your goals
Pension and savings plans in Mallorca
We have several types of plans adapted to different customer profiles, from those with practically guaranteed returns to those with riskier ones, ideal for those looking to maximize their profitability. Our accident insurance provides extensive coverage in the event of death or permanent disability due to an accident, as well as multiple additional guarantees that you can select according to your needs, such as cosmetic surgery, personal assistance and travel assistance. Generally, the public pension for the self-employed tends to be lower than that of employees, which makes the concern about the future, at the end of their working life, even greater. Therefore, it is highly recommended to take out an Individual Pension Plan during working life to complement the public pension. This type of product offers significant advantages, such as flexibility in the payment of contributions and the desired periodicity, the option of transferring accumulated savings between different products with different risk profiles, and the possibility of deferring the payment of taxes, given that contributions reduce the taxable base of Personal Income Tax, resulting in a lower payment of taxes initially, while benefits can be collected in the form of capital and/or temporary or life annuities, taxed at the time of receiving them.
Your enquiry about our savings and pension insurance
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Frequently asked questions
About Savings and Pension Insurance
How much can a self-employed person contribute to a pension plan?
For the year 2024, the maximum deductible contribution in Personal Income Tax is the lesser of 30% of the sum of the net income from work and economic activities of the declarant or 1,500 euros. This limit will be increased by another 4,250 euros for contributions to simplified employment pension plans for self-employed workers (PPES).
Is it more advantageous to opt for Individual Pension Plans or Simplified Occupational Pension Plans to save?
The final decision will be yours, the best choice would be to opt for a combination of both options. Saving up to €1,500 in individual pension plans will allow you to:
– Access a wide range of possibilities of Individual Pension Plans that we make available to you and that best suit your risk profile, time horizon and your needs at all times.
– Have greater flexibility when it comes to being able to mobilise your consolidated rights between the different Individual Pension Plans, since the Simplified Occupational Pension Plans, although they allow mobilisations of entries from the PPIs to the simplified ones, the exit mobilisations can only be carried out between Simplified Occupational Pension Plans.
The additional remaining savings up to €4,250 can be contributed within the Simplified Pension Plan so that you can apply the total reduction of €5,750 in your personal income tax base.
What advantage does the occupational pension plan for the self-employed have over individual pension plans?
The new regulation of occupational pension plans has brought with it an increase in the applicable deduction. Thus, the self-employed can deduct up to €5,750 with occupational pension plans, instead of the €1,500 that could be deducted until now.
As a self-employed worker, do I have the possibility of joining any Simplified Employment Pension Plan designed for the self-employed?
The Law establishes the right for any self-employed or self-employed worker to join any Simplified Employment Pension Plan, without having the need to be associated with the association promoting the Plan.
For this reason, you can be included in the Simplified Employment Pension Plan for the Self-Employed that you want, even if you have no previous relationship with the association or professional college that promotes it.
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